Vermont farmer. [volume] (Newport, Orleans County, Vt.) 1870-1877, 1874-06-05
The Fatal Facility of Debt.

In painful contrast TO the frugal habits of
the French people has been the extravaganza
of our own. We all spend money reckless
ly. The annual budget of the nation has
been far greater than It ought to be. Our
cities have laid out too many parks and
boulevards, and built too many water-works
and costly buildings, excellent rs many of
these things are in themselves. Railroads
have been built, not in answer to the de-
mands of the population, but to suit the pur-
pose of contractors, of importers of iron and
sellers OF bonds. How this bond-selling came
to be u lucrative business is one of the curl
Gus results of the war. The federal govern
ment created of necessity vast debt, which
was Mt first locally taken up Mt home. But
tho high price of gold, in which the
bonds arc payable, but for which they were
not sold, made them u tempting purchase in
Germany.
We must now frankly confess that the
sympathy of continental Europe, as shown
in the rapid absorption of our bonds and
which in our more enthusiastic days we set
down to an enlightened and liberal political
sentiment was, after all, only the sympathy
of the pocket and the instinct of 10 per cent.
But it served us well at the time, though in
the end il did us injury by encouraging the
creation of railway debts far in advance of
the wants OF tho country for new lines,
warming into life many enterprises, the
wrecks of which now strew tho shores of the
Atlantic on both sides. The rapid export of
the iive-twenties created II vacuum in this
country.
Now, us nature is said TO abhor vacuum,
the financial caterers made haste TO fill It,
Railway bonds were prepared having close
resemblance TO the familiar ivo-twcnties
They were headed with the title and insignia
of the United States, and were adorned with
all the bravery of colored printing and gilt
letters. The convenient little coupons. which
had commanded money everywhere en- their
semi-annual presentation, were not wanting
What wonder that these papers, so calculat-
ed TO deceive the unwary, We're readily taken
by tho mechanics and farmers OF the cOun-
try, little accustomed TO inquire into the ba
sis OF such securities?
The facility with which the government
disposed of its obligations tempted all lesser
bodies to try their hands Mt borrowing. Thus
states. counties, cities, towns, and manuiac-
turing rs well rs railway companies set
themselves at work to print and sell bonds (;
while individuals, considering themselves in
the light of corporations and entitled to share
the corporate privilege, initiated tho higher
example.
The style Of living advanced so much that
it became necessary to have great profits to
sustain great expenses. No doubt u large
part OF the personal dishonesty which the
last two or three years have unveiled has
been due to the exigcncies of luxurious liv-
ing. 1t has made slaves of all, and ruined
not few. Neither ms n nation nor rs indi-
viduals arc we content to move slowly. The
records of lifetime of steady work and
economy must bo grasped in II few years.
We drink the wine Of life, not with temper
ate enjoyment, but to drunkenness.
1t is painful to see so few old mon among
us. There are gray heads not a few, but
they are on young or middle-aged shoulders.
The ruddy and vigorous men of three-score
years and ten, of whom one sees so many in
old countries, and especially in England, do
not live in Now York-hardly anywhere in
America II is good time to think Of those
things when enforced idleness leaves much
time for tn mixing. The passionate life OF the
war cannot last always II wastes too rapid
ly Let us be content with less, and take
more time to enjoy it.-George Walker