Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-12-31
BLESSINGS OF THE PANIC.

The panic, which shocked the country,
prostrated trade, and sent 10 the wall n
large class of business men who were oper-
ating on credit, was not without redeeming
qualities. But for occasional reverses in
business, partial suspensions Of trade, men
would lose sight of that economy which is
essential to individual wealth and virtue.
EItravagance is vice around which all
She other vices which poison society are
certain to cluster. The sober, second
thought, which is certain to come when
times are dull, are essential to the best in
tsrests of individuals and society. Virtue
is cultivated by thoughttulness, just as vice
ia encouraged by thoughtlessness.
The panic lead the people to reflection,
and reflection led to economy. The extent
of this beneficial result to the country is
little understood, and the people generally
regard the crisis rs an unmitigated evil,
when, in reality, it was not without COM
psnsating blessings. For the purpose OF
showing how far the country has been
blessed through the effects of the panic, let
us state few facts. In the two fiscal
years 1872 and 1873 the balance OF trade
against this country aggregated S302,074,-
900. In other words we bought OF other
Countries 1902 2074,000 more than we sold
t. them. The farmer understands that
when he purchases more, in the shape OF
clothing and food, than he sells in year,
hs is falling behind, getting into debt.
Well, just SO it was with our country in
the two years named.
In those years everything was seemingly
prosperous; but was business in prosper
Gus condition? Were the people not de-
ceived? Did they not regard their pur.
chases upon credit as evidences of prosper.
ity, when in fact they were but the evidcn
ces of coming bankruptcy? But the pan
10 suddenly caused men to stop and bal
snce their booSs.. II was then that mAny
business men made the discovery that Q
mans prosperity is not based upon what h,
owes-upon his ability to get trusted b,
those who regard activity in business a
the only evidence Of soIvency that is re
quired. The balancing Of accounts unde
eeived men. Thousands who were esteem
ed good business men, made the discovery
bOr the first time, that losing business;
business which costs more than il Yields
Is not IN prosperous condition.
The lesson of the panic was of unestima
Ble value 10 the people OF the United States
They learned the great truth that success
in business depends upon their receipts e Z
oeeding their expenditures. Their sale
must exceed their purchases. This il tru
Of inatiOus a. we'll as individuals. As tn
nation is made mp OF individuals, whel
each individual stndies that econom
which is essential to his success, there
prosperity of the nation. That the pani
iaduced greater thoughtfulness on the pal
of business men--that il led 10 the exereis
Of feconomy-there Ii not adOubt. This fac
Is clearly demonstrated by a compariso
Of the balance Of trade against our eonr
try in the two years named with the bal
ance in the two succeeding years--lS7
and 1875.
We have shown that during the two R
cal years Immediately preceding the pani
the balance Of trade against the Unite
States amounted 70 $780,, ,0T4 ,O00-that wi
the amount Of our purchases in excess
our sales. During the fiscal years 1877
and 1875 the balance against this conntr
Aahounlou W Ohi9 Poo'jVVOi SonhlueTn
the magnitude Of our trade this Is bat
mere tride. IL Il substantially a balancin
OF accounts. Thus, in two yenrs throne
the influence Of the panic, the people ha,
economical 10 the extent Of over three mi
Non dollars That h indeed most encou
aging, Rnd since nothing short oi a pan
could have produced such results, let
not look upon our monetary crisis aa a
evil entirely devoid Of blessings. Blade.