The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-08-26
rhe Troub lss 81 Tho Day.

s The committee appointed ~ congrsss 2
fnnnire into the causes 81 the o. laooT aau
hnancsal troubles Of The couos1y nss a -
snothsng worthy Of attention ". Y sne ~
.1Ssfsnt.%when Professor SuaSER, 81 .s 4 cue
f,oI,erc. rare Ills statement The Professor
I - INA d & Of Political and Social
: IN M oi Yale, aud 1t Is his task TO
study sfust such questions as those now ,eo
s.ystatspr the country. He has certain
IN studied them to advantage; iors 1s
Is the FIRST gentleman who mas spIsau
his views before the committee taat
has SPOKEN like q philosopher and man % q
practical wisdom at the same TINS; h ~
views have attracted The general Afternoon
and The approval, almost without exeep'
tiop, Oh the country. There were no part sau
ssn views and no eIap-trap In what tn q ITO
,essor said. he spoke like q political . econ
9ontst as well as philosopher, at The same
Inn, slowing that he had not failed TO OBJ
I serve. with critical attention tine progress Oh
events. 1855,
professor SUMNER stated truly anu clearly
the causes OF the trouble OF the day Tue
scarcity OF employment, the pressure io'
money, and the prostraiion OF commel l'N,.
These causes were the war and tbe vast 'as.
losses OF property it occasloned; the M
;Sreesasa of transportation and reduction OF
its cost; the, decrease OF the cost OF 'proouc-
ton by improved machinery and the e. cons 's'
o,fent increase Of production. These causes l se
have brought distress and suffering upon
society in this country Loss OF properly rs
bad enough; but, besides, there 10 want .,
occupation because OF excess OF goods ana
produce above the wants OF people ana tne -
means to buy combined. !. ii g.!s.*.,,,
Professor SUMNER could see no way OF
reeam1,edying the evils that. have grown up
from these causes, and the irregular ana
snecula,iye order which they IN part en-
rendered. In substance, he stated that we t
were suffering from the effects OF an eS-
haustiYe war, which was paia for with Dllls
oft credit, and we are also suffering from
eytrayagant living and extrayagant bust lsl
ness transactions consequent to the war,
which produce an accumulation OF adepS
which only I close economy and exact.
methods Of doing business can clear OIL
so that it will be possible to make fres I
s1ait' under favorable auspices. He might
hayeincudedthe immense devastationin the
abolition OF slavery and the social ana COM
mercial revolution wbichresulted tberefrom'
to the ruinous injury of merchants, manu-
facturers. and operatives Of the North. But
all of these disasters which now entail, ana
foryears past have visited this Whole cou u
try with suffering and sorrow, cannot. be re-
lieyed by, the Goyernment.i,The trouble
chiefly is that the people and the country
are in.debt, and relief cannot come by gong
deeper into debt. Every remedy that has
been proposed by the ,partisans OF easy viz
tue, who desire more to commend them
selves to the people than to do any real
good, propose more debt and plans OF In :,
creas,ng paper currency. that could not fail
to impair, the value OF that currency and to
reduce the compensation for industry -.
The Philadelphia Times, in its analysis
of, Professor SUMMERS statement, gives this
startling view: +. oa o .zg
1f:people only would remember that in
the flush times OF the war we were running
in debt, consuming and destroying thou
sands or millions OF property for which we
had not paid, hut had only given our notes
and rnortgaged our possessions. they wonh
cease 10, wonder, that when the day Of settle
ment came, as come il would, we should find;
ourselves. very poor indeed. Il Mr.. HeWitts
committee were to examine ten thousand
witnesses, they could reach no other con-
clusion than this. The South. was. com.
PEELED to- meet its war; expenses out Of
its own immed iate resources, and it felt the
prostratipg. effects at once; the North had
better credit, and so could put off the evil
day, but it was impoverished all the same,
and now it must undergo the suffering that
in the natural order Of things we should
have passed through years ago. The cure
is to7be: sought by reversing the process
which brought us into poverty, and stea-
Oily lnBoring to repair the losses OF years
OF eXtravagant expenditure. Good govern
meut willmake this easier, but flush times
willnever be brought about by act,of Con-
gress. !as; 5aG 10