The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1875-09-09
'What is Wanting ?"

ms fue''io'i 10 Ni'o""Seu oy the Ger
mantown Telegraph in the clear. praot;, w.
and common sense method which cb,.
terizes its treatment of all subjects ~,
the following conclusions are reached
which we commend to the attention of
readers
"a suspicion is beginning to get ,ao,.
that the losses in business have been W
much exaggerated, and that what has -,
peared in print as loss has very often boa.
something that never had an cxistono
Bubbles have burst. In substantial nroton
sions have been brought down. OverbIor.
credit has burst. But the solid wealth =
the country seems to have really not boon
materially affected. This is proven bv
variety of facts. The savings banks of Nom
Jersey show enormous totals of denos,.
proving the earnings and savings of the noo
pie, instead of being reduced are increased
The surplus capital seeking investment :,
everywhere enormousl y in excess of arv
thing in previous experience. Bank diviI
ends are good, and the average of the banl,
indicate sound and prosperous condtioD
of financial business. The railroad Darn
ings keep up well and warrant moderate
dividends. Building goes on as usual IN
Philadelphia and all the large cities, and
the surplus of houses is not larger than
usual
"But the most conclusive proof is afford.
ed by the census just taken in New York
which reveals an unusual increase both Of
population and wealth. Taking Albany
county as fair specimen of the State, We
find that the taxable basis has increased
more in the last five years than in any pre-
ceding term of five years since 1865, and
this too Notwithstanding the panic and re,
vulsion. The real condition of things in
New York and Philadelphia is not much
different from this In our own city il is
singular fact that amid all the complaints
of hard times and want of business there
are fewer empty houses than usual. The
aggregate imports of foreign dry goods at
New York during the fiscal year ending
June Both, show a slight increase instead
Of falling off Notwithstanding all the
dullness of last year, nearly two thousand
miles of new railway were built in the coun-
try in 1874, and the movement this year
exhibits general recuperation.
GLOW then can We account for the al
most universal clamor about dull times and
the decline of trade? How is it there is
so many indisputablc evidences of solid and
enduring prosperity coincident with the
idleness of SO many industries ? We can
only say that times are always dull and
gloomy when prices decline, and for a long
time past there has been an irresistible
shrinkage. On the other hand times are
always lively and fourishing when prices
are rising The effect of both is exagger-
ated. The contraction and imitation 90 be-
yond all justification. But the shrinkage
has now continued pretty steadily since the
close of the year, and all attempts at CIV
ing things IA turn in the other direction
have failed or produced only temporary eff
fccts.
"Our own conclusion is that the whole
framework of business, finance, industry
and commerce has become organized on 50
colossal scale that ordinary traffic is in
adequate to employ Proftably the machin-
cry, the capital or the labor concerned. The
mistake Is in supposing this to be an infa-
ton when in reality it is nothing Of the
kind. Overblown credit may be termed
| initiation. But where a thousand iron works
appear in place of a hundred, it is not infa
ton. More money will not furnish more
markets for the immense products ofwhich
the whole country is capable We want
good market for what we have to sell,
Give us that and all troubles about labor
and capital will disappear, and people Will
manage to get along with any system Of
banking and currency that is available.
Whether one dollar has to do duty for four
or five, it makes no difference in the result.
Something seems to be wanting at the pres
ent time. 1t may be confidence. 1t may
be greater activity in the export trade. 1t
may be renewal of the great railway
movement. But clearly it is not ques-
tion of currency. The people want markets
for what they have to SELL