Randolph journal. [volume] (Winchester, Indiana) 1865-186?, 1867-06-13
WINCHESTER, ,
Prom Harpcrfs Weekly
Popular Mistrust Of 1867.

The figure has so often proved itself
a numeral of i'll omen that 1t is no
wonder. commercial enterprise is APP
prehensive of its periodical recurrence.
At three regular intervals, in 1887,
1917, and 1857, the country was swept
by financial panics; hence the popular
mind naturally argues that the fatal
decade lies som chow within the infiu-
cnce of the law of panics; and those
persons especially who have been
singed in the flame are cautious how
they allow business projects to tempt
them into positions where they would
be exposed TO disaster. They prefer
TO do no business at all rather than run
risks. Merchants buy from hand 10
mouth; manufacturers work only To
fill orders; capitalists invest only where
the security Is unquestionable. Be-
cause the people ascertained, last fall,
that over-eXpansion was not the high
way to prosperity which they had
imagined, but was attended with posi-
tive dangers, they wisely determined
to avoid that rock, but ran into the OPP
posite extreme. When Congress so
far indorsed the policy of contraction
rs to authorize the Secretary of the
Treasury to reduce the volume of cdr
rency 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
anticipated disasters in every way
possible.
/ Ii is the same superstitious anxiety
that makes the public start with alarm
at every whisper of business failure,
and throws it into convulsiOns when
some heavy house actually falls-for
is not this the year 1867, and has not
each decade for forty years been fatal
with failures? So, as month after
month lapses quietly, we persistently
predict that n revulsion is neverthe-
less certain to come before the year
closes; we exhibit the folly of sea-
man refusing to embark on a voyage
for fear he may bc drowned. We per-
NIT all our industries 10 languish and
ourselves TO run in debt through n
puerile fear that if we prosecute buSi-
ness we shall become bankrupt
The fact is, that 50 far from being
anxious respecting the future months
of the present year, we should have
much cause for encouragement if these
ovcr-cautious laggartls could only bc
stimulated into reasonable activity.
Instead of our revenue falling off
largely, and the monthly exhibit o.
the Secretary of the Treasury showing
u constantly increasing addition To the
public debt (as it premises to do for a
considerable time to come we should
be able To meet all the requirements
of the Government through our i'm
duStrial activity and accumulation.
+ The constant stream of immigration
from Europe lends additional aid to
our efforts, while our mines add $780,
100000 in gold annually to our resour-
ces. The people can DO much if they
take courage.
But every thing does not depend up
on the people. The people are willing
to meet heavy taxation squarcly, but
they 10 not wish to see the expendi-
tures of the Government temporarily
increase" right in the face of their
efforts. They can not comprehend
why, for instance, Il years expenses of
the War Department should reach
| Ssh $40, 70l in time of peace, or why
they should bc S26s, 100000 larger in
1866 than they were i'm 1860. They
would pr, fer to have fewer taxes and
less tax-collectors. \ more faithful
stewardship is required of those who
manage the peoples money, and n
more judicious financial policy. In
dustry alone will accomplish nothing
more decisive or beneficial than legis-
lation alone, but both together, under
proper economy, might work wonders.