Vermont farmer. [volume] (Newport, Orleans County, Vt.) 1870-1877, 1875-08-20
Retrenchmsnt and Incorporation.

1t is quite a step from the spread aud dis.
play Of five years ago to the retrenchment
and enforced severity Of tastes Of to-day
From 1865 to 1870 was the widest era Of
public and private dissipation ever seen,
probably in this country. Released from
the burden and the effect of war, we we're
still under the effect Of the war stimulant,
aud passion spent itself IN new channels
Gain was easy, aud, il gain failed, we had
Il new banking system selling of United
States bonds to Europe and anxious to US
sumo private Indebtedness instead. Expen.
dituros became grand. Magnificent country
and city palaces and fine establishments aud
turn-outs we're set up. Those who had taste
indulgeA it; these who hadn't it followed
appetite instead and plunged into the bar.
barrie luxuries Of the Jim Fisk school. II
they did not drink pearls in vinegar, they
could tempt a president amid the splenjor Of
u sound steamer and quarter bagnio on the
payroll Of a railroad. We have come down
since then.
Perhaps the summer resorts indicate the
prevalence of retrenchment as we'll as any.
thing. Newport is place where people
have lived regardless" although a certain
Difference to good breeding has generally
obtained. But even at Newport much les.
money is being spent, this year. than usual
Living is less lavishly ordered, fewer par,
ties are given, fewer boats ordered, fewer
turn-outs maintained and less team.hire in
Cured. People are actually interfering with
the long-respected Generalization Of the ser.
wants by the acceptance Of commissions from
tradesmen. Still more manifest Is retrench
ment in the disposition to avoid the CRANE
resorts entirely and stay at home or q
where board is cheap and society costs moth
ing.
The firms which have failed during III,
present year have been under about half thu
liabilities per firm of those failing three year.
ago. We may infer from this that the in
debtedness Of all firms and OF everybody ha
decreased in that interval to large extent
if not to the amount Of one-half Property
has been changing hands, especially in III,
past year, and men have been throwing Of
their burdens, oftentimes, TO be sure, will
ruiR TO their creditors, but ruin that was in
evitable, aud the sooner over with the bet
tee. Ride about the country, and larg,
number Of the finest estates aud residence
will be pointed out as having lately changes
hands on account Of the downfall of tn
owners. This process is not yet complete
This is the great year Of the depression 70
bankruptcy. Firms which Withstood tn
6rst shock heve been unable to stand III
long trial Of bottom" For the past tire
months, especially in New England, failure
have rapidly succeeded each other. Al
though the panic Of 1873 did not affect bus
ness much at first, we shall finally come GU
Of it, when we do get out of it, with vas
changes in the personnel of business. Th
present commercial experience is going
leave deep mark in our social and indu,
trial life. From the depreciation Of railroa
bonds, which ensued upon the panic, o
through the long depression of business, tn
suspension Of many industries and the cor
Sequent bankruptcies misfortune cometh
mutitudes Of families, and the plans of gres
aud small meet a common overthrow. WhS
we called at first Wall street panic b.
done the business for the whole countr
simply because the whole country was in
condition to take the disease.
springfield Republican.