The age-herald., 1898-08-19
WHEN WILL
 HARD TIMES END

David H. Mason in the Chicago Record. It is remarkable fact that, ever since
 the American people became an indepen-
 dent nation, all the periods of hard times
 have been about the same length. So uni- form has been the occurrence as to indi- | cate some undiscovered natural law gov erning the circumstances ard fixing their termination. The most disastrous hard times in this country began in 17S3, at the close of the revolutionary war Distress took on it's acutest forms. Only depreciat- ed paper money was in circulation. Every where the people were in debt beyond their ability to pay Property, when brought to sale under execution, sold at so low price as frequently ruined the debter without paying the creditor. Laws were passed making property of specific Kinds legal tender in the payment of debts. Other laws installed the debt, so that only a third or a fifth was annually recoverable in the courts, although past due. So dreadful were the scenes of bank ruptcy, ruin and demoralization that even respect for liberty and independence was
 diminished; that many persons regarded
 government itself in the nature of oppres- sor and enemy; and that disintegration
 became the threatened fate of the union
 Yet, within six years radical change 'te'N tohCi PidCe lOT the better. At the close of one year more, or seven in all. agriculture, shipping, navigation, the nsherles, foreign and the coastwise trade
 manufactures and commerce among the states had become thrifty beyond prece- oent' showing marvellous recuperation
 The next period of universal distress both public and private, made itself distinctly Ielt Tn lSl8. Banks, merchants and manufac- turers were alike prostrated. Coined money disappeared from the pockets of the people. Mechanics were everywhere throughout the. country suffering for want of food. PropePfv was brought to forced sale at one-fours% its value and struck off to speculatorx> leaving honest creditors sSppaid and Families re-
 duced to beggary. he Government at Washington had to resort to loans in order | to provide for its ordinary expenses in time | of peace. Yet when six years had rolled away, signal improvement was manifest. | At the end of another year, or in 1895, thrift l had superseded diversity. Some persons now living remember the | panic of 1857. It's destructive energies | brought quick destruction to multitude of people. At it's touch the bottom suddenly l fell out of business all over the union. | Bankruptcy and repudiation extended even | to cities and states. The credit of the na- l toal government sank so low that the Sf1dll SuII OI @lA,UUUOUU COulu uOt Oc boi- l rowed, either at home or abroad. So empty became the public treasury that the war rants for installments of the president s salary could be turned into cash only at a l discount, by resorting to the Washington l brokers. Yet, the six years which ended | in 1S43 brought at their close, marvellous
 revival of industry and commerce. When | an additional year had elapsed general pros- perity was at flood tide.
 Another distressful period followed the l panic of 1857. Thousands of commercial l houses were reduced to insolvency, many of | them going out of existence. Manufactur- l ing establishments were suspended on every | hand, discharging their employees into
 chronic idleness Private enterprises of | different kinds were abandoned. Public | works were retarded, and the national cof- | fers had to be replenished by the negotia- | tion of loans at an exorbitant rate of inter- | est A multitude of industries and useful | laborers were precipitated into privatior l and wretchedness. Yet, by the end of six | years, or 1863, all evidences of hard times | had disappeared throughout the north; ana | despite the civil war then waged, the high- | est degree of material prosperity was | brought to pass after the lapse of another | year.
 The fifth period of collapse was intro-
 duced by the panic of 1873. In the shrink l age of values which took place thousands l of millions of dollars were lost 1rretrieva- l bly to the owners Our manufacturing in | dustry had been so widely diversified and | developed that the very vastness of It's | extent made it the more vulnerable to the | destructive shock, so that great number | of establishments were tumbled into bank | ruptcy. Many financial institutions were | obliged to close their doors, once for all
 The country swarmed with tramps, whom | investigation discovered were mainly
 workmen, clerks, professional men and | others, who, having lost employment oi
 patronage at home, had wandered away
 in vain search for work and wages l until they had become demoralized by
 constant disappointment and loss of self.
 respect Yet in 1879, or six years after the | beginning of the collapse, plentiful signs l of business revival gladdened the hearts
 of the people. In 1880, one year later, full
 prosperity had become a generally recog.
 nized fact. l Does not the extraordinary uniformity oi
 the outcome in these five periods indicate
 more than mere coincidences-does 1t not
 suggest some natural law governing the
 circumstances and fixing the limit of hart
 times? If so, the revulsion which begar
 in 1893 should be declining now ip its
 forces, and may be expected to be greatly
 mitigated, or preparing to depart in 1899
 when the six-year period is to terminate
 Twelve months later, or in 1900. the evi
 dences of high-grade prosperity should bt
 visible on every hand.
 IS AN IMPERIALIST