New-York tribune., 1876-01-05

and then comes 70 and by insurance against the
..sss OF cke uncertain g9seTahasns g9aara "a PPon9
Imam well6eing at every step "ben u reaches the i
sapess child Of toll who oeys II m serouTs Rs earnngs
leaf and his fuel by lhe p'eA'' "
and nficts starVauon' NV coxur,,pps
=. CONTINENTAL CLASS OF IAN toNo' "hh''
t,r OWL of such a system Of excessive ta1auoh H.
"raa,s and nourishes a governmental class-With
,dancas 10 lessen services and TO enlarge comPehs*
49,, 90 n,,uly retainers TO invent Jops anu l"s'e' al
-, ., Observation-Disclosures unrestraihed pS .ne
,.bfpl eve and firm hand OF personal Ii"S' @ ncni
one enables private business 1rh class has found itself
ui so,ne,,nes by it's own influence anu I soh1
alliance with the + Sss Ss@S Become great power, acting on
~ our ,ions by all the methods OF OrgshLaohl VI
tne ees,ng opinion Of influence ana 9I c0cFupton, o
PpYsie IKE living thing struggles 10 perlv
ine own existence. Every useiu ana neSUssdIs
uaie ssntaI s service al proper cost. Is productVe
Every excess beyond that so FAR as II is saVeu y
ne Official merely transfers TO hm what oGones asie
reople SO such excess Is consumed II , is %Ss &
~ canitaI as absolute as II wheat OF equal vaue were
oSsbiy such waste by governmental expenditure in
tbe eleven years since the war amounts 10 at o' d"
much as our present national deO'
NusGoVRRNNENT IN THE SOUTH.
=, ono, no donbted that the systematic and extreme
iseovernmept imposed on the States Of the South has
,,eatly detraced from national prosperity In thoee
rnoverished communities it has not stopped with the
ordinary effects OF ignorant and dishonest adhhsua
uop IL has inflicted upon them enormous issues Oh
fraudulent bonds scanty avais OF which were wasted
A. stolen and the existence of which is public dscrtd
tending bankruptcy or repudati9n l's Tho
NV onnrpssye in instances have connsCaFu tho
snire income of property aud totally destroyed l's a
k9o % enn FIVE times as large as the British Isles aud
,hrce times as large France, aboundng IN an he ele
mens Of natural wealth IT has DESTROYED cohuecd anu d
sredt i'm ali TRANSACTIONS dfused uncertainty ana aus
trust everywhere and consumed existing caplta "ihe
rearding production and paralyzing the ehtetprse eS
which such waste might be repaired ana future ero"'n
assured. , -, 60 nc nc
well as To directly affected. abhorred by ai te IN
tcllect and virtue the communities in which exists
and by their public opinion, has been maintained tnr9ug
ion wears by the favor and patronage OF the Federal
fIovernment-by the moral coercion OF us presuge-f
the standing menace and occasional exercise vi l'7 H
III j. impossible that such should not react upon
MS The immediate sufferers 10y IL are & u.e PrliD
four.tepths of the exported commodities eXcludlhg
specie OF our whole 4O00000O people ana OF ne os'
Innorant raw materials of own dOuesuc hauulaC-
lures They are agricultural communities Whcm % NOR
than any others, sell what they piouuS" nl {
they consume They are our most Ndiuanie % ~
fOr the products of our own industries ana ioi our
chandse aud they make us 1acnrs IN ,n an ,r. t com
mercial metropolis receives the largest INJURY pu' S
consequences extend throughout the whole country
SPECULATION AND OvERIRADING.
Other influences have been at work to deterorate the
financial condition Of our people. The period has been
tn Of tendencies TO unsoundncss i'll the management o
privae business and in the habits Of families ana ld
viduals series oi speculative excemehts mas ln''"
10 enterprises which have turned out 10 he unTemunca,
have lost their salable value The capital empl1e4 ~ IN Ia
slch undertakings Is destroyed Large Cd>s.S u tI'l'
dueed. ...-,. - .,o
suir,t of The fines and became too much expanded.
