Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1878-08-23

features that they did few years ago. Ma
chinery and skill equal to the best are now
found among the old nations Of the east and
the islands of the sea. 30 that at the worlds
expositions China and Japan, Australia and
New Zealand compete with the nations of
western Europe and the United States in
some Of the most delicate Is we'll as some Of
the most substantial products of hu.
man genius and skill. In our own
case, - doubtless In others, there are
SPECIFIC CAUSES
that may be easily traced and defined. Dur
ing the years 1875 the United States were
engaged in terrific and costly civil war. A
million and half Of men were Withdrawn
from the productive business and industries
Of the country. The expenses Of the war
amounted to immense, almost incredible
sums Of money. The northern states in
CURED debt Of over $500 millions Of dol
lars. The confederate debt ct the close Of
the war amounted to $500 millions. II We
add TO these other immense sums collected
BY taxation ana debts Incurred by cities and
states, the amount will equal one-half Of the
entire taxable property $4,000 millions Of
dollars) Of the country In 1860. This Was
the waste Of war. Following this were eight
years Of seeming prosperity. But 1t was, to
large extent ct least, deceptive. Business
was done on the basis Of An inflated paper
money AID slthough the national
debt was reduced corporate and pri
vate debts were \ increased enormous.
ly.o Municipal Indebtedness was aug
-mented more than eight hundred millions of
dollars from 1866 TO 1876 Personal in
debtedness WAS increased beyond anything
lions Of money were sunk in improbable
enterprises enterprises which, for the time
being, gave employment to labor. but which
proved wholly unrsmunerstive and resulted
in the present il not the utter loss Of the
capital invested in them. Take the single
item Of railroads alone. From 1868 to 1873
over twenty -four thousand miles were built,
which ct an average cost Of $40. 900 mile
would represent nearly one Thousand millions
Of money, the larger part Of which, for the
purposes Of present income at least, had as
well been dropped into the ocean. The paper
money initiation gave Al unnatural stimulus to
every branch Of business, particularly to
trade. thousands without previous education
or experience embarking therein, who have
since swelled the list Of failures. There was
not Q corresponding increase in Agricultural
pursuits, but our manufactures, which, in
1850. we're only $4f head Of our population.
and $57 in 1860. went up to Sill in 1870.
Credit of every kind WAS expanded far be-
yond healthy condition. The banks in
creased their loans from six hundred mill
ions in 1869 to nearly one thousand millions
in 1878. Personal and household expenses
and the expenses Of doing business increased
far beyond the means to pay them. Credit
was easily obtained and nearly everybody
took advantage Of the opportunity and went
heavily inte debt. In short, initiation, specu-
lation, greed, extravaganza, and haste to be
rich, produced their inevitable results and
the crash came IS legitimately as the collapse
of q balloon after the gas has escaped. 1t
was in its essential characteristics no new
experience, but only q repetition of what has
occurred often in the history Of our own and
other countries.
Having thus fellow citizens, adverted to
some Of the false and to the true reasons for
our financial EMBARRASSMENT, stsgnsnt trade,
depressed industry and hard times gener-
ally, We may next consider: an