Daily Kennebec journal., 1877-08-06
Hard Times.

The democrats ascribe the hard times
existing in this country to the republican
party. They impute to it the railroad
strike. the reduction of wages. the limit
ed circulation of money. failures in busi-
ness, in fine all the evils which cause or
60 TO make up what We call hard times.
The greenback men say our troubles are
on account of the currency and the nation
al banking system. They think the issue
Of greenbacks in unlimited quantities
would set everything right in the finan-
oial and business world. So the free
traders come forward and say the tariff
is the cause of all our woes and implore
the coming Congress to cut it down and
relieve the people Of their burdens.
There is one great fact in relation to the
hard times which all these complainants
with all their wonderful knowledge and
wisdom appear not to have noticed. They
have not discovered that the hard times are
worldwide, reaching into all countries Of
the globe, affecting business and labor
among all peoples in the same manner as
in the United States. If they had sailed
with some of our sea captains for the last
three years into all oceans and seas they
would know that freights have generally
been more readily obtained and al more
remunerative rates at our own ports
than at European. Australian, East or
West Indian or South American ports. Ii
they had examined the business reports
from the other continent they would have
learned that failures in business are as
common and disastrous there as here.
The Canadas right upon our borders are
troubled with the depreciation of railroad
stocks. the crashing of business houses,
the dull sale of lumber. the scarcity of en-
ployment. and the want of currency. Yet
in Canada they have no bloated bond
holders, no banking system like ours, no
national debt, no republican party and no
protective tariff. Free trade does no,
prevent hard times in England or Germa-
N.Y. In fact there is a strong movement in
both countries to cast off free trade and
adopt protection In order to save their in
dustries from sinking. They have tried
free trade until they are sick of it. 1t
has not given them good times, but the
reverse, and now the demand is loud and
heavy for a protective tariff.
The hard times are universal. The
causes are as broad as the effect. They
are not local but general. 1t is not our
currency. our tariff, or the republican
party which is responsible for the hard
times, for the operation of these Is limit.
ed. Our greenbacks could not affect the
times in England for they are never seen
there and as for our tariff they are like
ly to accept it over there as a remedy
for the very ills which American free
traders charge it with being accountable
for. The hard times come from the ex-
haustion of wars, the straining of credit
in the creation Of railroads. the reaction
against long period Of over production
In manufactures and other industries and
the great glut OF business ensuing, the
collapse Of great business establishments
In both hemispheres, and the reluctance
Of capitalists to invest in large financial
enterprises until the financial skies are
more promising for adventurers. The
hard times will gradually pass away as
these general causes are removed, but
no greenback or low tariff quackery
will furnish relief They who put conf
dence in such humbugs will be greatly
deceived.
Go TO E. Rowse's for gold and silver watches.
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