Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1877-12-26
Remedy for the Hard Times.

pttnpnieb lOIhi iOI ptIudueH1 pi'n'i Noeio"'
and they are worthy the careful study of all
who would understand the causes of our pres
ent financial troubles, the probable length
of their duration, and the best means OF
putting an end to them. In discussing his
topics Mr.. Smith avoids all conjecture and
draws his conclusions from the best statistics
The first cause of our hard times is the
enormous shrinkage of fictitious values or,
to go back a step further, the creation OF
fictitious values, by means of a ductuating
paper currency which stimulated spirit OF
speculation, until no one knew the precise
value of anything The collapse was newt
able and its effects were disastrous. Within
a period of ten days of the present year
there was "a shrinkage on leading stocks of
the New York list of thirty million dollars,
and this not upon the fancies,' but on
securities that had been held as the most re-
liable investments" In one year-from
June. 1876, to June, 1877 Pennsylvania
Central fell from fifty-four to twenty-nine,
Illinois Central from ninety-five TO fifty
three, New Jersey Central from eighty four
to seven, Delaware and Hudson Central
from one hundred and nine to thirty-three.
Some securities have fallen less, some have
held their own, some have risen, but, on The
whole, the decline has been unprecedented,
and has affected all classes disastrously.
The second cause of the depression is the
over-production of manufactured articles.
and the rapid increase of laborsaving ma
chinery. From 1860 to 1870 the value OF
our manufactures increased one hundred pei
cent. But our population increased during
the same period only twenty-five and one-hai
per cent. The number Of manufacturing
establishments increased eighty per cent.
and the number of hands engaged in then
but sixty per cent. These figures show a
once the enormous extension of our manu-
featuring interests They show, also, tn
improvement of our machinery, since the in
crease in the value of our goods produced
one hundred per cent, the increase in TIL
number of factories of various sorts is eight
per cent while the increase in the numb
of persons employed is but sixty per cent
The extension of our manufactures is sti
more apparent, if we compare it with tn
extension of our agriculture. The increa,
in the acreage of our farms was but twent,
five per cent, and in the number of farm
and planters but twenty-three per c"
Our capital is invested too largely il ma
features we are flooded with products
which cannot be sold, and the competition
so keen that every resource of improve
machinery is employed, while as many hand
as can possibly be dispensed with are turne
off to pick up precarious living at work
which they are unskilful, or to starve f.
want of work.
Since 1870 manufacturers have dismisse.
their workmen in large numbers, but til
persons dismissed, in many instances, kno,
nothing but their trade, and hang about tn
factories, hoping that business will revive
but hoping in vain. They are idle and
hungry. The great growth of our manu-.
features previous to 1870 and the vast mul
titudes engaged in them render the sudden
cessation disastrous in the extreme
Another cause is the changes in the method
of conducting business, and in the channel,
of trade The opening of the Suez Canal
says the London Economist took away tn,
occupation of two million tons of sailing
vessels. Similar changes, on a smaller scale
have been going on in this country. H.
thirty years the coasting trade of Maine ha,
almost disappeared. Within a shorter pc.
Rod, shp-building has ceased. We have
improved methods of handling and trans.
porting lumber, ice, bricks, hay, coal, iron,
grain, cotton, ilour-aud the aborof sailors.
stevedores truckmen, porters and clerks, i,
supplanted. Manufactures are moving to
ward their sources of supply and many cot
ton-mills are springing up in the South, Sc
that from 1870 to 1873 the consumption OF
raw cotton in the Southern states has in
creased from thirty-six to sixty million
pounds. There are many other rapid huc.
tuations of business, which leave the work.
ing-man idle. The fourth cause is of sim
liar kind. The reduction of the volume OF
trade by the decline in values, and by the
economy of consumption, has cut off man,
incomes. and thrown many out of employ.
ment We have not space to present th'
argument at greater length, but must clos,
with glance at the remedy which Mr.
Smith proposes.
Our readers will remember that our mar
ufactures have increased about one hundred
per cent. in ten years, while our agrcultur,
has increased about twenty-five per cent
only. The remedy for our hard times, there
fore, is apparent. We must induce GU
idle population to become farmers. W,
must develop our agriculture in proportion
to our manufactures. But how can this br
accomplished The workman out of en-
ployment knows not whittier to 90. He has
vague ideas of the great South and the
great West. He fancies there are place,
where he could do well. but he is not confident
that he can find them, and the chance that
he will be cheated and heeced by dishonest
persons, and left in plight worse, even,
than that in which he finds himself at pres.
ent, makes him fearful and irresolute.
There must be large company of capital
lists, whose honesty he cannot doubt, and
whose shrewdness and enterprise are beyond
question. This organization must secure
land, in the South aud West, must build
colonies, like that of Greeley, in Colorado,
and that of Vneland, in New Jersey. 1t
must protect the emigrant from liquor
sellers, from gamblers, aud from other spec
ulators in the vices of mankind. 1t must
offer homes in various states, having many
varieties of climate, that the tastes, the pref
erences, the aptitudes, the maladies of all
may be consulted in the selection of resi-
dences. Aud it must be able to present
such inducements to the poor AS will lead
them away from our overcrowded cities,
and from the haunts of idleness and hunger.
We are happy to learn that steps are being
taken TO form such an association. In skill
full hands its success cannot be doubted.
Its work, if pushed with vigor, will prove
far more benefcent than that of any charity
as it will afford employment and relieve
necessity without encouraging a habit of
dependence and helplessness,