The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-24

engaged in active warfare have consumed an,
destroyed wealth, but not produced any ; tina
a railroad running from point nowhere to poin
nowhere cannot pay dividends until it has pas
sengers and freight to carry /; that the value Q
Ireal estate does not depend upon the magma
ton of its owner, but upon the use that cal
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 demand
will become drug in the market that share
in joint stock companies, however skillfully
ballooned by operators, will at last becom'
worthless if the enterprise yields no profits
that men who borrow more than they can pay
! must at last break, and that iaa fa
THOSE WHO SPEND MORE THAN THEY Earn
WILL FINALLY BECOME PAUPERs.
This light, the light of sober truth, usually
breaks all of sudden upon the people, The
illusion all at once vanishes, the bubble
bursts, and we are set down heavily upon the
hard rock of real fact. That thing happened
to us in 1873. Then we rub our eyes and
look around, and wonder Low :. a., came
about. And yet it was the most natural
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 best
thing we can do after such a collapse is quietly
| to gather up our five senses and 90 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 must
consist in what we produce and have, and not
in what we dream of; by abstaining, conse-
quently, from all windy schemes to make our
selves rich by printing the word dollar upon a
piece of paper; by acting upon the principle
that the only honest way to get rid of our debts
is by paying them, and that we can become
prosperous ossJ 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 hnan-
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 no
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. 1t
is true good deal of wild talk has been in
dulged in about
ALL SORTS OF METHODS TO MANUFACTURE
MONEY OUT OF NOTHING,
and to distribute it so as to keep everybody's
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 l venture to say that during the
last five years the American people have Gre
ated more real substantial wealth than during
the FIVE 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
mischievous 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 capital 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 their
places. Such periods mean the survival of the
fttest Neither must all of the laboring men
who have been thrown out of work by the
crisis expect that revival of business will in
all cases give them prompt employment again
IL The same line Of work at the same wages.
Many of them will have to change their occu-
patton, and those who use their opportunities
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 THE 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 ind ready market and
good prices. A multitude of circumstances
concur to give to almost every branch of bust
ness a natural and healthy encouragement
and, whatever changes in the methods of pro-
Guction have taken place, there IS no doubt
that increased and varied wants will soon rem
De- possible and profitable the employment Of
the same and even larger number of men
than before. Those will reap the fruit of the
revival first and most abundantly, who 90
about their business with the most dilligent in
dustry and circumspection, striving to rise
slowly and surely, and keeping their expenses
providentially within their earnings Thus
may we hope, and l candidly believe, to see
the American people within a comparatively
short period again engaged in genuine and
fruitful activity, and in the enjoyment of largely
increased wealth, but SO distributed as to SUI.
persede the distress of the last FIVE years with
a high degree of general well-being. This,
think, is within our reach, provided always we
put and keep the business of the country on a
sound and safe basis, and do not spoil ou1
chances by indulging in foolish schemes.
| To furnish that
| SOUND FOUNDATION,
without which business can have no healthy
! DEVELOPMENT and the DrOsDerity of the neonle