Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1883-10-31
HARD AND DULL TIMES.

Inhabitants to tell what the matter is |
with the finances of the people of the
state; why the rich are short of funds,
and hard times are knocking at the |
doors of the poor, unless the fault is to
be found IN our every day business
affairs. The resources of the state, !
from wheat, flour, pork, potatoes, but
ter, eggs, cattle, oats, lumber, manu-
featured machinery, money expended
by outside capital building railroads,
the expanding of money upon our
rivers and harbors, the large amounts
brought in by immigration, should,
one might think, keep our money
market easy, and provide our banks
funds for short loans for home inn
provements; but there is no indica-
tions that all these currents OF re-
sources flowing in, taken together, are
preventing money from being scarce
On the contrary, We find tie loaning
agents and banks in our large cities
and country towns, are placing loans
for outsiders, receiving high interest
and with large bonus. 1t would
seem as if all the funds brought into
the state disappeared from circulation
never to come out again to bring relief
to business where it is the most want
ed. 1t must be conceded that there
is more capital in the state now than
there ever was before, and still we
hear the cries of hard times and dull
trade as much as ever. The merchant
no sooner squares UP his accounts with
the farmer in the fall after the wheat
has been brought to market, than he
is again asked to extend credit for an
other season, as if there had been no
money realized for grain at all. Most
Merchants extending credit are bound
to ask it of those whom they purchase
at wholesale, and if the wholesale
houses from whom our merchants
purchase, are not made of money, they
| too must ask for credit; 'and on the
credit system goes, almost creating
the impression in the east, that we are
not in a land of profitable productions.
There seems to be no end to the bot
tom of the leak, and on we all so and
crowding the other for payments or
security, until 60 into what county or
city in the state we may, and We find
the principal business of the Register
of Deeds is in recording mortgages,
until almest every spot of earth has a
picturesque plaster upon it, due in one,
three or five years, for sums ranging
from two hundred to twenty thousand
dollars. This list of misfortunes
does not include the higher and richer
classes who are considered safe enough
with an endorser to raise money on
their paper without executing mort
gage. The result of this has been that
our banks have nearly ceased to do
banking business; the lawyers have
long since ceased to practice their le-
gitimate professions, but they with
the banks, are making collecting
speciality, and huge safes are hauled
Into the first and second sstories of
buildings, to keep secure the sacred
promises to pay, until payment can be
enforced by suit, or by mortgage fore
closure. This lamentable condition OF
things is not so because necessity COM
pells it, nor that the balance of trade
is against us, but is greatly due from
the fact that men of political economy
and financial ability do not care to
trouble themselves with the task of
putting our commercial affairs in the
state upon a proper business basis,
which shall correct this universal
credit system, and make it less where
it is now so great. There might be
partial remedy applied by developing
the infant resources of our state, and
causing these, as we'll as those which
have been developed, to so run, that
commerce shall owe us bank account
to draw against, instead of having the
balance in the inverse order. If we
don't banker after hard times, we must
as people, take some action to keep
them at distance. There are plenty
of brains in our cities and country
places, to put new bottom in our
leaky money tub, if the proper break
from near sightedness leading off in
the measure, can only be once enthu-