Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1876-02-29
Tsr TRE OXYoHD DEMOCRAT
The Finances.

In the present fluInCial pressure We hear many
theories concerning Its causes aud its remsdy,bu
non. that 10 ss seems more sensible than the iol'
loving which We clip liorn copy OF Gov. Kirk
woods inaugural address, published in the Brook
l,n. Iowa CAronicls. furnished Us b. the eourtes
Of David SevAll, E,q., Of that place, formerly a
resident Of Fast sumner. We comm.ad = careful
peru.al OF il TO all, especially those who arc clam
orlns for innstion:
The financial condition OF the country - not 40
favorable o. We could desire, but perhaps "a much
a. we can reasonably expect. We Borrowed dur
Ing the civil war. and In consequence OF ~ nesry
or quite 81 900 90 OOo and spent the money a. all
nations must in war times, layishly. million or
more OF men in both armies were Withdrawn from
productive pursuits and were engaged in cOnssm'
ing and destroying the products Of TIE labor OF
those not in the field. The government bought
our products with bonds and paper money at high
prices. and We had during The war and for a short
time after is close, what many OF W called good
times. hut our then good times were only good In
the sense that an individual would have good
times who should mortgage his property heavily
and spsud the money Ia eItrsyagant living. The
money raised by our national mortgage was spent
rapidly and lavishly. We received for Il, u true,
that boon OF priceless values restored Union but
did not secure anything of marketable value. In
the latter sense the money spent was lest. The
called good times caused extravaganza In eX.
pcndiIurc by the National Government, by the
Individually. When NJ last the time came that the
money WAS spent, that our soldiers returned 10
their homes and became producers Instead OF con-
sumers. that the GoV-rumsnt was no longer the
purchaser OF our surplus products and we were
obliged 10 commence the process of paving instead
Of continuing the more easy ono of spending, the
times began TO grow hard. The first interest 10
Isel the pressure was that OF agriculture, the lead
nE one Of our state Our surplus products IN
creased by the labor OF ONT returned soldiers nd
no longer needed for the support OF our armies,
~ 4 el.arx a1rNaN hawa
wAs measured by the standard OF the worlds cur
rency-coin.
The consequence wa, great and rapid decline
In the prices Of all we had 10 sell The prices OF
all We had 10 buv did not decrease in proportion.
The manufacturers and others undertook the hope
le . task o. keeping the prices of their products
aud their labor above proper relation u the
pricss OF oar products, aud Ior a time succeeded.
The result 10 us Was AZ lrst DISASTROUS; but the
evil worked its own cure. Our ability 10 buy was
limited by the amount We received for our surplus
products and by the prices we had ~ pay Tor the
goods we wished 10 purchase. We necessarily
bought less, aud the manufacturers found them
selves compelled 10 carry large stocks OF unsold
goods Slowly but surely the laws OF trade as
serted their power. The prices OF what we wished
10 buy IN most cases fell 10 proper proportion
10 the prices OF what we had 10 sell In some cases
below that proportion aud the pressure upon vs.
lightened aud transferred 10 those not engaged
In agricultural pursuits. As we were the first 10
safer 50 We have been the first t0 yet relief. We
are doing bly, velour state is fairly pros
turns; We buy At fair prices what we need aud
get fair prices for What we sell. The process Of
adjusting the business OF the country 20 the chang
ed order OF things is going on gradually and stead
ily, and II that process shall not be disturbed we
may soon confidently expect renewed activity and
prosperity throughout the land. Some Of our peo-
pie remembering the era OF apparent prosperity,
caused by the war prices are disposed 10 establish
another such era by placing second mortgage on
the national farm in a new and abundant issue OF
paper money. This would, 10 my Judgment, be
great misfortune. II might, for snort time, pro
duce feverish activity and temporary advance
10 prices; but this activity would be unhealthy
and disastrous and As surely day and night fol.
low each other, go surely the Inevitable result
must enIue, and we would soon be called upon 10
endure again tue troubles from which we are now
SO happily emerging, II seems 10 me the course
we ought 10 pursue is plain and clear: We owe
heavy national debt. The debt was incurred for
n most worthy object. which has been happily ef
iected. As honest N en- We must pay IL To that
end we must practice industry ,thrift and economy
for the reason that by these means, and these
means only can We prosper. We must insist upon
rigid and strict economy In administering the al
fairs of the National Government and OF our state
Government, and We must practice the same econ
omy in our private Affairs. This lie the way, sure
way, and the only way TO certain and permanent
prosperity.