Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-09-19

commodities Ot foreign pfOductlOn, Jne
Importation of which greatly decreased
from June S0th, 1873, to June 30th,
1879. which summarized shows the fol-
lowing grand total:
Imported during the year ending June
.Oth S@bl, II ijsi3
Imported during the year ending June
3Uth il S1
Decrease .-........................sIi2.77 ~ g9S
With these authentic and significant
facts and figures before us, we may rea-
sonably assume that the country mas
entered again upon period Of business
prosperity. The interesting questions
now are. have the good times come to
stay? What can We DO in private and
i'm public affairs TO prOlong the period OF
prosperity, and TO mitigate the severity
of hard times when they again return?
The prospects are now bright, but all
experience teaches that the wheel of
human affairs, always turning, brings
around those tremendous events called
financial panics, ii not with regularity,
at any rate with certainty. The writer
of an intelligent article in one OF the
mOnthhes saws: "PaniCs, it has been OBJ
served, recur about every twenty years
i'm this country, and almost every ten
years in England" The explanation OF
this is not difficult to discover. In good
times the tendency is 10 extravaganza,
% speculation, and 10 running in debt.
Many spend more than they earn, and
the balance OF trade soon begins To run
against communities and individuals.
When this has continued until the bus
mess OF the country is loaded down
with debts. financial crisis is inevita-
bic. and only waits tor "the last straw
Ii this view is correct, the way to meet
the dangerous tendencies OF flush times
is plain. Let two OF Doctor Franklin's
homclv proverbs be strictly observed by
individuals and by communities. One
is: Never live beyond your means"
and the other is like unto it, namely
Pay as you GO
STATE AND MUNICIPAL DEBTS.
Ii is easy 10 see that. if these old max
inns of the philosophy of common sense
could have general practical acceptance
heperiod OF good times would be greatly
prolonged, and the calamities OF hard
times would be vastly diminished. There
can be no great financial crisis without
large Indebtedness, and the distress
which il brings is in proportion 10 the
extent OF the extravaganza, speculation,
and consequent indebtedness which
have caused it. Those who are out OF
debt suffer least. Where the debts are
heaviest the calamity is heaviest. But
IL Is OF public Indebtedness, and espe-
cially Of the debts of towns and cities,
that I wish TO say a few words.
The practice OF creating public debts,
aS il pravails in this country, especially
i'm municipal government, has long at
tracted very serious attention. 1t IS
great and growing evil. States, whose
good name and credit have been hlther-
10 untarniShed, are threatened with re-
pudiatiOn. Many towns aud cities have
reached a point where they must soon
face the same peril do not now wish
To discuss the mischiefs Of reputation.
NV purpose is merely 10 make few
suggestions as TO the best way 10 avoid
reputation. But in passing, let
me observe: Experience in this cOun-
try has shown that no State or
can, under any cir
gain 10y reputation. The
repudiators themselves cannot afford IT,
The community that deliberately re-
fuses 10 provide for its honest debts
loses its good name and shuts the door
10 all hope of future prosperity. IL de-
and dcgrades all classes OF It's
citizens Capital and labor and good
people will not 90 10 such communities,
81 L. II thnntrhf
nv words could influence any of my
who are 50 unfortunate as
to be compelled 20 consider this Ques-
tion, I would say, let no good citizen be
induced by any prospect OF advantage
10 himself or 10 his party to take SIN
Gle step towards reputation. Let him
set his face like flint against the first
dawuiug OF an attempt tO enter upon
that downward pathway. Ii has been
we'll said that the most expensive way
for a community 10 get rid OF It's honest
debts Is reputation.
Returning 10 the subject OF municipal
debts, il Is not alone those that live in
towns and cities who are Interested in
their wise aud economical government.
All who trade with their citizens, all
who buy of them, all who sell to them
I'm a word. the whole Ot the labOrlng and
producing claSScS-muSt bear share OF
their burdens. The taxes collected IN
the city find their way into the price
lists of what Is bought of and sold 10 the
turner's and labUrers in the country.
On the questions of debt and taxation
the dwcllrrS of the city and those who
deal with them form together
one community and have 4 common IN
tercSt.
The usual argument in favor of Great
ing a city debt l., that the proposed
building or improvement Is not for this
generation alone, but Is also Tor the ben
ett oi posterItv. and, therefore, poster
itv ought 20 help to pay for ii. This
reasoning will not bear examination.
Each generation has its own demands
upon It's purse. II should not be called
on % paw for the cast-orf garments OF its
The appliances and structures which
our ancestors provided for water, light,
streets, parks, cemeteries, for putting
out fires, for police, fOr lOcOmOtlOn, fOr
education. and for the thousand other
llttt~~llltN NA NlAN AAlNs N'tAi'A lltt w "NAA
suited 10 the tastes, habits and wants OF
our dav. This generation must have
steam tire engines and water works, and
its tax PAYERS 10 not want TO be called
upon 10 pay for the ciSterns, the fire
buckets and the pumps OF thirty years
ago.
Municipal borrowing is the parent OF
waste. prohigacy and corruption. Mon
ev that comes easily goes easily. In
this career OF reckless extravaganza,
cities build and buy what they do not
need, and pay for what they get far
more than it is worth. adopt the words
OF the valuable report OF the Pennsyl-
yania Commission, appointed to de-
wise plan for the government OF
cities. To sum it up, it too often hap
pens that ''the men who authorize the
are substantially the men who
profess to perform them. The men who
(COaci,uisd on Fourth Pdgs.)