The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-10-03
NEW ORLEANS BULLETIN
NEW ORLEANS, OCTOBER 3, 1876.
ECONOMY.

Perhaps the people of this country never
before practiced economy as they have done
during the past twenty months. Many had
begun to economic before the monetary dis
turbance of 1873. but necessity had not
created the general habit of thoughtful self
denial before the beginning of 1874 To the
people of the South the enforced lesson of
economy was quite thoroughly taught during
that dismal time when foreign supplies were
shut out and their home resources were dried
M and exhausted. The hard times OF the
current period are nothing new to them, and
with home rule they could bear their priva-
tons all the more patiently by remembering
hardships of far graver nature. Inc
war lesson was not as useful to the
the people of the North, whose luxuries were
apparently but little abated, and whose I'M
portations and productions went on as usual,
except in SO far as they were affected by the
absence from the list of exports of twelve or
fifteen hundred millions Of pounds of cotton
each year. The war seemed to beget extrava-
gance, and the spirit of speculation caused by
the war gave an incentive to that great vice.
Excessive imports, excessive production, law
ish credit, plethoric currency. vast corporate
and public enterprises, surplus OF shares,
bonds. and other convenient collaterals on
which loans were easily effected, all operated
upon an intensely active and abnormally am
bilious people, and appeared for long inter-
val to deprive them of the exercise OF sober
reason or homespun prudence.
Reaction was sure to come. The people
awoke to find their stores and warehouses
crammed with unsaleable merchandise.
Great railroad kings found that they had more
roads than there was profitable use for. A
great many thousands of the classes who sub
sist by handling the products of labor began
to discover that they were. as class, more
numerous than the demand justified. Even
farmers learned that there was limit to the
demand of their products, and that the sale
Of articles of necessity was bounded by the
means OF buyers and not by the capacity OF
producers
This reactionary influence still goes on, and
with it has gone the practice Of economy pari
passu With returning prosperity many may
soon return to old habits, but as to many
others, and by far the greater number, the
lesson which they have learned from pro-
tracted adversely, will abide with them and
prove eminently useful. Farmers and their
families have found out that it is not neces-
sary to visit the village stores as often as OF
yore. They clothe themselves more
cheaply and plainly; and taking the
nation at large the American people are
wearing out their old Clothes using up the
odds and ends, inventing cheap substitutes
and making their money last as long as they
may. They have found out the impolicy OF
buying more than they need, even when very
cheap. They have learned that credit is not
friend unless when joined with self-denial,
caution an sound judgment Having under
gone the wholesome Christening of hard times
they are this day better prepared than ever
before TO embark upon a tide Of renewed
prosperity. They have learned to live accord
ing to their means.