Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-10-24

a railroad running from point nowhere 10 pom
nowhere cannot pay dividends until Il has pas
sengers and freight to carry that the valae c
real estate does not depend upon the imaglna
ton Of its owner, bu. upon the use .ha. ca
be made of it that corner lots IN paper towns
where nobody lives and nobody intends to live
will not bear heavy mortgages ; that article
Of industry, produced beyond actual demant
will become a drug in the market; that share
in joint stock companies, however skallfull'
ballooned by operators, will at last becom
worthless if the enterprise yields no profits
that men who borrow more than they can pa
must at last break, and that
THOSE WHO SPEND MORE THAN THEY EARs
WILL FINALLY BECOME PAUPRRS.
This light, the light of sober truth, usually
breaks all of a sudden upon the people. TIT
illusion all at once vanishes, the bubbl.
bursts, and we are set down heavily upon ths
hard rock of real fact That thing happened
to US in 1873. Then we rub our eyes ane
iook around, and wonder Low :. a., cam.
about. And yet it was the most natura
thing in the world. People who invest in air
castles have no right to expect anything else
/ than that these investments will at last vanish
into the air they were made of The bes
i thing we can do after such collapse is quietly
| TO gather up our FIVE senses and go to WORK
like men to repair our shattered fortunes.
AND HOW CAN THOSE SHATTERED FORTUNES
| BE REPAIRED?
First, by recognizing the errors of our ways
and discarding all self-deceptions and delu
sions by remembering that our wealth mus
| consist in what we produce and have, and no,
in what we dream Of; by abstaining, conse.
quently, from all windy schemes to make our.
ceix Ch hxt he a
piece of paper; by acting upon the principle
that the only honest way 10 get rid of our debts
is by paying them, and that we can become
prosperous any by producing things that are
useful and by spending less than we earn.
These may look like very old fashioned home.
spun doctrines but whatever our modern fnan-
cial Jugglers may try TO have you believe,
these doctrines are now just as good as they
were thousand years ago, and they point the
only way out of our difficulties. There is nc
other To the honor of the American people
be it said, very large majority of them have
been acting upon these principles for the last
five years, and they are all the better for it. Il
IS true good deal of wild talk has been in
dulged in about
ALL SORTS OF METHODS TO MANUFACTURE
MONEY OUT OF NOTHING,
pockets full OF cash, thereby putting all the
people at ease. But although that wild talk
has befogged some and impeded needful iegis-
lation, yet the people, on the whole, have been
steadily at work producing useful things and
practicing wise economy, and while the results
OF that activity have not yet been felt in all
the walks of human industry, and all classes
OF society, yet | venture to say that during the
last i've years the American people have cre-
ated more real substantial wealth than during
the 1ve years of wild scheming, gambling and
speculation which preceded the crash of 1873.
venture further to say-and / think it is felt
all over the country--that business activity is
slowly but surely quickening again, and that
the American people now stand upon the
threshold of new period of prosperity, and
that we shall reap an abundant harvest of it.
unless we throw away our opportunities by
mschievous intermeddling with the natural
development of things.
THAT REVIVAL OF BUSINESS AND PROSPERITY
will indeed not consist in putting upon their
legs again old exploded speculations, or in re
storing to their wealth again business men who
broke down by venturing into operations
largely beyond their means, and spreading
their capita, all over creation. To be sure,
many Of that class who are still struggling may
still have to go down, and no fiat money can
help them. But new men will step into theil
places. Such periods mean the survival of the
fittest. Neither must all of the laboring men
who have been thrown ont of work by the
crisis expect that a revival Of business will il
all cases give them prompt employment again
IL he same line Of work at the same wages
Many of them will have to change their occu
patton, and those who use their opportunite.
in that respect most resolutely will be all the
better for it. Reviving prosperity will consist
In gradually opening a fruitful field for those
branches of productive industry and CORE
spending trade which supply actual wants
AS old stocks are exhausted they must be re.
placed.
THE PRESSURE OF TIE TIMES
has taught US to produce many articles, for
merly bought abroad, so cheaply and of such
excellent quality as to introduce them success
/ fully and largely into foreign competition
| Our abundant crops find ready market and
good prices. A multitude of circumstance.
concur to give to almost every branch of bust
ness a natural and healthy encouragement
and whatever changes in the methods of pro-
/ Guct0h nave :ahen place, :Leie IS nc doubt
that increased and varied wants will soon rem.
de- possible and profitable RE enploy;ner... d
the same and even a larger number of mer
than before. Those will reap the fruit of the
revival first and most abundantly, who &C
about their business with the most dilligent in
dustry and circumspection, striving to rise
slowly and surely, and keeping their expense.
providentially within their earnings Thu.
may we hope, and | candidly believe, to see
the American people within comparatively
short period again engaged in genuine anc
fruitful activity and in the enjoyment of largely
increased wealth, but SO distributed as to SUI
persede the distress of the last five years witt
high degree of general well-being This,
think, is within our reach, provided always VIZ
put and keep the business Of the country on {
sound and safe basis, and do not spoil on
chances by indulging in foolish schemes.
To furnish that
SOUND FOUNDATION,
without which business can have no health,
development, and the prosperity of the people
will always stand upon volcano ready TO ex
plode at any time, three things are of the frs
necessity good national and individual
credit based upon national and individual hon
esty second. a sound currency, of real an,
stable value and third, safe and reliable
banking system as the depository of bushes
fluids and the machinery of business ex
changes. In DISCUSSING these subjects shall rul
against some populal cries ndustriously usec
by demagogues and repeated by unthinkin,
men, which are fraught with mischief and dis
| aSter AZ we'll nc DISGRACE 7 eball eYaal, :,