Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1876-12-09
Hard Times-WhO is Res
DOnsible ?

pOnS1DIe
From the Cincinnati Commercial.
England is on q sound financial
footing. Her annual budget shows
considerable reduction of the
public debt. She has had no wars
Of consequence on her hands for
upwards of twenty years, while
she has profited by those of her
neighbors, as a thrifty nation of
shop-keepers might be expected to
do. She has vast colonies In the
Indian and Pacific countries, to
say nothing of her possessions on
this continent,and they are among
her most faithful and profitable
customers. She is, SO far as the
carrying trade is concerned, pre-
eminent on the high seas. Her
people are supposed to be among
the most practical and shrewd
managers of commercial and in-
dustrial nations. If anywhere we
should expect long period Of un-
Interrupted activity and prosperi-
ty 1t would be in England.
And yet in England, with good
and stable government, a sound
system of finance, and all the ele-
ments of misunderstanding and trade,
such as capital, skilled labor, ma
chinery, enterprise and practical
experience, we find a paralysis of
industry,a stagnation of trade, and
a depression in business, with the
accompanying inconvenience and
hardships of hard times, almost, If
not quite, equal to that Of our own
country since the panic of 1873
The president of the British iron
trade association says that large
proportion of the furnaces are out
of blast, a still larger proportion of
FORCES and mills closed, and thOus-
ands of workmen out of employ
ment. In Scotland, North Eng
land, the Midland counties and
Sou h Wales there is great distress.
And this condition of the iron in
dustry extends to the continent
to Belgium, Germany and France.
This falling off in the activity of
a great industrial business is typi-
cal of the decline in other branches
notably in the manufacture of
cotton and wooden goods. 1t af-
fects all other industries and
trades, and it is tolerably cleai
that, in respect to business gener-
ally, dizziness and inactivity are
not conspicuous of affairs in the
United Suites. Wecommend these
facts to that very considerable class
which INDUCES the foolish fancy
that change of administration
would bring with it a change for
the better in business affairs. So
far as industry and commerce are
concerned, the election of Tilden
or Hayes will make no perceptible
difference. The causes of dull
times are to be found other than
in a political quarter. A change
of administration may improve
the condition of a few thousand
individuals at the expense Of as
many thousands more. 1t will be
simply the Ousting of one set of
office holders and the installing of
another set, but it will have no
visible influence upon the masses.
Whenever the wants of the peo-
Pile become greater than the source
of supply, and they have recover
ed from the fit of economy which
siezed them after the. panic of
1878, the wheels of industry will
be set in motion, and commerce
and traffic will have wholesome
impetus, without the feverish
speculative spirit that impelled it
in the war times. we have be-
come a saving rather than a con-
Stunning people, and while appar.
emily poorer than in the days of
unhealthy activity, are actually
better off. This is shown in the
statistics of our foreign commerce.
The balance of trade is no longer
against us, and instead of bel lg
drained of specie to supply the de-
mands of foreign creditors, the
amount returned to us within the
past ninety days exceeds anything
for the like since 1860, and posi-
bly, for many years before
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