Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1878-09-27
From tho Toledo Commercial. !
A pEUTINENT POINT

| HAYES suggested general truth whicl
has special application to Toledo. ",
said it should be borne IN mind that new
countries and young cities, like young men
are more subject to damage by financial
panics than older countries and cities and
for the reason that the former start on
with everything to he done in the way oI
development and improvement, and prep
aration for an increasing population and
| business, and with small returns IN COM
] parisOn with the requisite outlay. And
| all this demtnd for extra investment Is
usually made upon people OF limited cap.
| itaI, and whose enterprise is almost fnva-
| riaOiy far in excess Of their means. Like
most Young men Of this age, Young cities
| "have their fortunes to make" an opera.
ton always involving special financial
! hazard, aud the risk Of the venture will be
seen IN the failure of innumerable attempts
to establish cities.
| The suggestion by the President could
not have been more appropriately made
| than in Toledo, where enterprise and ener-
| gy have always been called to struggle
| against many obstacles, not the least OF
| which has been the lack of capital common
| to all young cities II il safe to say that
| in the history of the country few instances
can be found in which this embarrassment
has been more severely felt. The spirit uf
enterprise, business forecast and faith in
the city's future, has never been lacking
among her people but the material aid''
ot capital to correspond has been wanting.
In consequence, much OF what has been
done in the way OF development aud i'm
provement has been provided for by dis
counting the future, and drawing on profits
and values yet to be realized. This Is
shown on every hand and in every depart.
ment Of xpendilure--public and private
alike. The financial situation of the city
may justly be taken as showing the state
OF things generally When the recent era
of speculation commenced in 1865
the total bonded municipal debt was not
to exceed S250,000, whereas it is now
twelve times that amount, beside some
three times the same temporary loans to
anticipate taxes, much ot which may never
he collected, and the whole showing nm adj
vance in the period stated OF from $40 to
$50 for each man, woman and child in the
city. This extraordinary increase in in-
debtedness was chiefly incurred in provid-
ing means for Improvements and develop
ment, to be reimbursed from means to ,6e
derived in the future from these very ex.
penditures. Thoroughly assured of the
wisdom Of such Investments, the city went
on from year to year, lypothecating its
credit for money, and expcnding the same
in liberal provision for population yet to
come.
So much for the Municipality. The poll
icy and action of citizens were substantially
the same. They, too, were possessed bv
the abiding faith in the Future GfeabN
and the spirit OF enterprise which brooletl
no restraint, except the limit of means for
Investment. Every kind and form of trade
and Improvement were stimulated. Spec
ulation in real estate - enlargement in
business facilities-provision OF home COM
forts and luxuries-persona pleasures and
dOnatiOns-all went on from step to step
in one grand tide OF increase, with little
regard for prudence or the day Of reck-
oning.
The consequence of this state Of things
was n condition of general initiation in ex-
penditures and market values, and an ex-
traordinary increase in population. The
public and private improvements made
caused an unprecedented demand for ma
terial and labor of all kinds, resulting in a
corresponding increase of pOpulatiOn as
shown by the tact that the latter advanced
| fully 100 per cent. in six years, most OF
which was due to the sudden demand for
labor. Every department OF trade that
could supply such increase Of consumers
was correspondingly crowded, the whole
constituting an advance in number and
apparent wealth seldom found. Most of
this, be it kept in mind, was the result oi
borrowed capital, depending upon future
| profits for its return in interest and prim-
| cipal.
As is now evident, and should have been
seen from the first, there was tn be stnl
to all this, The time for borrowing had
an end and the time for returning came, al
last. Debt-paving succeeds debt-making
as inevitably as do the seasons, and the
! tide OF inflated prosperity and expenditure
caused by the former, gives way for the con
dition of financial panic diStrSt and hard
! times, which always attend the latter. The
disappointment in the outcome of specula,
ton, and Of investments in improvement,
and trade, is measured only hv the ictiliOu,
state OF things which preceded and caused
| it. Disaster, ruin, illencss and suffGrin.
follow as certainly as effect succeeds cause,
The hundreds who so confidently counted
on wealth and ease as the result of specu
lative Investments, find themselves penni
less and helpless, while thousands brought
together by the extraordinary demand fol
labor aud the supplies OF laborcrs, are lief
without employment or the customer
which temporary employment had sup
piled. In word, large portion Of llrt
population are suddenly awakened to
sense OF the change which has taken place
but which they had not foreseen.
IL Il.
things throughout the country and eS
pecially in cities aud towns. WhatiS il
lesson? Does it suggest denunciation o
the Government Can il be remedied b,
anger and violence? Is there anv real re
lief to be had in spite work Does com
munism or any other setting aside of gouC
sense and the laws OF trade promise to max
the case better? Not at all. But one DOS
sible help is left, and that is to be found il
a calm and patient acceptance of the inev
liable, and an h roic effort, under Il sOun,
financial policy, to recover the lost ground
The consequences Of past debauch can nev
er he abaled by fresh libatioms. pha
dog" has no chair" that can "cure tn
wound" The remedy must be lonnd in
change OF policy. Already we have mos
gratifying evidence OF the benefits to com
principles. The "dnrkest hour" alread
gives way to the "opening day" DouG
and dependency are passing, and conf
dence and heart are resnming sway. Nek
er did the country have better assurance &
coming prosperity than now. 1t only r,
mains to see whether people will be col
tent to "letwell enough alone"
BallOu's Magazine for OctODeT.-Tl
number Of this popular and cheap magazine
issued, and among the noted articles is one el
titled, THE Marquesss Islands," by the Al
thor of "rhe Slavers Adventures" who vi
tied the islands some years since. and remain'
there for nearly six weeks, mixing with the n
tives and studying their lives and habits, al
witnessing some OF the wonderful tattooil
which they undergo for the purpose of rende
ing themselves attractive in each others eye