Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-04-05

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incomparably the worst year known by
British merchants since 1866, when the sud
den crash of 0verend ( Gurnee shook COM
mercial credit to its foundation. The for
eign causes of depression, as enumerated by
the Economist, are four First, the long po-
litical contest in France between the Mar
shal President and the Constitutional party.
Second. the terrible famine in Southern In
dia. Third, the extending collapse" Of
American railway investments, and the cla-
NOR in this country for ''repudiation more or
less complete" Of the obligations of the
United States. Fourth, and most important
of all, the war in the southeast of Europe,
and the threatening complications which
have followed in its wake. This paper emu
merates among the causes of business distress
three successive failures of the crops, cattle
disease, and the depression of business among
iron-worfers. There has been great fall
ing off in the demand for iron manufacture,
while at the same time there has been a
rapid and surprising development in the
production of steel, which has greatly in
jured the iron interests. The depression abroad
is not confined to England but is well nigh
universal throughout Europe, and as Canada
and the United States are suffering in the
same way, it may be said to peryade the
greater part of the civilized world. Greater
economy and industry, good haryests and the
accumulation of savings are prescribed as
the remedies. All of these are operative at
present in this country. There is manifest
tendency among the people of the United
States towards prudence in expenditure our
harvests have been exceptionally abundant
and where surplus earnings accrue they are
generally husbanded with care. The most
serious obstacles in the way of return to
prosperous business conditions in this repub-
lie seem to be the vicious notions concerning
financial affairs which prevail so widely, and
ill-considered legislation, in the State and
national Legislatures. If the finance re-
formers, and tinkerers of the tariff and the |
currency, would only let well enough alone,
this country would soon be seeing prosperous
times.
Hon. G. W. lIENDEE. from the Committee
on the District of Columbia, has reported
bill providing for n permanent government
Of the District. 1t vests the executive au-
thority in the hands Of three commissioners.
one of whom is to be appointed By The Pfesi-
dent, one by the Senate and one by the
House Of Representatives. The Legislative
body is to be chosen by the people. The ex-
isting debt and future expenditures Of the
District are to be met in equal proportions
by the United States and the District. Mr..
llendee pointed out that the United States
owns absolutely about so per cent. of the
entire area of the District. 4 recent ap-
praisal of valuation gives the United States
S95.000,000 worth of property and the Dis
trict and its people 100000, 900 worth.
When the new buildings for the state, war
and navy departments shall have been COM
pleted, the value of the national property
will exceed that belonging to the citizens.
1t is argued that inasmuch as the Constitu-
ton vests in Congress supreme control over
the District, it is only fair that the national
treasury shall bear an equal burden with the
people in the matter of taxation.