The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-11-11
lTrom the New york Trbune.l
, THE HARD TIMES.


afflict the country2 At the outset, be-
fore attempting to answer the question,
two things must be considered. In the
first place it is desirable to know what is
the average healthy condition not only
of business but of the entire population.
When from any cause prices Of things in
general are rapidly rising, the entire bu-
siness community and the holders Of
property of all kinds, fancy they are
growing rich. They fashion their ex-
penditures and transactions Of every
kind according to their supposed in
creased wealth. Hence there is strong
demand for labor, and prosperity APP
pears to be universally diffnsed. But
this prosperity is in great part imagi-
nary. 1t does not represent the average
state of things. From its very nature it
cannot last. Calling everything in the
country worth twice as many dollars as
it used to be adds to the wealth Of no
one. But fluctuations in the money
value Of property and goods are attended
with this inconvenience, that those who
are debtors or creditors, and have prom
ised to pay or to receive fixed sums Of
money are liable to serious changes in
their worldly estate.
A great many things affect prices be-
sides the quantity of money which hap
pens to be in existence. Moreover, in
individual cases it is generally change
in the value of some particular thing
which adds to the load of the debtor or
relieves him. For example, a man hor-
rows money and invests in real estate.
The price of real estate is then what con-
Germs him. If there has been over
speculation in that article, and he is one
of those who buy when the price is at
the very highest, he is ruined, and he
has no one but himself to blame. In the
same way those who, at the last moment,
enter into the manufacturing business,
run the risk of the markets becoming
glutted, by which all in the business are
deprived for time of their usual profits,
even if they are lucky enough to escape
serious losses. In coming to an opinion
as to the condition of the whole popula-
tionof the United States, we must take
all articles into the account. We find
one class of articles. of immense impor-
tance, which has not within the last
three years-this takes us back to a year
before the panic-sustained any serious
fall. We refer to wheat, corn, rye, oats,
and barley. By comparing the whole
sale prices of these articles at Milwaukee
in the first week of October we find that
No. 2 wheat was quoted at 81 132 per
bushel in 1872, 81 IL in 1873, 939 cents in
1874, and ST. 90! in 1875. Corn was worth
"a cents bushel in 1872, 40 cents in
1873, 814 cents in 1874, and 58 cents in
1875. Oats were 25 cents bushel in
1872, 33A cents in 1873, 49 cents in 1874,
and 81 cents in 1875. Rye was 81 cents
a bushel in 1872, 674 cents in 1873, S73
cents in 1874, and 70 cents in 1875. Bar
lev was 661 cents q bushel in 1872, 81 40
in 1873, 81 10 in 1874, and 81 073 in 1875.
Comparing the prices of 1872 ith those
of 1875, and considering that the harvest
of 1875, taking all the products together,
is a good one, and remembering that dry
goods, groceries, labor, and many other
things which the farmer has to buy, are
cheaper than they were three years ago,
have the farmers at this time any good
reason for thinking that they are worse
off than they were in 1922 From this
briet mention of prominent facts, and
from the further circumstances mention
ed in our columns a day or two ago, that
the aggregate quantities of tea, coffee,
and sugar imported into the United
States show no falling off we judge that
the hard times, though severe vista
ton on certain classes of the population,
are scarcely felt at all by others, while by
large numbers the fall in the money
prices of their possessions over which
they grieve is just is fictitious as the pre-
vious rise, leaving them worth as much
in real value.
The hard times have now lasted two
full years. The extreme point of depres-
sion may or may not have been reached.
There is no infallible test. Former ex-
perience teaches that the process of re-
covery is not rapid one, but in the ma
ture Of things it's commencement cannot
long be delayed. England is the coun-
try which most nearly resembles the
United States in its methods of business
and its banking system. In England
during the last ninety years there have
been seven or eight periods Of strongly
marked depression in business, such as
that through which we are passing. In
no case, however, has the extreme mac
ton lasted three full years. BY the end
Of the third year the exports and i'm
ports, the revenues of the Government
and the rate of interest have invariably
begun to mark some improvement. All
The accepted authorities on the subject of
commercial crises have treated them as
reactions following an excess Of specula-
ton. Speculation carries the prices Of
houses and lots, goods, bonds, railroad
stocks or other commodities to level at
which they cannot be sustained, and the
resulting fall is in proportion to the ex-
.ent Of the previous speculations and the
abuses of credit by which they been at
;ended. An abuse of credit takes place
where, for instance, a farmer parts with
lis grain for a worthless railroad mort
yage, or other security, or where he is
he victim of bad debts. Increasing the
quantity of money. as the inAationists
would do if they could, would not revive
but have the opposite effect.
Unless done on scale to fill the minds
If sensible men with apprehensions of
epudiation it is not likely that it would
raise the price Of any arti-
lie, while every prudent creditor would
wish to be paid as soon as possible. Our
currency and finances are not in the most
state, but since we cannot
lave practical measures for their i'm
,rovement the next best thing is to let
hem alone, II prices are not now ris- |
ng it certainly is not for lack of money |
n New York and other great cities to |
'uy what is offered in the market.
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