Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1872-11-07
FIX tract from financial article in Chicago
N..sI 49,. I
Scarcity Of Money.

Tribune
Scarcity OF Money.
We must look outside OF politics
to tln, the reason Tor it. TIC srin-
gcncy IS not confined TO Chicago.
1t is common TO the whole country.
1t is felt severely in all parts Of
Europe also, having y palpablo effect
upon tho trade and commerce of tho
world. 1t Is operating at this time
somewhat sharply upon those who
have no, quite completed their build
lngs III this city; Tut its most disas-
,rous fec, is experienced by the ae-
rl,ul,ural community. There has
been such failing Off prices Of all
kinds Of brcadstutfs, that the pro-
luccrs hardly receive as much for
their corn as they did fifty years ago,
when there wa. neither railway nor
canal hy which 1t could be moved to
market. There are thousands OF
farmers IN the West who will not
receive Tor their large crops this
year enough, over and above the cost
Of production, to pay their taxes.
! leaving them nothing for interest on
their Investment, nor for improve.
ments, nor to replace stock or i'm.
plcments. When these farmers are
in debt, with their lands mortgaged,
they will not have enough money to
pay the interest OH the mortgage
The high cost of transportation, tho
excessive rates of taxation for all
purposes, and the scarcity of loana-
bic capital, combine to render tho
present condition OF the agricultural
producer one Of extreme distress
When the annual crops, liberal as
they were this year, do not yield
enough 20 pay tho ordinary local tax.
alton on the farm, the condition OF
the farmer is sad indeed.
Among the causes leading to the
present want of !oanable capital Tor,
as it generally termed, want OF
money, the most serious are those
events Of late years which have
caused the destruction Of Accumulate
ed earnings. Tho American civil
war destroyed an immense amount
Of capital not much less than
$4,000, 100000. The Franco. Ger.
man war was short, but terrible in
the waste of property which charac
termed it. Including the French in
lemni,y, .hc annihilatlon OF accumu
lated property may be pnt down al
S2,000,000,00 Then there was the
war between Prussia and Austria O
1866 These wars followed eacl
In these railways alone there ha'
been temporarily sunk. and therefor
withdrawn from ordinary uses, s. 100
600 300. Though not lost: Ike tn
capital dsst, Dyed in wars, and by tn
Chicago fire, it is lost for the present
l, is that kind of capital, too, which
under ordinary circumstances. woul'
flow wherever it was most needed
and couli lie ;,s-l at any time to re
lieyc any temporary stringency .ha
might embarrass the production o
trade If the world. These fou
causes have, therefore, withdraw
from the worlds capital, in periot
Of less than ten years, nearly $40
900, 100000 OF which the great bull
has been destroyed and lrrecovsrabl..
lost. This immense amount was tn
accumulation CT the surplus product
OF many years OF the worlds labor
The wonder, perhaps, is not tha
there IS stringcncy, but that it la
not been felt before, and even NOR
severely than it las been. IT is tru'
that the calamity of war has becl
compensated il part by increase
production upon the resumption 9
peace, but the fact remains, nevcrthe
less, that a great void has been left j
the accumulated wealth of the world
r This i,n,:lense loss will serve to sho,
) how expensive is war, and how dear
" men pay, both in the suspension {
production and in the destruction {
things already produced, for what
other after briet intervals, and the Ia
Dor Ct mankind has been engaged i
replacing the loss in the worlds az
Q gre.atc wealth, caused by them
: Following upon them was the Oh
caso fire, where property to tn
: amount OF s20O,O00,0O0 was destroy
cd. Notwithstanding these eno'
nous drafts upon the capital OF tn
world, speculation has been rife, an
, all over Europe and tho Unite
States there have been untimsly E
forts to build ne y railways. 1t is nc
!, an extravogant estimate to suppos
that from 10000 10 $4,000 miles {
railway have heen constructed
9 Europe and the United States, who
TO not now pay more than the cos
OF operating them, the capital il
! vested in them being unprodnctiv'
d anil as emphaticalIy lost tor the p' Of
+ ent rs il buried in the sea.
u sometimes called glory.
This great loss of means is not I
be replaced by new issues OF irr'
J.o,u.,J, manor IT, can only be RI