Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-04-02
rH1 SPRING OUTLOOK.

nll THE BPklHd
While the near future is not robea in
the colors of the rainbow, nor indeed
very encouraging, the prospects Of the
people Of Shelby county, as wen as the
State at large, are not such as to war
rant any doleful predictions. One Of the
great evils Of the times is a wan. Of con-
fdence between man and man Those
who have a little money are disposed to
trust nobody, and keep it locked up 10
bank or invested 10 government bonds,
thus Withdrawing the currency from cir
c~ulation and escaping taxes. Capital is
nearly always able to take care Of itself,
and its sudden withdrawal from the ordi-
nary channels of business creates a
stringeney and inconvenience for which
there ia no immediate relief. There is
money enough in the country, and even
in Tennessee, to answer all practical
purposes if it were only kept in c@ircula-
ton. In times of distrust, like the
present, the borrower not only has
to pay an exorbitant rate Of inte-
rest but to give extraordinary
security often in the shape of collateralc
A merchant may be able to make gilt
edged paper to the bank, but it is almost
impossible for the farmer to execute
gilt-edged notes to the merchant. Never
since the war have merchants been SO
cautious about making advances to their
country friends as this year. Even
mortgages on the coming crops are re-
fused in many instances. This works a
hardship for the present upon those who
have alltheir lives managed to get a little
deeperin debt each year than ever before,
but if it will check and tend to break up
the ruinous credit system the good to
result will more than counterbalance
the temporary evil. Individual debt has
been the curse of the South ever since
the war, but we think a change is com
ing about under force Of the hard times
that will to q great degree break up
the p%ernicious system, The people
are forced to become self-sustaining to
plant corn, grow grasses, raise stock and
thus cease to be dependent for the ne
cessities of life upon other sections Of
the country. At the same time they will
learn to do with less Of the Injuries.
What labor we have will be better util-
ICED than heretofore, and the policy Of
retrenchment and reform SO %strenuously
urged in regard to public matters will be
carried into every household. The re-
suit Of that rigid economy, always in
dueed by a period Of financial depres-
sion, is sure to better the condition Of
the many and to be succeeded by years
Of prosperity. Such is the history Of
nearly every panic of any duration that
has affected this country. Seldom has
the necessity of steady work and frugal
habits been more impressed on the
public mind than now. Our State has
been successfully visited by drouth, cpl
denies and foods within the past two
years, in addition to heavy burdens of
taxation and a national panic. To re-
cover from these disasters and misfor.
tunes it will require time, patience and
industry. But the right spirit animates
the people still, and under the divine
blessing we may confidently expect bet
ter times before the end Of the year.
Capital is slowly seeking investment, and
under the new assessment law which will
exempt newimprovements for four years
a start may be made toward establishing
small manufactures and building up the
waste places that will give remunera:
tive pay to the mechanic and other labor.
ing classes. A law lately enacted 10
regulate contracts between employer and
employe will have a tendency TO settle
and render permanent the labor system
of the rural districts. The rate Of State
taxation is unchanged, though that has
never caused as much complaint az
county and municipal burdens. These
are likely to be somewhat reduced, aud
with a good crop and the extension Of
time allowed without sale Of property OF
addition Of penalties for taxes until next
October, it seems likely that the people
will End themselves in good condition
nearer out Of debt than usual, and with
ample cause to feel thankful and greatly
encouraged.
LIT Us PREPARE OUR DEFEEsEs.
Telegraphic dispatches from Walk
ington City yesterday announced tn,
yellow fever as epidemic in the cities o