Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1874-08-01
Oar Agents.
OLYMPIA, SATURDAY MORNING. AlG. 1. lSli.
CAUSE OF HARD INES.

LIN
above caption, contains a weli-consid
cred article on the financial crisis through
which the county is now passing. II
contrasts the situation of one year ago.
when manufacturers were busy, wages
good. and trade and commerce III 4
1ourishing condition. with the present
stagnation in every branch of industry
with the view of determining the causes
which have led to such unhappy results.
The carrying trade, it afiirms, was then
prosperous and profitable, by rail, by
river. by lake and canal. Capitalists
were receiving large interest on all the
money they could command, and rail-
roads were being built at the rate of
more hal 5000 miles a year. In con-
sequence of this expansion of the rail
road interest. cities We're built and
thousands of fertile acres were reclaimed
and the people prospered in proportion
to the impetus given to every business
by these gigantic operations.
But a change came. This activity
ceased. Something stopped the pro-
gress of these roads and extinguishsd
the fires of the manufactures. What
was it? A want of confidence in the
success of these great enterprises. The
Northern Pacific Railroad failed for
the want of support of capitalists at
home and abroad, and with it one of
the most reliable banking-houses in the
country. Other disasters followed, I'M
til doubt and uncertainty took full
possession of the financial community
and money was boarded. The ant
factories closed, work on railroads was
suspended, myriads of laborers were
thrown out Of employment, and as a
natural sequence, panic, distress and
hard times ensued. What produced
this want of confidence among capital
lists? Can it not be directly attributed
to the rapid growth of the organization
known as the Patrons of Husbandry,
and the success which it met with in
some States in controlling by Legislative
enactments the rates of fare and prices
of freight Oh railroads?
We believe the groundwork of the
argument is we'll taken; that while the
farmers organization was based upon a
desire to right a grievous wrong, to
prevent extortion and to secure to the
producer an adequate reward for his
labor, that the result has been to pre-
cipitate an evil that was not contem-
plated by its projectors. Whether it
could have been averted by a different
line of policy, is not S important a
matter for consideration, as the shortest
way out of the dilemma. The effects.
by which we must Judge of the wisdom
of any course, have not been what it was
expected what they would be; but have
led to an antagonism of capital and
labor, the final result of which is
shrouded in doubt. How long will the
conflict continue and what will be the
end? are questions demanding the
earnest consideration of every body at
at the present time. Reason would ap-
pear to dictate that mutual concessions
must be made to insure tranquility and
restore confidence. A relentless wa
against railroad corporations and a pro-
scriptive policy pursued towards mid
dlemen, have been barren of results,
except such as recoil upon the produc-
ing and the industrial classes. Co.
operation is needed. The wisest coun
sells should prevail. Clear-headed
judgment should rule. The powers are
too nearly allied for a sacrifice o.
strength in an interminable conflict fol
principle that needs a consideration
of both sides of the controversy to de-
termine its bounds and fix it's precise
limits. Without this we can see moth
ing in the future but prolonged disaster
to the cause which at the outset had oul
most hearty sympathy.
wholesome lesson can be drawn from
this experience, especially applicable t.
the present condition of our count,
affairs. We find hat some few of on
farmers look with distrust upon GU
local railroad enterprise, simply becaus,
it will require capital to complete it
They appear to dread the influence O
capital, from some preconceived notion
of the burdens imposed by monopolies
under circumstances which do not, ant
cannot, here exist. They fear the bur
dens that may be imposed, and struggl