Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1876-03-31

The whole commercial world is complai n
ing of hard times. From India and China,
fro M all parts of Europe, and from North
and South America, we hear that trade is
staGnant, that the profits Of business men
and producers are small, and that labor
does not find full employment. We could
establish this by variety of statements
and statistics. We could show that the
quantities of iron aud coal raised from the
mines of Great Britain and the United
States are less this year than they were last,
and less last year than they were in the
year preceding. We could point to the in
creasing quantities of idle money in all the
great banks of Europe, in countries where
money is not made 10 order by paper mills
and printing presses. We could marshal
the diminishing totals of the exports and
imports of the leading nations. We are
confident, however, that no intelligent OBJ
server will dispute that the movements of
commerce and industry are languid in ev-
cry part OF the world.
In the.various countries, many causes are
assigned for this commercial and industrial
lethargy, OF which the evil consequences
are so apparent. Moreover, it is obvious
that unless the true causes are first ascer-
tanned, it is useless for the law-making
powers 10 attempt cure OF the disease. In
this country, The trouble is generally atlrib-
uted to the currency, but in other nations,
where the currency has not been expert
mentcd with, the suffering is as intense as
it is here. This is not the only quarter of
the globe where vast stocks of produce and
merchandise are heaped up in warehouses
which the holders have been unable to sell,
except at falling prices. We do not wish
10 exaggerate, and the reminder is seasonal
BILE that the merchants and manufacturers
of former times have frequently seen the
mar kets worse glutted than they are now.
The common people, too, both here and
abroad, have had more difficulty in selling
their produce or their labor than they have
now. Pauperism, which has afflicted the
old countries more than we Americans can
easily imagine, is not the formidable foe it
was forty or fifly years ago. If we glance
backward a century or two, and look at
some of the fairest countries OF Europe as
they were then, we can see that the world
has made some progress.
We shall not attempt the task of point
ing out all the causes, or any specific cure
for the existing arrangements. But we
may mention few circumstances which
are common TO all the countries afflicted,
aud ask whether these circumstances have
not much TO do with the troubles of trade.
Is there not more debt than there should
beP Is there not more taxation than is re-
ally necessary Every great nation has a
public debt of corresponding greatness.
Every public debt makes necessary heavy
tax. The collection of the heavy taxes i'm
poses on the industry of the nation a much
heavier burden than is indicated by the
sum which the taxes produce. Then we
have to consider the debts of corporations
and individuals. In most cases, the crea-
lion of these debts was attended with fright
ful waste and extravaganza, few persons or
governments at the time their debts were
contracted, giving much thought to the diff
ficulties which might possibly arise in the
payment of them. Not long ago debts were
rapidly increasing all over the world.
France, Germany, Austria, Italy, aud the
united Stales were getting deeply into debt
for materials and men to be destroyed in
the camp aud on the battlefield. Next
there was great increase OF private debts
10 build railroads and industrial establish
ments, TO replace the destruction which
was incidental to the war. As this destruc-
tion caused higher prices TO prevail for
what capital was left, deluslve appearance
OF prosperity was created. Nearly every
one thought it safe to borrow, and those
who really made the savings were equally
confident in lending. More and more debts
were created, and the property OF all the
world, measured by the India-rubber tape
Of dollars, pounds, francs. aud thalers, rap.
idly increased. Those who made the saw.
ings, and those who borrowed and used
them, grew rich in bonds, mortgages,
shares. and other evidences OF debt.