Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1876-11-24
rhs net,err1mes.

We were much impressed by a recent
remark, attributed to Governor Morgan,
that under certain circumstances, Whlch
were mentioned, but which 1t Is not ne
cessary to recall. he did not see why the
American people could not enjoy a period
of prosperity lasting ten or twelve years.
That which impressed us was the recognl-
ton, by an experienced business head, Of
the periodicity of prosperity IN this eoun-
try. We 90 headlong into business from
period of depression, run certain round,
and then down we go again, to rise ana 1all
indefinitely in the same way. That has
been the history of American business as
far back as we can remember. The ques-
ton never seems TO rise whether this peri
odiciUy is necessary, or can be avoided;
but every time We work up to erash,-to
a great and widespread financial disaster,
IRON which we slowly recover, again to
repeat the old mistakes, and receive the ac-
cusUomed punishment.
Is this Ianentablc perlOdicity necessary!
We cannot believe that it is. When we
suffer as a community, it is because, as a
! community, We have done wrong. When
legitimate business is properly done, and
not improperly Overdone; when credits are
illegitimately extended, and speculation is
not INDUCED in; when public and corpo-
rate trusts are managed without corruption
where true economy is practiSed in public
and private life, great financial calamity,
or crash, Is simply Y impossible. What Gov
ernor Morgan, or any other wise and OBJ
serving man, fOresees as one of the conse-
! quences Of the revival of business, is de-
velOpmcnt Of the spirit of speculation,
| growth of fictitious values, an r-produc-
/ 81
| middle-men, a wide extension of credit, a
feverish thirst for large profits, a stimula-
| ucn of extravagant habits an increasing
love OF luxury. There is but one natural
and inevitable end to all these, and that is
disaster. 1t comes Just as naturally as
death follows competent poison. There
is no mystery about it whatever, and the
strange thing is, that nation OF men are
so much like nation of children that II
will not learn.
The better times for which we have
waited SO long that we had almost become
hopeless, seem to have dawned al last
Business is reviving, The spindles begiI
to whirl again; the merchant has his Gus
toners; once more that which is produced
finds ready market; and once more Their
is labor for the workman, and bread anC
clothing and shelter for the laborer. Afte
the terrible lesson we have received 1t Is
T good time to talk about the future. Ar
T we to go on again in the old way, and fiji
, up, within limited period of years, tn
old measure of foolishness, and tumbl
again into the old consequences?
1t is not necessary that we should do so
+ We have, from sheer necessity, begun to b
economical. Let US continue so. Let u
build smaller houses; let US furnish then
more modestly; let US live less luxuriously
let US tune all our personal and social llf
to lower key. We have bravely begul
: reform in public and corporate affairs. LIE
us continue this, and vigilantly see to i
that our trusts are placed in competent ant
! honest hands. We are committed to re
form in the civil service,-a reform whicl
will extinguish the trade of politics tha
has done so much to debauch and impover
ish the country. Let us see to it that thi
] reform is thoroughly effected. Our cobble
houses have tumbled about our ears; let u
not rebuild them. Our speculations lie il
ruin, with the lives and fortunes they hav
8 absorbed. Our fictitious values have beel
extinguished let US not try to relight tn
/ glamour that made them. Our long cred
its and our deprecated currency hav
wrought incalculable evils; let US not con
tinue them. Let US cease to deal in pape
i lies, and pay in gold our honest debts
Above all, let us be content with modes
gains, cease trying to win wealth in a day
and get something out of life besides ever
: lasting work and worry. Fully one-half o
our wants are artificial, and these terribl
struggles for money are mainly for tn
I supply of wants that We have created
Dr. Holland an Scribner