Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-12-04
HARD TINES.

HARD TINES.
The hard times in this country are At
tributed by the democrats to republican
rule. ia firm fails in business, or rail-
road company, bank or manufacturing
concern collapses, the democracy at once
point to the republican party as the cause.
When the bank of California suspended
The democrats loudly charged the misfor-
tune to the republicans. but when in
short time the bank resumed payment.
paying dollar for dollar Of its debts. there
Was NO more heard on the democratic side
Of the suspension having been due to the
administration.
The times are certainly hard, but they
are hard in other countries as well as in
the United States. They are hard in Can
ada where the taxes are low. the currency
sound. and British free trade prevails.
They are hard in England and generally
over the continent Failures in business
nave been as common there as here.
Business has been overdone, speculation
and extravaganza have prevailed. and
the consequence is crashing among the
unsound timbers OF the financial and bus
mess fabric, and hard times generally-to
be followed by sounder business and bet
ter times.
As An example OF hard times elsewhere
the case OF Germany is cited. Every
mail from Germany brings reports of bus
mess failures. OF depression in trade, of
workmen out of employ. of much produce
ton and little consumption, and. in short,
OF most of the troubles which are afflict-
ing rs. The depression particularly af-
fects the iron interests of North Germany
and the maritime companies Of the COM
mercial cities, such as Hamburg and Bre-
men. 1t has reached, however, many
other interests. and great numbers OF
working people are thrown out of employ,
while small traders find their business ex-
ceedingly reduced.
"For this depression in North Germany"
says the New York Times, "there is no
explanation to be found in vitiated cur
rency or public debt. The financial po-
sition of Prussia has always borne the
marks of the wise influence OF the founder
of the monarchy, Frederick the Great.
The simple rules Of economy have always
guided the Prussian Administration.
They nearly always spent less than they
got. The Hohenzollern know how to oh
tain valuable services for small pay. They
have rigidly kept down expenses, until
now a Government Beampte is one of the
most poorly paid persons in Germany
As consequence. the Prussan debt has
never been burden. and the whole "bad-
get" or expenses Of Army and Admins
tration are scarcely more than half our
own. The last war almost paid for itself.
and the average taxes Of al, North Ger
many are about one-half OF those paid in
France. Still. everywhere is business de-
preston.
The truth is that Germany has been GO
ing through the same experience which
We have had here. The building OF rail
roads has developed rapidly every portion
of the Fatherland, and created great in
crease in production. 1t is true that there
never can be too much production, but
there may be an excessive production in
q particular branch. Germany joined the
general march OF the world in me,allurgic
industry, and aided to create more Of iron
manufacture than the world needed.
Then, with increased manufacture and
the sudden fortunes made first by it, there
arose q sudden and natural growth of
speculation. To all these causes of in
dustrial and commercial excitement was
added the influence of the French inden-
nifty, which acted upon the business and
exchanges Of Germany. as did the sudden
creation here OF paper money. All kinds
of prices suddenly rose. and, with them,
extravaganza and speculation increased.
Labor became more expensive, and sala-
ries were gradually raised. Berlin be-
came Is costly place to live in as New
York.
A great stimulus, too, WAS given to mar
thine matters by the success OF German
steamers in competing with those Of Liver
POOL for the emigrants to America. All
hings for = while were As they were here