Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1878-04-04
The Good Tln..e Coming

The Good Time Coming.
The London "c3nomix in its is
sue ot March 9, has one of those
clear and thorough studies which
has made that journal 50 valuable,
upon the "Coumcrcial History of
1871 1t shows that a period of
commercial distress of Unusual
lcn.tll--fonr ycars-has been ex-.
pcliehccd in the United States, Ger
many, Austria, Hungary, Italy, and
Great Britain, aud for the last year
and half the same difficulties have
been felt in France. In all these
countries there are two great causes
for this drpression--G) the lessons
/ ing of the means of consumers, and
! (2) overproduction in certain branch
cs. In Germany. Franco, and tins
country there was a prodi3ious des-
| truction of the means of consumers
by war-a result which did not
show itself at once III Germany on
account OF the payment of the IN
t!emnitv, and i'll the United States
on account of the stimulating effects
of an expanded currency. In both
countries railroads and other indus
tries where extended beyond any
legitimate demand in other words,
floating capital was applied to the
working oi coal and iron and the
construction of railroads beyond the
necessities Of consumers Both snf
fercd under the same cvils-dimin.
ished resources aud overproduction.
In Austria, Hungary, and Italy the
depression arose trom too speculative
proiuc;i N and the dinninution Of
means produced by excessive tax
alton anI war The speculative in
: dustries of other countries, Of course,
stimulated demand i'll Great Britain,
while the final collapse fell with trc-
. mendous weight on that country,
| where production has been carried
to excess, but where the efficiency
, of labor has been diminishing fol
the past few years. The losses IL
all these countries were especially
te!t in London, the financia! cCntrc
and thus communicated to Grca'
Britain the depression which cover
! cd the commercial world. The
) Econ0mih analyzcs the causes whicl
J will stimulate anew the cash dcmanC
for commodities, or in other words
S restore prosperity, into three classes
e I, Greater economy and industry
: 2, unusual harvcsts and, 3, accu-
: mutation of savings.
. Noting these views of the Eco"0
/; mist, the New York Times think
y it consolatory thought for thi
country that all these causes ar
t working steadily here toward pro
d ducing better times. Never befor
d were our people SO saving or NOR
Ii industrious. There Is not so grea
a diminution OF the efficiency of la
IT Dor, in reduced hours and poorc
y work, as has been experienced il
: England. Unlike the English cx
z pcrience. our harvests have be-"
II unexalnplcd. Much, too, Of on
If previous overproduction has bee
10 III the line OF fntnre development
J, Of growth of population and cult
* vation of new land. The saving
D., Of the working classes, and of a
: classes, are speedily increasing
'h We have weighing upon us, wh'
le the Ec0nOn,i1 has SO well indicate'
OF the heavy burden derived from o,
s, former extravaganza and neglect
nc economical pricirles-tlle tcart
I'd load of taxation, both municipal al
national. An impartial Amerlc;
d, must be obliged to confess that o.
ad experiment of universal suffrage,
controlling expenditure of pub!
a moneys, has broken down utterly
| municipal! Governments. Ta5l
Ter of statistics show that i'll six OF o
cd largest cities, from 1860 to ISL
rs, the local taxation was q;ladrnpl
IN, from S15, 100000 to $65, 100000
II and the debts nearly qnadrnpicd
from $50 100000 to $500, ,O0o,"C
I'll. In fourteen Of our cities the pop
,ld lation has increased 20 per cen
int the taxable value, $50 per cen
&c : but tho debt, go per cent; a
ed, the actual taxation for State, 4
TOO aud County purposes increased 3
I'VE per cent. 1t is plain that it t
continues, the residents ot our cit
pt, will sacrtice the whole increase
their annual labor to taxation, bt
the local and national. Better times
ely certainly not far away from our TIL
onc districts, but in the cities we hi
md vet to wait for thorough reforms
our taxation and our revenue system
BARS-YARD manure must remf
Aw. for many years at least, the ba'
the ho..a of nrof;table farming. beI