The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1868-02-07
For the Journal.
FINANCES.

For the Journal. lff = lsf
FINANCES. s.fF 3s
There is no question in trade or politics
that comes home to every mans door like
that of finances, and perhaps none more
studied and less understood. A large class
in community regard the subject Of finances
as being a kind Of great machine built,
regulated and run exclusively by Congress;
and if this machine runs fast or slow it is
wholly the fault of Congress, when at the
same time Congress may not be more to
blame than the domestic animals. That the
question Of finance must be regulated by
law is certain, and no subject demands so
close scrutiny and profound thinking. Some
of the reasons that enter into or that 60 to
make up the difficulty of legislating upon
the finances in the United States are these:
The many kinds of business that are car
lied on and that on such an extensive scale.
Now it is easy to see that if the business of
the country consisted wholly in banking
and no other questions entered into it for
consideration it is evident that legislation
could easily be adapted to its wants. So
also OF manufactures or agriculture or COM
merce. But come to put all these forces and
ten thousand others besides, moving at The
same time not in a clear and separate orbit
of its own but over and through and across
and under each others pathway, it is not
strange that difficulties arise. Another rea-
son Is the constant change in values, not
only in corner lots but in the great staples
of our country. For instance two years ago
upland cotton in northern Alabama was sell
ing for so cts per pound, now it is worth but
six snd eight cents per pound. Another
reasons is that the habits of Young America
are calculated TO aggravate rather than mod
ify the suden rise and fall of the tides of our
trade; for, this year capital takes stampede
for growing cotton, next year perhaps for
manufacturing, another year for ship build
ing or railroading and so on. And SO we
might go on with reason after reason to show
The difficulties which beset the regulation of
our finances were it necessary. Now what
is the present condition of things and what
are the remediesf
One says, "Hard times, money scarce, we
must look to Congress for help" another
says, Trade is dull and money exceedingly
tight Congress must do something to help US
for we are drifting into a vertex;" another
says, Trade is dull, this contraction has
dried the money all up, Congress must stop
this contraction or we are ruined" another
says, "Give us another issue Of greenbacks
and we are all right" and so we might 90
on to show how all the country are looking
to Congress, some charitably, others de-
nouncipg it. Well Congress has shut down
the gate on contraction. So far SO good
What next? Why, hands off for while.
We are only witnessing what every one saw
must come when the war carried prices up
beyond all bounds; that is, ere long in the
nature Of things they must come down and
that policy that will let them down most
easily viii undoubtedly be the best one.
Wool came down with tumble but most If
the other farm products have continued to
bring fair prices which notwithstanding the
exhoI bitant prices for labor have made it
bearable for the farmer. True, cotton is ruin
ously low, and little TO mitigate the agricul-
turist at present in the cotton growing coun-
try; but that country is well adapted to other
products and the southern planter is now
turning his attention To them. 1t has been
a season of severe trial for the merchant and
manufacturer, but is Congress to blame2 We
think not. They we're in clover when they
could mark the price up every morning and
the poor consumer had to pay 40 cts, yard
for her calico and 80 cts. for her muslin, and
woolens in proportion, including a liberal
amount of shoddy, for scarcely since the war
commenced and even before could the labor
ing man buy pair of pants or coat but what
after few days wear the hem at the bottom
would look like it contained bologna -saus-
age. A little less cheat upon the part of the
manufacturer will insure him better finances
in the west than anything Congress can do
for him. The merchant has had hard time
for season past but they have showed good
tact and skill and will weather the gale with
but comparatively few failures. They. are
probably now past the breakers. Another
remedy is retrenchment at home. The man
who earns one dollar per day and spends so
cents of it has more money in his pocket than
he who earns three dollars per day and
spends four dollars. One reason why our
national finances require little or no legisla-
ton is that the greenback system is much
the best and safest the country has ever had
or will be when the greenback attains the
value of fspecie. What little change or mod
ification is needed to perfect this system
time alone can point out. In 1851 the coun-
try experienced financial cricis. And then
as now all eyes were turned towards Con.
gress." Well in due time Congress met and
all were eager to read what the President
recommended to Congress, which strange as
may seem either for lack of ability or in
clination on bis part contained no general or
specific measures 10 be acted upon and for
the same reasons Congress failed to do any,
thing or next TO nothing and the country left
to itself soon righted herself up and business
pursued its accustomed channels. So much
for letting trade apply its own corrections.
Let us look back to the tame and sober
days of 1888. President jackson at that
time thought the United States Bank not
good thing and assumed the responsibility of
abating it. And the result was the greatest
financial shock the country has ever exper-
fenced, not excepting that of this great war.
The people in their extremity rushed into
banking, some with State authority and
some without authority and soon the country
was flooded with an irredeemable currency
and the pockets of labor and industry, as
they always do, had to foot the bill when the
smash came, which was in 1887. Whether
the United States Bank was good or bad
thing for the country does not come within
our province now to enquire. ! am only
citing to the evils of hasty Legislation in
mates of finance. Last year Congress pass
ed an act to moderately retire legal-tenders.
And this year the first thing to be done was
to repeal it. Showing how sensitive the SUBJ
iect is to legislation. The most effectual
way to mitigate our present evils is not to