The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1867-06-27
Popular Mistrust of 1867.

The figures has So often proved itself |
4 numeral OF ill 'ome en- that it is no won |
der commercial enterprise is apprehen-
sivc OF its periodical recurrence AT
three regular intervals, in 1887, lsiI
and 1857. the country was swept by Il
nanciai panics hence the popular mind
naturally argues that the fatal decade
lies somehow within the influence of the
law of panics; end thosepersons especi
ally who have been signed in the flame
are cautious how they allow business
projects to tempt them into positions
where they would be exposed to disaster.
They prefer not do business at all rath-
er than run risks Merchants buy from
hand TO mouth manufacturers work
only 20 ill orders: capitalists invest only
where the security is unquestionable.
Because the people asceItalned, last fail
that over expansion was not the high
way to prosperity which they had imagin
ell, but was attended with positive dan
gers, they wisely determined TO avoid
that rock, eut ran into the opposite ex-
treme. When Congress so far indorsed
the policy of contraction as to authorize
the Secretary Of the Treasury to reduce
the volume of currency four millions per
month, the people cried out in fear Of
the dangers that threatened on that side
also. Whichever way they turned, they
saw nothing but difficulties. So they
strengthened themselves against the an
ticipated disaster in every way possible.
1t is the same supersttious anxiety
that makes the pablo start with alarm at
every whisper Of a business failure, and
throws it into commissions when some
heavy house actually fails-for is not
this the year 1867, and has not each de-
cade for forty years been fatal with fail
ures So, as month after month iapses
quietly, we persistently predict that Il
revulsion is nevertheless CERTAIN to come
before the year closes, we exhibit the
folly of seaman refusing TO embark on
voyage for fear he may be drowned.
We permit all our industries to languish
and ourselves to run in debt through =
puerilc fear that if we prosecute business
we shall become bankrupt.
The fact is, Il at SO far from being
anxious respecting the future months OF
the present year, we should have much
cause for encouragement if these over
cautious laggards could only be stimu
lated into reasonable activity. Instead
of our revenue falling off largely, and
the monthly exhibit of the Secretary Of
the Treasury showing n constantly in
creasing addition TO the public debt as
it promises to do for a considerable time
to come, we should be able to meet all
the requirements Of the Government
through our industrial activity and &C
cuuu!ation. The constant stree N of i'm
migration from Earope lends additional
aid to oar efforts, while our lnires add
Sl0o, 1000, 600 in gold annually to our re-
sources. The people can do much if they
take courage
But every thing does not depend upon
the people. The people are willing to
meet heavy taxation squarely, but they
do not wish to see the expenditures of
tue Q government temporarily increase,
right in the face of their efforts. They
can not comprehend Why, for instance,
years expenses in the War Depart.
munt should reach S2S4i Go, 101 in time
of peace, or why they should be s26S.
o0o, goo larger in 1866 than they were III
1850 They would prefer to have fewer
taxes and less tax collectors. A more
faithful stewardship is required of those
who manage the peoples money and 4
more judicious financial policy In
dustry alone will accomplish nothing
more decisive or beneficial than leoisla-
ton alone, but both together, under pro-
per economy, might work wonders
Harper's W cekly.