Year: 1875

! exposures and revelations, the END OF the
jobbery and corruption which have darkened
Washington for the last three months. bring
sense of relief. We are glad it is over.
Legislation is done for the present, but other
duties begin. We are now at the beginning OF
long recess. The republican party has
gone out OF power, except as power remains
with the President General Grant is still po-
tent for good and for evil in many ways-ln
handling the finances, in the administration
of the South, in the conduct of foreign rela-
tions. Government so far as it affects our
business prosperity, is in the hands OF the
people, and we must now address ourselves
to questions of more vital importance than
those which have had such noisy prominence
in Washington debates. The spring opens
with brilliant prospects of prosperity and
activity in trade. If we are only wise and
prudent we shall enter upon Q season OF per-
msnent prosperity.


The condition of affairs in Europe is not re-
assuring. There is no immediate danger OF
war, so far as we can read the diplomacy OF
the hour. But the misfortune of European
governments is that no wisdom can penetrate
the purposes of the few men who are charged
with the awful responsibilities of peace or
war; Modern campaigns on the Continent
have come as suddenly as thunderbolt The
war against Austria only lasted six weeks-less
time than it took Mcclellan to march from
Washington to Manassas Just before the war
between France and Germany the English
Foreign Minister publicly said that never had
the diplomatic heavens appeared SO serene
that there was not cloud in the sky, not an
issue to disturb the public peace. And yet,
in few days after this declaration,
the armies of France and Germany
were rushing to the battle field, and be-
fore the summer passed greater changes
had been wrought in the map of Europe
poleon. Consequently we know nothing of
Europe except from the indications that we
gather in the general drift of events. There
has been an ugly correspondence between
Russia and England, which excites uneasy
comments in the English press We see
Austria, Russia, France, Germany, England,
stra'ning every nerve in warlike preparations,
and as nations do not create armies to play
with, and as the angry feelings engendered by
recent campaigns still live in their intensity,
it is wise to regard Europe as in critical and
threatening condition, and to set our house in
order SO that we may be prepared for any
storm.


With Europe thus looming up before us,
like thunder cloud that may at any moment
burst, what is our duty at home? Evidently
re,renchment in all directions The only
assured business prosperity will come when
we have retrenchment. When we study
the effects of the great contest between
England and Napoleon we observe that long
after the defeat Of the French England suf-
fered from the effects of the war; that the
labor ng classes showed discomfort and vio-
lence: and one writer speaks of the
achievement of the greatest victories in
Spain as being celebrated ''amid o popu-
lation who had been prevented by the
burden Of taxation on the absolute necessa-
ries Of life from securing livelihood by the
strictest industry" and, be says, "bank-
ruptcy and ruin fell upon the trading classes





the country seemed almost reached" 1t was
q long time before England recovered from
the effects of its financial depression, and only
then by series Of vigorous, commanding
efforts toward honesty and solvency. Let US
in America initiate this manly course OF
England We are now suffering, es Mr.
Hunter well remarked in his letter which we
printed yesterday, because ''we have wasted
and misapplied the capital of the country"
The late panic was due to ''ths diversion Of
the capital from profitable production to i'm
proper uses" Our whole system bas been
from hand to mouth and we are really worse
off to-day financially, far as the govern
ment is concerned, than we have been
at any time since the war. The spirit
of speculation, or the gambling spirit,
has become as much part OF our fnan-
cial life as the lottery in Spain. The pro-
tective system stimulates speculation and has
made smuggling, like gambling, almost
recognized industry. The rise OF values DUR
ing the war-which were nominal, really, be-
cause as greenbacks advanced money re-
ceded--generated this spirit Of gambling and
speculation. Our people fastened to get
rich, amessing quantities Of paper, in the be-
lief that they possessed money. Our railroads,
canals and telegraph companies watered their
stocks on the pernicious principle that values
could be declared before they were earned. We
planted railways through the wilderness and
endowed them with land grants and bonds,
and specuiated upon the ''profts that would
come from the local carrying trade" These
''local carrying trade anticipations could not
be realized certainly for fifty years, and the
whole system injured the national credit One
false value followed another false value until,
when we look around over our financial and
business life, we see our large industries
crippled by protection, our large interests
either robbed by rascally adventures or given