Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-02-05
TIE ERA nr RonNnMX


general government, the resumption
policy enforced, the heavy National,
State and municipal debts, over-pro-
duction, high tariffs and various other
causes which could be enumerated,
have forced upon the people of all
classes, save few ofieeholders, sue
cessful spectators and bondholders,
habits of severe economy. Just
after the war we had an era
of reckless extravaganza. This
has been followed by its natural
penalty, and we have to pay for all our
OstentatiOn, and misuse of money and
opportunities Many a man to-day.
who is hard pushed for the means to
feed and clothe his family can look
back ten years ago and remember that
he spent a hundred dollars on some
useless pleasure tripHor piece of ex-
travagance far more cheerfully than he
now gives his wife dollar and half
week to pay the washerwoman' $ bill.
We are now in a period of enforced
economy, and in course of time it will
no doubt be the making of some who
are the chiefest of grumblers. The
thrift and prosperity of New England
grew out Of the limited resources and
stern necessities of that sterile region.
The people learned from generation to
generation to utilize all their resources,
to turn everything to account, to waste
nothing and to live ON almost nothing;
hence they shave grown rich by gradual
accumulations, and yet retain their
economical and thrifty characteristics.
We Of the South, where nature has
been more lavish Of her gifts, and
everything that sustains life is easily
produced, are naturally more liberal
and careless in the management of
our private affairs. A Yankee com
ing South will set up and succeed
where three Southern men before him
failed, but the climate and the sur
roundings, in the course of time, will
have their effect and the Northern
mans children, born and reared
in the South, are no fonder of
work, and cold beans on Sunday.
than if their parents had been natives
of the South. Necessity, however,
has donemueh to educate our people
into the habits of industry, economy
and close management. Hard times
all over the country have overtaken
the people, and we are all gradually.
and without perhaps being aware Of
it, learning some useful lessons. We
find that we can do without many
things formerly deemed essential,
and that a few dollars honestly
earned can be made to 20 a
long ways toward procuring the
necessities and comforts of life.
Whilst there is less money in circula-
tion than ten years ago by about 20
per cent, the purchasing power Of
dollar has largely increased. Speak
ing Of this general subject the Nash
vile Banner says. "There is a whole
some tendency in these days toward
rctrenchment and economy in both
pubic and private expenditures. The
more thoroughly this policy is carried
out the more certain and speedy will
be the return Of the solid and healthy
prosperity. We must adapt our
selves to the new situation reso-
lutely and squarely, How much
can be accomplished in the way
of retrenchment when one really sets
about it how many dollars less per
mnum may be made to suffice without
any substantial discomfort, will sur
prise any one who has never made the
experiment or even the calculation
The general reduction Of prices great
ly fayors the purchaser, provided there
is not a relatively equal Or greater re-
ducticn Of his income but he must
carefully avail himself of the adyan-
tages proiiered in this way lie must
not 90 on paying outthe same amounts
as before, or buying at the same prices,
regardless Of the change Of base by
which values have been reduced as
expressed in dollars and in cents.
While retrenchment in the matter of
individual expenses is a good thing,
we must not lose sight Of the necessity
Of retrenchment in official expenses.
The legislature, we are glad to say, has
recognized this in practical and tan
gible way by looping off superAuous
fees and perquisItes in connection with
State and county officials. 1t is now
tine for our city fathers to do some
thing in the same direction in the
matter ofmunicpal rctrenchment.'
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