Connecticut western news., 1884-01-09
THE HARD TIMES.

THE INCREASING number of failures throughout the country are alarming and people are casting about to ascertain the cause of the present stagnation o1 our manufacturing industries. The failure of Henry Willard, late president of the Northern Pacific railroad, and tn, appointment of receiver for the New York and New England road draw fortl many newspaper comments on the con dition of business throughout the coun try. We think the Yankee Blade cor. rectly and intelligently portrays th' situation. It says
 The times are hard. They have beer hardening for two years. A fear pos sesses the public mind that they will bt harder before they are easier.
 The causes are hard to find. Crop have been abundant and until latel. labor has been almost wholly employed The volume of mercantile transaction: still continues large, but the profits al ( small. The currency is considere, sound, taxes are not more than us1all. burdensome, but rather less so, publi debts are diminishing, millions of none. are seeking safe investment and ar content with low rates and few vii, adventures are calling capital int doubtful channels.
 What, then, is the matter? The fret traders say 1t is the tariff, which ,ha caused an overproduction of goods closed foreign ports to our trade l. because we cannot proftably take thei goods in exchange for ours, and increas ed the cost of living by excluding tn competitions of the worlds productions There is so much inconsistency in thi that it does not account for th stringency.
 It appears to us that the main caus Is over-speculation. Capital for severn years past has plunged headlong int, great enterprises. Two railroads acros the continent and two in Mexico hay, called great deal of money into pel manent investments that may not b, immediately profitable. Railroad dt velopment all over the country has be- n disproportionate to the growth of traffic. great as that has been. The future ha been anticipated. Securities have ad vanced beyond actual value. By an, by there has come an end of new works. Heavy demands for labor and materia have ceased. With nothing new to fee, upon, speculation has begun to collapse Stocks have shrunk more than lift millions in the last year. This has hi hundreds of thousands of people an, straitened thousands. These multitude have been economizing and hedging The merchants, manufacturers an, working people have all felt the effect Confidence has become impaired in s' curities, in business prospects and il men. The end is probably not yet.
 But under these circumstances mel owe to each other an obvious duty. Tha duty is forbearance and confidence. Tn bottom of values has already bee reached. Whoever has money to inves had better invest now. All the leadin bankers hold securities that are abst lutely secure--as human affairs gC Things that are not speculative in thei very nature can now be bought at bal gains that will never be offered agai1 It is mistake and wrong to hoar money. Debts should first of all | paid. Working people should be re' sonable and take lower wages, if onl their employment can be continued Let everybody become imbued with
 purpose to overcome the stringenc, and To it will that moment be owe come. Civilization is old enough { that these periodical Impressions ougl to be avoidable. But if we have learne
 how to rally speedily, we have achieve
 great deal.