Wilmington journal., 1874-01-23
FINANCIAL TROUBLES AND
THEIR CAUSES.

! ness circles has been somewhat re-
stored, but business has not resumed
it's wonted channels, and money IS
''tigher" now than in the earlier days
Of the panic.
| The crisis has been transferred from
the banks to the people and to the
Government. The administration is
embarrassed. The extravaganza IN
government--ba government--hasb bld
more to do with our present financial
difficulties than any other cause. The
Army, the Navy, the Indians. the re-
construction of States. have al come
| in for their share of the excesses which
| have we'll nigh bankrupted the Gov
erl1ment, to say nothing of the corrnr-
tions of tho Federal officers through
! whose hands the revenues OF the
country pass. The expenditures are
| nearly one hundred millions of dollars
more than in 1S6O-61, which included
the first months of Mr.. Lincoln's ad-
miiiissr.tioi,,* with all the expenses
made necessary 10y the Preparations for
war.
With tic ,2.-ilc to check this waste
full extravaganza, Congress, before the
recess, called upon tho Departments to
reduce their estimates. This was COM
piled with, bat even now the expenses
will be greater than the receipts. The
revenue required according to the re-
duced estimates, for tho present fiscal
wear, amounts to three hundred and
twenty millions OF dollars. The re-
ceipts for the first quarter Of this year
are S61, ,s53, ,493. The estimated re-
| ceipts for the other three quarters are
| S1S9, 100 90, There must i'll any event
| be an expenditure in excess Of income
OF fifty millions of dollars. Thus we
can see why it is necessary for Con-
grass to iucteasc taxes on to borrow
money.
When we consider the vast extent OF
this country, its rich resources and It's
immense wealth, we may he well as
touished lId alarmed at its imroyer-
ishmcut IL business and labor. An
extended territory. Immense miner
wealth, great fertility OF soil, plenty of
communications. abundant crops, ef-
foctiye labor, yet commerce languishes
and agriculture is Improbable. And
WHY?
There can he but one ansTtr- bad
government. Instead OF investigating
these troubles and seeking IL remedy,
Congress is occupying its time Ill leg
islating the negroes into our schools
and hotels aud churches. After sev-
eral years OF conflict, during which
every industry IN the South has suf-
f-red, the intercourse between the
races IS nhout 10 adjust itse!i, bnt
those who have waxed fat upon past
discori and confusion are irter::lled
that these troubles shah not cease.
Prejudices, which owed their existence
70 opposition to slavery, and which
should have ceased to exist with slave
ry, have kept apart those whose in
terests ere indentical. and by civil
rights bills AID political czcitements.
the West Is kept in an attitude OF hos
t;iity to the South, while the agricni-
tural interests here and there Ian
guisn IN consequence.
The banks thrive Wall street is ju-
!:ilnnt: currency is abundant to carry
on the stock operations, but tho sub
s.antial industries OF the country ue
profitless. Manufactures are running
on short time great corporatiors have
c;rtaiied their force and cut down
wages the poor, North and South,
are in distress and there is no relief
Congress is more concerned abort the
effect Of the speech Of the negro Con
gressman from South Carolina, or the
popularity Of the repeal OF the salary
grab" than in adjusting the currency,
Or lessening the expenses of the gov
ernEirut.
It does seem that tie whole influence
of the administration, executive and
Legislative, is to control the govern
ment in The intercstof tie monied men
Of the commercial centres, 1T the eX-
pensc of the rlass Of the people.