The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-07-22

validity Of which was at that time disputed
and which has sincebeen merged believe II
the consols; also several millions OF Soutf
Carolina bonds which have since shared
like fate.
But granting that the Southern States owe
one hundred and eighty millions, you see the
aggregate debt Of New York alone is still con.
siierably In excess of yours. Part of this
enormous burden liz chargeable to the misrule
of Tammany--an institution no part of the
olium OF which can be visited upon the South
ern Democracy. and which we may Halter
ourselves has received Its death blow as an
influence In the national councils Of the Dem
ocratic party. The other portion Of this debt
Is due TO the speculative mania already al
Iuded TO.
Well, the wave OF
SPECULATION
has receded, leaving towns, cities and corpo-
rations buried under resdumn Of debts,
bonds and mortgages, OF TO change the meta
phor, stranded high and dry on a sandbar of
hard times with no earthly prospect Of q re-
fluent tide to float them off again. But In
the meantime the community, as one man,
has acquired
pRoDIaAI HABITS OF LIVING
which seem to he desperately maintained
In the very teeth Of bankruptcy and In the
face OF future whose outcome, no man can
tell. This condition pervades the entire COM
munity and concentrates In New York city
naturally, as the financial and commercial
heart of the North. The country merchant,
unable to collect his bills Of the farmers who
have been living beyond their means goes
into liquidation, and his creditors In the city
have To stand the briint In the shape of set
Elements at fifty cents on the dollar. The
city merchant In his turn closes his manu-
featuring orders, and mills stop or
shorten UP their working time,
throwing thousands Of operatives out of EN-
ployment. The operatives yet in their turn
cannot buy the produce Of the farmers, and
thus the paralysis goes round In circle, be-
ginning and ending at Mother Earth, which
is the source of all real prosperity. The ma
chiDery of society, thus broken and thrown
out of gear, has well nigh stopped, and
heaven knows what will happen when the
end and the crash comes. This seems like
croaking I wish it were. Unfortunately
however, 1t falls short of the truth.
Lot me relate
Not long ago met ON old and valued friend
at bank counter He was there for the pur-
pose of selling two to-40 government bonds
of $1,000 each. The cashier counted out $2175
In currency for them, and, as we went out
together my friend said: ''B., you would be
surprised 10 learn the need that impelled me
to sell those honds.'
/ said should certainly be astonished to
learn that he was In needy circumstances.
'sWell," he replied II have due In rents
alone over three times the sum / have just
received for those bonds, and yet / had to sell
them for money to send my wife and
daughters Oh their usual summer tour out of
the city, could absolutely could not
collect $4,000 out OF over $4,000 Of rents already
overdue.
"But, said |, isn't your condition anon-
alous ~
by no means, said my friend. "Will YOU
go with me up homep We will stop ON the
way at Is sale stables, in ID street, and
there / will show you some indications of
hard times.
So we got into Fourth Avenue car and
went up town. Arriving at the stables we
went in, and my friend showed dozen or
more of magnificent turnouts, which hard
times and the reduced fortunes of families
had sent TO the auction block.
There" said he, stopping in front Of a
couple of stalls containing as fine a team as
you ever saw; there is span of horses for
which $500 was paid four years ago this |
spring. They are Hambletonians, and are
now twelve years old. The near horse has |
record Of 2:ss, and the team has q double |
record of something less than three minutes
The were sold this morning for Ss0ol''
The man who owned them went under the |
other day In Lackawana. He had been going |
under for two years, but the Lackawana tum-
bile finished him and now the luxuries of spec
ulative wealth are disappearing one by one
under the hammer of the auctioneer. My
friend showed several other tnrnouts and |
single horses, all fast or fancy stock, whose
presence in the sale stables told the same dis
NAL story over and over again of opulencc
a few years ago and the fast deepening
shadow of poverty now.
venture to say that, taking New York city
at random, out of every hundred men who
had money to throw away five years ago. not
ten can meet necessary expenses to-days OF
course do not mean to say that
EVERYBODY Is BANKRUPT.
You know there is always class of men who
get rich In hard times. The harder the times
the smaller this class becomes and the richer
its members grow. These are the men who
hold the best Securities, who realize on the
most advantageous foreclosures and who
always have ready money enough to take
advantage OF ruinous forced sales.
The easiest and, apparently, the most logic
al explanation OF the causes which have
brought about these results is that there is
NOT MONEY ENOUGH IN THE COUNTRY.
But this explanation win not bear scrutiny
While railroad bonds bearing seven per cent
are gong way down Chicago and North
western to eighty cents, Jersey Centrals to
my cents, and SO on-the best securities.
WIN governments at the head, are going up,
ana the subscriptions TO the new four per