The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1880-06-11
su,p.sHop INDUSTRIAL AxloMs.

When imports begin largely to in
grease the explanation presented al
way is that our people have, in con-
of some revival i'm industry,
entered on a career OF extravaganza
and waste. There is usually not
much time for the newspaper econo-
mist 10 work out his problems with
the ,horoughness which an obscure
snbiect demands. When imports
suddenly swell the obvious inference
;s that we are consuming more foreign |
goods, which. by the way, are mostly
luxurles, than formerly. But the
generalization gives a character to
our people which does not belong t"
them. It assigns them a place not
much more advanced than that OF
children whose pockets burn until
they get rid Of whatever loose change
they may nave in them. If anybody
had ever come across large class OF
the kind stated there might be some
reason for regarding frivolity IA a
national trait. individuals, no doubt,
can here and there be found whom
rnomentarv prosperity may drive into
exceptional expenditures, but they
.r.. M, numerous enough to make so
large an impression on the currents
Of trade as alleged. They are tor
the most part spectators who spend
as Quickly az they make. but they
form a very inconsiderable part OF
the American people.
If the time which has elapsed since
the settlement of the country has
brougt out any national tendency.
clearly it is that of careful"e$s ana
thrift. Many grasp for more than
they can retain, and in this way come
to grief. But thoughtless extrava-
yance is something that is entirely
foreign to the national mind. There
il more self poise and breadth OF idea
than the industrial axiom which we
are considering allows. But for all
that i: has become almost venerable
by the frequency OF its application
II is regularly given an airing when
the volume of imports begins t. in
crease, no matter what may be the
real cause. No one seems TO otj'c'
to the people being relegated to the
position of infants who have no
thought for the morrow. No one
has ever thought Of resen'ing the
idiocy which, by implication, is
,ught to be stamped on the national
character.
Additions to the imports are ordin-
arilv referable to economic facts OF
different order. It is not disputed
that more foreign luxnries may be
consumed in times of business activi
ty than when stagnation prevails.
But imports usually expand when we
are selling bonds of various kinds to
Europe, and when the conditions of
exchange and freight are favorable.
Further, we are more subject to
/" "booms" than any other civilized
nation. These "booms" are usually
of the same nature. They are trace
able to some manipulation of the
currency which is but imperfectly
understood. They were almost drunk
with prosperity on the other side OF
the mountains at the very time when
the life blood of industry was flow
ing out as consequence Of the de-
pleciation of the currency. The
" "booms" is rather an evidence of the
speculative spirit in commerce than
of the childish extravaganza of the
people. There is u rush to get in on
the ''boon" at low figures. which, OF
course, stimulates imports largely.
Tie people require certain
amount of foreign articles during the
year. On rising market there il
always temptation To lay these ar
ticles up in larger quantities than are
needed for immediate consumption.
If the rise keeps on il will be likely
TO more than paw the cost of storage
and interest. The people with some
extra cash in their pockets and crazy |
to let it fly are not factors at all in
the problem. If any one should
come across a genuine specimen of
this alleged variety, it would pay to
exhibit him. It is commercial spec
ulation with which we have to deal,
and not nation of silly spendthrifts.
Of course it the "boom" is short |
and it certainty cannot be prolonged |
beyond the cause which produced it,
if there is no tampering with the
st,x.