Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1876-04-26
business and Resumption.

vastly greater rate than our BIRTHS
cousins, and apparently without St
good reason. Our National tempe,
ament inclincs ny to run an idea on
to an extreme after We once begin t.
work it. IT it is n spasm Of econom,
that happens TO seize us, we give ou1
whole attention to that and cut dow
orr expenses with an industry aud de
termination that would lead the out
side world to think that economy wa:
more the business Of our lives than
either production or coasu mptior
Here We are now, sending as much
merchandise ont OF the country as
ever while we are importing far less
than in former years, That statement
ought to be conclusive that we are ut
least AS well employed as ever in pro-
duction, although We may come short
in certain branches Of it, notably in
that of genera manufactures. That
is because we rank as q debtor nation
relatively to other nations Bat Eng
land, while within a term of three
years her exports have fallen off fully
fourteen per cent, keeps up her i'm
port line to lis highest standard, that
for 1875 being the hi ghest known. If
this statement shows anything, it is
that her population is less actively
employed in production, while con-
sumption continues undiminishcd, or
imports would he reduced. The vol.
ume Of imports unerringly indicates
the activity OF internal trade. so
that, on the face OF the matter, our
population is all the time occupied in
producing for expectation while econ,
omizing at rate never before prlc-
tised in this country; and the English
population are relaxing their industry.
as shown i'll the falling oft Of English
exports, while they do not pretend to
practice any such economy as is the
rage with us.
There is something mysterious
about such an Inconsistency which
economists may be- able with search to
find the key to. One thing enters into
our condition that the English do not
recognize in a similar way we are
taxed beyond endurance, and the mode
Of collecting that taxation is the culmi-
nation of all that is wasttul and I'M
scientific. 1t is the grayest duty that
to-day confronts Our legislators to cor.
rect the existing tax system, with u
view of course primarily to retrench-
ment. That would lift a great pressure
from business aud give it freer play
than it can have under presen, condi,
tons. Then in immediate connection
with reform in our system Of taxation
and its wastetul collection we need to
take a firm and decisive step forward
to resumption. No balance of trade"
theory nor any other can affect a sim
pie scheme to make paper dollar
worth what it promises TO pay. The
state of our internal business and of
many branches otindustrv shows that
there is altogether too much paper
rNoney for the needs Of trade
ana that public confidence caE-
not be restored to the channels of trade
enterprise until the pietora is reduced
and paper dollar is convertible into
coin. The connection is too close to
be overlooked. Since March 1st,
1869, the increase in outstanding legal
tender notes is shown on April 1st,
1876, to be Sl4,S7O,3S9 the increase
in fractional currency between the
same dates to be S5,S23,346 and the
increase in National bank notes to be
S17,00O,000 making total increase
ofpaper currency, between March lst
SO, and April 1st, '76, Of S37693,735.
The decrease OF coin in the Treasury
between the same dates is $29.546,-
500. Against this statement is to be
offset that of the reduction of the pub
lie debt in the same time and the con
sequent yearly dminution Of interest.
We are further to consider the IF
feet OF the voluntary Withdrawal from
circulation, by their surrender, Of
about 35,000,O0O of National bank
notes and the retirement of eleven and
u quarter millions Of legal-tender
notes. Oar exports are increasing
steadily in value, and with double the
effect from the fact that the increase
is taking place parallel with II de-
crease IN the value Of our imports
With the exception Of a single year,
1874, the gold value of our exports is
estimated to be greater for the cur