Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-01-02

We suDloin an euluOrihi IfOm OuV Ns''O"s
matt gasette of theast on the "commerciaP
aspect ot aifairs. 1t sees that the unsatis-
factory condition Of "commercial" matters
Is not attributable solely TO "the Money
Market" The "two million men" who
..had been turned from producers to de-
stroyers of property were unquestlonaply
the chief producing cause OF our presen'
commercially distress. Some people arr, re,
a little slow or somewhat reluctant In un-
derstandiDg this. The following Is the Ga
gette's 3 editorial :els9f5fypg 70 bas ~ ~t,-,efa
CoMMERCIAL.--Tn commercial point OF
view, the year 1866 has been o very unsat-
isiactorv one. The business man may CON
sider himself fortunate who stands better,
| or AZ well to-day as be did year. agO.-7
Losses have been the rule, profits the exf
ceptiori. The process of shrinkage has been
severely pressed. This has occurred, too,
without any very large contraction Of tRe
currency. We must look, therefore, In
some other direction than the money mar
ket for the cause of the depression OF val
ues. Partly this Isl reaction from the ex-
traordinary Initiation that prevailed but
mainly itis the result of the fictitious char
| HCJeT Ol tilC lNCdib biihb Nao DboOa Ch 80
| irredeemable and superabundant currency
IDuring tile war the country seemed TO be in
| ereasing In wealth,when, III fact, too million
/ men had been turned Jro,tt producers 10 destroy
| eys Of property Instead, therefore ofhaying
gained In real wealth the country has been
falling behind. The country has been In q
measure deserted for the citiess The latter
are eovercrowded, while heformer Is not hall
occupied. There have been too many ira
ders and not near enough pl0ughmen
This IS the the bottom of the prevailing
| troubles. The latter, It is true, have beer
seriously aggravated by the management
of our national finances, There has beer
too much secresy and too much Of one mar
power, connected with the latter, ant
hence business men not knowing what thu
policy is to be, are unable to make calcula'
4 lions for the future. In so far as our trou
bles are traccable to this cause they will b
removed by the action Of Congress, and \
Is, therefore, not probable that the extrem'
Il depression which has lately prevailed vii
continue. Besides, prices have already de
clined so largely, that there cannot be, II
the aggregate, any further heavy deprecia
ton OF values for the present. 1t Is NOR
likely that we shall have, with the estab
llishment of a settled financial policy BY
Congress, another period of speculation
But this will not remove permanently tn
great underlying cause of distrust. The re
|, moval of the latter will be the work. 0
time. Recovery, too, must be precedei
by reversal Of the general order 0
II things; that's, there must be greater pro
portion of producers TO consumers. w
r have now before us the startling fact OF tn
great wheat growing States of Ohio, In
diana and Kentucky importing whett an
: flour from the Northwest. This is du
t largely, of course, to the disasters that occ
Cured to the crops last season, but IT ]
also attributable In q great degree to tn
: deficiency of labor in the agricultural dis
tricts. This evil must be corrected.
: will not be corrected willingly, we pre-
sumo; but there is rapidly growing up
necessity that will bring about the needle
! changes. The immediate fruits of a com
Q mercial pressure, are an excess OF me
seeking employment in large cities. IN
next step is an exodus from the city to tn
9 country. This will increase the number 9
: producers, and diminish the number OF con
( sumers. Then our imports will fall of an
we shall have larger surplus OF domesti
: produce for export. When this is brough
: about we may begin to talk about res
: prosperity, but not before. We have ha
: fictitious prosperity for several years, AM
our prosperity will continue to be fictitiou
I. until our productions are largely increased