The Indianapolis journal., 1893-12-31

to buy as much food, clothing and luxuries,
and the spending power even of employers
and capitalists is reduced. Thus one con-
traction leads to another, and the process
If carried out to its logical result, would
end in the cessation of all industry what
ever.
The shrinkage in the quantity Of commod-
tiles interchanged between the various
classes Of producers is, fortunately, by no
means so great as 1t might be, nor so great
as the alarmed imaginationS OF many con-
ceive 1t TO be- Relatively to the total vol
ume of transactions Ii is quite small. out
of the 3O.OOO.oOo and more of adults in the
country It would be eXtravagant to say
that $4,000 are now deprived of the oppor-
tunity OF gaining a livelihood. and this is
doubtedly more than this percentage are
In straitened circumstances, but they, at
least, consume food, wear clothes and live
in houses. To provide for their wants in
their simplest form still furnished employ
ment to multitudes, and to this must be
added the supplying of luXuries, which is
far from having entirely ceased. Neverthe-
less it is true that to the immediate suf-
ferers the result is the same as If their lot
was the lot of all. II they cannot buy IL
does them no good that others are able to
sell.
Whethe: it be little or great, however.
the evil is aggravated by panic, just as
the monetary stringency OF last summer
was. We saw then millions of dollars OF
currency boarded by men who had use
for ii, loans called in from sheer fright,
and accommodation refused to borrowers
through fear of imaginary dangers. Now
there is similar craze for retrenchment
of expenditure, not merely by those who
are compelled to make il, but by those who
do IL from an unreaSOning sympathetic inn
pulse In some cases. even. the retrench-
ment Is dictated by the idea that the saw
Ing effected by Ii may be devoted to the
relief or the poor. without considering tn"
IL Is better TO keep people out of poverty
than To help them out of IL.
In ordinary times much labor is expended
not only In the production OF commodities
Tor immediate consumption, like food. cloth
the creation OF appliances for their larger
production or for their transportation and
distribution; Mills, factories. breweries. dis
tiIeries and railroads are thus added TO the
country's stock or wealth, and so are dwell
ing houses, furniture, works OF art and
adornment. and municipal improvements.
For the moment the demand for labor TO
be applied TO these objects has consider
ably diminished. If il has not altogether
disappeared, but there is. in spite of the
depression of which we complain. a surplus
of wealth In the country which remains 10
he converted into permanent form. That
any or IL is not thus employed is due TO
choice and not to necessity. The fears of
the owners OF capital keep them from using
IT, and not the lack OF capital itself.
ONE METHOD OF RELIEF.
This surplus of unconsumed wealth avail
able for investment In machinery for Great
ing more wealth exists not only in the form
of gold and silver and their paper repre-
sentatives. which are exchangeable for
countries. but in the vast supplies of those
commodities which are stored up in various
parts OF our own country awaiting con-
sumption. Nor are the incomes OF the whole
Of our citizens reduced 10 the limits OF their
! indispensable wants. While many OF them,
as We see. have not enough To live upon
and many more barely enough 10 make
both ends meet, there remains large num-
Der, IN this city especially. who have
surplus over even i'm these hard times The
opera house ana the Iheaters are more or
less well filled. the jewelers. and the furni-
ture dealers. the restaurants and the liquor
saloons are doing some business. III not so
much as usual carriages throng the streets
ana while there are signs OF retrenchnent
visible. there are none of universal poverty.
WHAT ! contend Tor. and what. contrary
10 the advice OF many Wel-iuteutioned peo-
pie. I would recommend. is that there
should be at present no retrenchment In
expenditure at all except by those who are
absolutely compelled To make n. Not only
would / have the very rich maintain their
customary costly style OF living. give their
sumptuous entertainments and indulge In
all the iuxuries fOr tne enjoyment OF which
they are 50 much cnvied but l would have
persons OF moderate means likewise refrain
from any economy which would be a check
10 the Industries which they have. been Ia
the habit OF supporting. In prosperous
times, indeed every one ought 10 save