Fronts which came in part from the swelling OF nominal
ant on their con tnuacc and enlarge their under
takings eneieemenis hinder that Illusion; -, .,,a
one who had half his capital invested IN land ana
buildings and machinery which l. called fixed capital
and half invested in raw materials ana luhds 70 cpU!
wOIkmen, which is called circulating capital ana Was
doing safe and easy busness-was Induced for the pur
pose OF enarging that business 10 double his investment
IN fixed forms He therefore needed double the cIcual
ing capital and instead OF owning all had to borrow
II all The turn the times disabled him from selling an
selling without loss aud when he needed loans todoublc
the OF his former floating capital in order iocary
on bis business, and more III OIler 10 nOIu ms p.oV M
revival of the IuaIkct-he i0unu tid' leu'I7 AaH
come timd Another dscoyergG tnal an a nc n
may be good takes Longer To bring returns ldn ma ~,
pated. Another began when credit was easy ana Iact
10 forcsee how changeabe that condition ls and even
though his hopes OF profit were undiinnished' iound II
difficult to carry his loans 81. ,t.
calculations the influence Will extend more or less 10
nearly all the community. period OF falling plcr, io
Great fluctuations in the hopes aud opinion Of the public
creating ycissudes Of credit are the secondary eAise
they themselves the results OF some primary CAUSE
EXAGGERATED COST or MIDDLENEN.
An ougrowth OF the same morbid condition is the IN
usual and unreasonable disparity now existing between
the wholesale price which the producer receives and the
retail price which the pays. No doubt pro
loneed huctuatOn IN prices tends during the upward
movement the charges Of middemen and to
enlarge the class the root OF the evil is the uucer-
tsinty and instability The importer adds to the price oi
every article he imports the exporter reduces the pce
he pays for every article he exports asnsance against
the possible variation in the value OF greenbaeks wht
converted into the money OF the world and against the
pOssble changes of Governmental policy at Washington
Nor can doubted that the condition Of things has
been unfayorable TO economy ana encency II tnf man
Rgcment OF business, To tIugah{ IN pfNate eAthuIt,
and 10 energy IN production. such are the immediate
calss which occdsOned excessive and unnatural
consumption Of our national capital and which have re
tarded the natural processes OF repair ana growth during
the last IL years. What are the ultimate causes, ana
what are the remedies
NEw-YoRK's INTEREST IN THESE QUESTIONS
To the people Of this state these interesting in
auries. In S74 state tax nearly Sl6O0OO00.
our local taxes were over 2 100000 Our share OF the
Of the Federal Government on the average Of II
years. If computed population, would exceed
kjOOOO,00O If computed by consumption, according
10 the estimate Of the Finance Committee Of the COns
utonal Convention Of 1867 would for the year exceed
ySO,OOO,0OO
The Federal Government the direct and exclusive
responsibility for its immense expenditure, and for
its caamitous policy in respect TO the great producing
States of South II has likewise controlled the cur
fency ana the banging OF the country IL has been the
principal dealer in tie precious metals. 1t has conducted
Vast fiscal transactions. It's financial Secretary has held
IN his hand day day. the supply and the rates OF
the loan market in the Of capital and
OF foreign exchanges the prices Of exports
snd imports, the quality OF the circulating medium the
fuctuatng standard Of values recognized by law the
rule all dealings and all contracts. BY the force Of its
example; 10y its ascenddncy opinion acquired In a
period Of public danger during which the people formed
the habit Of following its leadership by its means Of
propagatng the ideas according which its opera
tions were conducted; by all these wei by the
direct effects Of its action It's measures and It's policy
the Federal Government has therefore, practically dom
mated over all and all industries and created
conditions which shape the conduct Of individuals I'm
their production and consumption and local govern
nents In then expenditures taxation and creation OF