The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-09-05
Living Within Income.


When man sells of his products
more than he buys from others he is GER
talnly living within his income. He
may, indeed, be said to be a prosperous
man; and IL he continues in this well
doing he will certainly become rich.
The same thing is just as true of ma
. tion as it is of any individual of the ma
ton. The truth of this may be eXempli-
fed by the figures in our case. Here
they are:
z During the years 1872 and 1873 we
bought and imported from foreign coun-
tries goods to the amount of 81 1903, ,955,-
BIB, almost thirteen hundred and JourmUL-
ions. During the same two years we
sold and exported to foreign countries
of our products to the amount OF $119S,-
852,29l. We therefore bought in those
two years $105, $685. ,e32 more than we sold.
That was not living within our income.
That was the process for not getting rich.
And the panic of 1878 came down upon
our people to convince them that they
were acting the fool in buying, in two
years, nearly one hundred and sic millions
more than they sold; and by that many
millions were getting behindhand.
The lesson was severe one, and not
undeserVed. Our people profted by it.
They Immediately changed their system
OF doing business. Instead of buying
more than they sold, they concluded to
sell more than they bought, They con-
cluded to live within their income!
Accordingly, the very next year, 1874,
they sold nearly one hundred millions of
their products more than they bought Of
others. In the two and half years of
1874, rs, and to July. '76, our people con-
tinued to sell more than they bought, to
the aggregate amount Of $37464l ,952.
During the previous years of 1872,
'73, our outgo exceeded our
income by nearly $53,00O,0O0 each
year. That was growing poor pret-
ty fast. But after the panic had taught
our people its terrible lesson they have
made their income exceed their outgo
by just about $3.50, 900, 900 each year. And
that is getting rich pretty fast. Yes, sir,
in that two and half years last past
we have lived within our income to the
extent of almost $375, 900, 900. And that
balance in our favor we gain in gold, as
coming from foreign countries.
Common sense would say that, with
such figures in our favor, we ought to be
gaining ground, and business should be
looking up. And common sense is right
about that. We are gaining ground in
Dur prosperity. Business is Frightening
UP. There is no doubt about it. Its
Rctivity comes but moderately, and not
with a rush. And that is the best way
for.it to come; for, when it comes in that
manner, it comes to stay. These figures
are themselves nquestionable. And
the story they tell is undeniable. We
have been doing the sensible thing and
living within our income since the dis
astrous year of the panic. We have
done more; we have both saved and
made money within that time, nearly
three hundred and SeUenty Jfve millions in
BOlu. "A country UuaJ can 40 Iudt III TWO
and half years can not be kept under a
business cloud very long.
We can not refrain from referring par
ticularly to one feature of these figures,
that especially concerns the West. 1t is
this: During the three years preceding
the panic we exported to other coun.
tries, of our breadstuffs and provisions,
$36S, ,575, ,921; that is, an average of $l2l,.
1894 each year. But during the three
years since the panic we exported to
other countries, of our breadstuffs and
provisions, $685., 1892 S22; that is an aver
age Of $217, ,797,604 each year. Our ag-
gregate gain in these commodities dur
ing the latter three years over
the former three years is almost
1890, 600, 900. And now we have larger
crop to dispose of than any known to
either Of those years. In view of these
facts and figures, to talk about our
national rnin and impoyerishment
sounds like nonsense. .....'.