Year: 1872

speculation. Economy in governments likely
to induce economy among the people With
hundred millions or more of gold lying
idle in the Treasury for years the Secretary could
not bring us to specie payments. and with his
enormous surplus revenue he has not been
able to bring our six per cents but to q tride
higher in the market than the British three
per cents, although our boundless resources
are well known abroad The truth is, our
national finances have been badly managed,
and the financial policy of the administration,
or rather of Mr. Boutwell,, is failure.


In connection with this subject we may
notice the extraordinary receipts from customs
at this port since the 1st of the month, when
the amended Tariff law came into operation.
or for six days (Sundny excludeO six millions
seven hundred and twenty-nine thousand dol
lars. Tho cause of this movement is known


to our business men and is abnormal. Mer-


chants held back their goods till the amended,


or new Tariff law came into operation, in order


to save the percentage of duty reduced by that


law. Hence the eagerness to withdraw their


goods from bond and to get them through the
Custom House now, and the consequent enor-
NOUS amount paid for duties Yet we learn
that the numerous bonded warehouses remain
crammed, and that thero is no room to receive
more goods. At tho same time every vessel
arriving is freighted down to the gunwale with
and large orders were given abroad by our
merchants as soon as they knew the duties
were to be reduced, with the expectation that
there would be greater demand. How far
their anticipations may be realized remains to
be seen. They are sagacious business men
and may not have exceeded the demand in
their importations. Indeed, there is such
raging dry goods epidemic in this country that
there seems to be scarcely limit to the wants
of the market. Our people, and especially
the women, appear to be going crazy about
dry goods Nearly half the productive indus
try of the country, perhaps, is absorbed in
this luxury Merchants, tradesmen, mechan-
les, laborers and all classes work intently from
morning till night, more to pay for the extrava-
gance of dress than for the mere necessaries of
life. How many of our men are kept at the
mill of anxious toll, and even to the breaking
down of their health, to pay for the dry
goods extravaganza of their families. Nine
tenths of the conversation of women, wherever
they may be, and great deal of their time
are devoted to this subject. II seems to be
the sum of their existence. With all our
wealth, industry and natural resources the
nation is getting deeper and deeper in debt
every year for dry goods and other luxuries,
and for dry goods especially All the gold we
extract from the earth, and more, is drained
from the country to pay the balance of trade
against us. Our cotton, corn, -four and other
products do not discharge our foreign indebt-
edness for importations The interest on our
securities held abroad can hardly be less than
sixty to eighty millions of gold. And with all
tho money and wealth Of labor that immigrants
bring our fifty thousand or more American
absentees in Europe, mostly Of the rich class,
draw, probably, an equal amount from this
country. Should we be surprised, then, that
we cannot get TO specie payments, OF that gold
even should rise? Evidently more economy
is needed. 1t is time war extramgances and
war prices should cease. Economy should
begin with the government We want much
reduced revenue, much less taxation and lower
prices The influence Of such change would
soon be felt. The people would learn the
habit of being more economical A nation
cannot continue to run into debt all the time
any more than individuals without coming to
a day of re ckoning