Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1876-08-03
HARD TIMES.
Devastation of Property.

There has been no venge1ul blight
of Providence-nature, ever KIM and
bounteous, is not short in her annual
yield-neithet seed-time. or harvest
have failed-our barns and granar-
les hold the rich stores of liberal
crop-the waving corn fields are rust
ling with glad promise Of additional
abundarce-our orchards and vine
wards are fair to behold with their
fcuit-ladened branches, soon to be
emptied in ripened lusciousness into
the sunny lap of autumn-and yet,
with all this, there is still heard a cry
of suffering, a doleful strain from ev-
erv part of the land. From the man
ufacturing and mining districts and
from the city marts of trade and traf-
fc, we have but one report, the utter
stagnation Of DISSATISFACTION and
wooden factories closed and closing
furnaces out of blast--lron rolling
mills, FORCES and founderies shut up
coal mining suspended-wages re-
duced-the busy operations Of indus
try every where paralyzod-thous-
ands Of workingmen standing all the
day idle, and as consequence famll-
les suffering the pangs of want. 1t IS
q sickening picture and what lsworse
there does not seem to be any lmme-
diate prospect Of relief or change for
the better. The country seems to be
passing through great financial rev
olution and can onl y recover from the
prostration by slow degrees. Our
statesmen and law Makers Of which
ever party, are at a loss for arenedy.
1t is the terrible reaction from the
wild initiation and extravaganza which
followed the flush times after the war.
The steady practice Of personal and
family economy seems to afford the
only hope of restoring the balance
and bringing affairs to rights.
Our mad carnival Of extravaganza
and speculation met with sudden
check on the 18th Of September, 1873,
by the stupendous failure of Jay
Cooke Other great failures speedily
followed and business embara,smcnts,
defaults in the payment of interest
on railroad stocks and bonds, the
stoppage of railroad building, mercan-
tile bankruptcies, bank deiaIcatIons,
embellishments and official corrup-
ton have been the order Of
the day to frightful extent.
The sacrifice of securities and val
ues can scarcely be estimated. An
editorial contemporary writing on tins
subject says, if we reckon the past
three wears the insolvences Of the
country amount to more than one
thousand millions, or the equivalent
of one fourth Of the assessed valua-
ton of all the personal property IN
the country in 1870, and one-tenth OF
all the real estate. If We reckon the
total loss by bankruptcy to be $780,
600, 600, and the depreciation OF other
property to be 20 per cent, one-tourth
of the valuation Of the property OF
the country in 1870 has been wiped
out. Some Of this destruction Of prop
erty-as in the case Of all forms OF
CREDITS absolute. The notes gone
to protest and settled at twenty five
cents on the dollar, the railroad bonds
subscribed for at par and now in all
degrees of depreciation, the second
and third mortgages which have been
foreclosed out of existence, have all
been absolutely destroyed SO far as
they have become worthless. The
loss on mills, houses, lands is merely
a destruction by their depreciation, {
destruction Of values, not Of things
What a lesson this picture conveys
What commentary on the reckless
rush after riches through wild specu.
lations whose delusiveness would be
evident if calmly considered in the
light of true financial knowledge Oh
experience. Those who are lucky
enough to have few thousands to In
vest now are thankful for six per CEN
interest with good farms on top Of the
ground for security.
Hon. ALEX. II. CARPENTER, \. 5