Smyrna times., 1878-04-03
Are Better Times at Hand 2

AHo I-oHUOn ECONOMIST IN Its issue O
March has one of those clear and thorough
) StuuleS which has made that journal SC
valuable upon the " Commercial History OF
ISl.. 1t shows that a period of CONNER
clal distress of unusual lencth-four years
has been experienced in the United States.
Germany, Austria, Hungary. Italy and
Great Britain, and for the last year and.a.
nan the same difficulties have been felt in
france. In all these countries there are
Two great causes for this depression-frst.
the lessenlng of the means of consumers,
ana second, overproductiOn in certain
Or"Hches. In Germany, France and this
country thers was prOdigious destruction
oI the means OF consumers by war-a re-
! suit which did not show itself at once in
Germany on account of the payment of the
indemnity, and in the United States on ac.
count OF the stimulating effects of an ev.
! panded currency. In both countries rail.
roads and other industries were extended
beyond any legitimate demand: in other
words, Hoatlng capital was applied to the
working OF coal and iron and the construc.
tloh OF railroads beyond the necessities of
consumers. Both suffered under the same
eVlls-dlmlnished resources and oyernro.
uuctlon. In Austria, Hungary and Italy
'hs depression arose from too speculative
production and from the diminution of
ile"hs produced by excessive taxation and
war; ne speculative industries of other
countries, OF course, stimulated demand in
Great Britain, while the final collansn feii
with tremendous weight on that country
where production has been carried 10 ev'
cess, but where the efficiency of labor has
been diminishing for the past few wears
The losses in all these countries ,voro
especially felt in London, the financial
centre, and thus communicated TO Great
britain the depression which covered tho
commercial world
he Econom'a analyses the causes which
Will stimulate anew the cash demand for
commodities, or i'll other words. restore |
prosperity, into three classes: /, Greater |
economy andlnduStry; >, unusual harvests.
ana ., accumulation of savings. II is n |
consolatory thought for this country that
al these causes are working steadily hero
toward producing better times. Never he.
lore were our people so saving or more in.
uustrlOuS. There is not so great diminn.
ton OF the efficiency of labor. in reduced
hours and poorer work, as has been OK.
perenced in England. Unliketbe Enolisb
experience. our harvests have been unox.
ampled. Much, too, of our previous over.
production has been in the line of fntura
growth Of population and
cultivation Of new land. The SAVINGS Of
the working classes, and of all classes. are
speedily increasing. Our great obstacles TO
!, speedy return to prosperity lie in what
me English journal has but little touched
lpon-our vicious financial and revenua
ystems: The great ignorance of the masses
n the west and South of the simplest laws
d political economy is evidently about TO
plunge us into the mire from which wn
rave been so long struggling, unless some
DTcuIlar ~ wisdom or Providence intervene.
! hen we have weighing upon us, what the
economist has so we'll indicated, the heavy {
'urdon derived from our former extrava. /
aance and neglect of economical princi ,
'les-the fearful load Of taxation. both !
municipal aud national. An impartial 5
american must DO obliged to confess that
ur experiment Of universal suffrage as
ontrolling expenditure of public MONEYS.
as broken down utterly in municinai i.
overnments. Tables of statistics show :
nat IN SIX OF our largest cities, from 1850 {
1872 the local taxation was ouadrunled :
IRON Sl5,O00,000 to $65,0OO 600 and the
e6ts nearly quadrupled-from S95. 600 0OO !
S3O5,OO0,000. In fourteen of onr cities
ne population has increased 70 per cent.
ne taxable value l56 per cent, but the 4
eot 40 per cent, and the actual taxation
,n ,r state, city and county purposes increased
% per cent Better times are certainly =
ot Iar away from our rural districts, but in h
le cities we have yet to wait for thorough a
'iorms IN taxation and our revenue system
~ !. Tines =,