The times. [volume] (Richmond, Va.) 1890-1903, 1897-04-22
ONE CAUSE or THE HARD TIMES.


1t Is known at home and conceded
abroad. that the United States has SUI
fered from a severe Industrial depression
for several years past. Since 1892 nearly
GO.O00 miles Of railroad, or about one-third
of the total mileage Of the United States.
have gone into the hands of receivers.
and most OF II has been recognized.
Persons who once lived In afiluence. have
cut down their expenses. while others who
had sufficient income for comfortable eX-
istence are now living from hand to
mouth a great number Of willing work
ers are without employment, and gene
raj feeling of anxiety prevails. The COM
mon opinion is that few persons are
making any money. and that the tide Of
industry has been on the ebb.
The explanation Of this condition OF af-
fairs is variously given. The believer
in high tariff attributes it to the Wilson
bill; the free silverite attributes it to the
gold Standard the gold standard man
says it is due to the assaults Of the free
silveriies upon national and individual
credit; the State Bank man says 1t is due
to the National Bank law. The truth is
al these reasons have had more or less
influence in producing the present condi-
ton, but one is omitted whicH has been
potent. and whose influence is felt to-
day irrespective OF free silver or tariff.
and that is the reaction from the wild
.t.k t1..l
country from 1856 to 1880.
II some one should take the trouble TO
accumulate the facts. as they actually
occurred about that boom. it would even
now be regarded as incredible by all
who were not themselves cognizant Of the
mad folly. which as an evil spirit seemed
to possess the whole nation. a writer
i'm the March number Of the Forum. in
describing ne course Of this crazy boom
in Kansas. says. "They found il 50 easy
to get rich in making out deeds that they
did not establish industries. they did not
take an inventory of their resources
Trading was followed by speculation.
speculation by gambling, gambling by
collapse. depression and stagnation." But
the same writer in describing the spirit
Of the people when it took the direction
OF industrial development. says:
THE natural development of the re-
sources Of the State sho6ld not be con-
fused I'm the minds of the investor with
the mad waste of money that occurred
| i'm Kansas ten years ago Looking back
ward 10 that time, IL seems strange that
4 Into. 10
schemes that then flourshed-a car-wheel
foundry. for instance. a thousand miles
from iron, a freight-car factory. 4 hun
dred miles from lumber: with nothing brt
corn TO haul In the cars. bridge fOun-
dry. q hundred miles from any stream
that might no; he cleared by an agile steer
at n single jump; a watch factory in a
country where people were borrowing
money TO pay their interest coupons a
wOollen-mill a days journey from fuel or
power; "A carriage factory. where people
could not pay cash for wagons
We ourselves have in the East seen
very much of this in boom towns where
splendid hotels were built for the ac-
commodation OF people who never came.
| At Mlddlesboro. KY, the Four Seasons
| Hotel, which cost, We believe. over
million Of dollars has been pulled down
| and moved away, for the sake OF the ma
terai that was in 1t. This is the most
striking instance OF boom folly that we
know. but many others. though not so
great. are equally remarkable
The reaction from such financial orgy
must be great. and we are suffering from
that to-day. We hear. however. no