Year: 1867

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The figure z has so often proved itself
a numeral of i'll omen that it is no wonder
commercial enterprise is apprehensiye of
its periodical recurrence At three reg
uiar intervals, in 1887, 1s47, and 1857,
the country was swept BY financial pan.
les; hence the popular mind naturally
argues that the fatal decade lies somehow
within the influence of the law of panics;
and those persons especially who have
been singed in the fame are cautiaus how
they allow business projects to tempt
them into positions where they would be
exposed to disaster. They prefer to do
no business at all rather than run risks.
Merchants only buy from hand to mouth,
manufacturers work only to fill orders !;
capitalists invest only where the security
is unquestionable Because the people
ascertained, last fall, that over expansion
was not the highway to prosperity which
they had imagined, but was attended with
positive dangers, they wisely determined
to avoid that rock, but ran into the op :
posise extreme. When Congress so far
indorsed the policy o. contraction as to
authorize the Secretary Of the Treasury
to reduce the volume of currency four
millions of dollars per month, the people
cried out ip fear of tbs dangers that
threatened on that side also. Whichever
way they turned, they saw nothing but
difficulties. So they strengthened them
selves against the anticipated disaster in
every way possible. .,g.f su-


1t is the same superstitious anxiety
that max es the public start with alarm at
every whisper of business failure, ard
throws it into couvulsions when some
heavy house actually fails-for, is not
this the year 1867, and has not each dec
ade for forty years been fatal with fail
ures? So, as month after month lapses
quietly, we persistently predict that a
revolution is certain to come before the
year closes; we exhibit the folly of a
seaman refusing to embark on voyage
for fear he may be drowned. Wepermit
all our industries to anguish and our
selves to run in debt through puerile
fear that if we prosecute business we
shall become bankrupt. ri5.a


The fact is, that so far from being anx-
ious respecting the future months of the
present year, we should have much cause
for encouragement if these over cautious
laggards could only be stimulated into
reasonable activity. Instead of our rev.
enue falling off largely, and the monthly
exhibit Of the Secretary of the Treasury
showing a constantly increasing addition
to the public debt Gas it promises to do
for considerable time to Gomez, we
should be able to meet all the require
ments Of the government through our
indp TRIAL activity and accumulation.
The constant stream of immigration from
Europe lends additional aid to our efforts
while our mines add 100000, 900 in
gold annually to our resources. The
people can do much if they take courage.


But everything does not depend upon
the people. The people are willing to
meet heavy taxation squarely, but they
do not wish to see the expenditures of the
government temporarily increase, )" right
in the face Of theirefforts. They can not
comprehend why, for instance, a year S
expenses of the War Department should
reach S264, ,649, ,70l in time of peace, or
why they should be S26S, 100000 larger
in 1866 than they were in 1860. They
would prefer to have less taxes and fewer
tax collect ors. 4 more faithful steward
ship is required of those who manage
the peoples money, and more judiciou,
financial policy. industry alonJ will ac>
eomplish nothing more decisive or bene,
fetal than legislation alone, but both to-
gether, under proper economy, might
work wonders.-Harpsr's Weekly.