The new Northwest. [volume] (Portland, Or.) 1871-1887, 1879-06-19
nae FINANOIAL OUTLOOK.

On every hand the cry OF hard times
has become not only household word,
but q street-meeting exclamation.
There is very little money in circula-
tion, and the farmers, upon whose pros
perity rests the whole superstructure of
human interests, are anticipating light
crops and lighter prices. In this emer-
gency it becomes necessary for the
poorer classes to enforce the most rigid
economy. But, unhappily for the good
of the working classes, those who are
well able to increase their expenditures,
and thereby give additional employ
ment to the masses who are dependent
upon their daily wages for daily bread,
are among the very first to scrimp and
eke and economize. Women who have
hitherto been accustomed to patronizing
the laundrywoman, milliner or dress
maker quite literally, and whose cir
cumstances would justify an increase in
household service, become afflicted with
an imaginary phase Of the hard times
mania, and are for the first time in
years their own servants. Their econ
Omy forthwith becomes the fashion
Husbands encourage it, newspapers
laud it, pulpits applaud it. And
wealthy men, catching the contagion Of
retrenehment, resolve to dismiss clerks,
bookkeepers and errand boys, thereby
throwing out Of employment a vast
number of the consuming classes OF
both sexes. These persons, who have
rents TO pay, wood bills to meet, water
rates TO settle, dry goods and grocery
supplies to sustain, become, of course,
unable to pay their bills. The mer-
chants or contractors, growing still
further alarmed, turn another screw oi
retrenchment here and there, and only
succeed in increasing the evils they
would avoid.
The remedy for hard times must be-
gin first with the farmers. Let them
avoid all sorts of obligations with the
merchants as far as possible till theil
produce is harvested and ready for mar.
ket. Next let mechanics, artisans anC
laborers Of every description adopt 8
less expensive style Of dress and living
Let them get a few roods OF ground OF
the cooperative plan, and manage tha
the sums hitherto paid out in rents shal
go toward paying for their little homes
/ Then, let the wealthier classes max,
times better, as they can well afford L
do, by increasing their force Of hire6
help. Let new houses be erected, new
fences be built, new fields he cleared
new farms be made. Let what money
there is in the country be kept in circu
lation, rather than boarded away il
bankers vaults, where it can do no goo,
to anybody. Let all the small indus
tries Of the country be kept in activ,
operation. Let every man and ever,
woman, who is able to do so, patroniz
the various industries Of the worthy an,
struggling poor. We never turn ava.
a glazier, broom-vender, soap peddler
bookseller, OF especially any resolut
woman who offers any sort OF wares 70
sale, without an inward pang for W
well know that nobody will follow sucl
an occupation from choice. II is a mis-
taken idea to turn a vender OF any soT
OF staple merchandise from the door
and then bestow al alms upon the mex
applicant. Yet there are many well
d.
fuse to buy a broom or brush or dippe
+ or dustpan from the person who has dil
igently made it, and then timidly ofier
; it for sale, who would not hesitate to be
stow half dollar upon the same appli
T cant if he should ask it as a charity.
The financial outlook under these col
ditioDs is not pleasant. The process {
property consolidation is going on 5
rapidly that in less than fifty years,
d some great revolution does not occur I
> prevent the constant accumulation {
compOund-inierest, the entire lande
, domain Of the United States will I
, owned 10 fee simple by an aIistocrati
few, to whom all the masses Of the pee
pie will be compelled to pay tribute &
serfs. II is true that America is exemI
from the law Of entailment Of estat,
which has become such a curse to ii
masses in England but she is not fre
from the fallacy Of perpetually accumI
j lating compound interest. Even simp
interest is canker worm which gnav
, continually at the vitals Of every occI
! patton that harbors it. What, thei
e shall we say Of compound interes
s which, like the bOa constructor, encircl,
its victim with death grip, and, aft
keeping him in more than mortal agon
4 for a season, closes the final act in Il
s great tragedy by swallowing his entil
= substance whole? The man who wi
: consent to take the face Of his notes
a these hard times and release his debt,
= from the fangs Of interest is a publ
J and private benefaetor, who deserve
!, and will doubtless get, higher seat
n the great Hereafter than any usurer vi
4 der the sun.
--------
e Mayor Newbury occupied the cha
+ last evening for the last time at Il