Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-05-14
THE TELEGRAPH.
B AT H N E:
THURSDAY MORNING, MAY IA.
"DIsTREss DIsTREss!.o

/
mediately dependant on foreign commerce, there
has hardly been time since the adoption OF the
| Constitution of the United states, when such
| universal stagnation of business, want and mise
ny pervaded the whole country as mt present.
This general prostration has not been brought a
bout by any sudden and unlocked for event, be-
| yond the power of human wisdom TO control, but
has approached by degrees, and was clearly
foretold and pointed out to rulers by the
Wing members of Congress But they had no
ear for any thing but that which they considered
beneficial to themselves and their party-their
wild experiments must 60 on even at the expense
of a nation prosperity. When the party which
now msrnles our country ok the seats of pow
err, they found all branches of industry enjoying
prosperity and fairly rewardng the laborer for his
toll. We then had a currency unsurpassed; but
it has been destroyed and with it, the great inter-
ests of the country have been broken down. Look
at the following picture which the New YORKER,
a neutral paper of high character, gives of the
present condition of the great city of New York.
! ave have at length arrived at what should be
the very acme of the business season, yet busi-
ness is languid and unpromising. The Southern
Spring trade of our City is nearly over, and
has proved lighter than thatof any one of the
last twenty years-far lighter than that of 1887.
OF the merchants only slender portion ave
the means of dscharging their pre- ssinp liabili-
ties; of the remainder large share can with
difficulty keep up the appearance of solvency-
and many more cannot will not increase
their Indebtedness by any considerable pur-
chases. Trade is seriously curtaed whefey-
er it is not paralyzed and the number of hope
Lace fail eli IL Al.
city but throughout the State, and we believe
throughout those sections Of the Union not essen
tally bankrupt before, exceeds that of any four
months proceeding since 1919. The tide of pc
cunary disasters has at length reached the foun-
tain head the Importers of our city are embar-
rassed, and have suffered enormous losses.
ain fine, we have at length reached what we
have long talked about-a reduction of our
prices and business to some thing near the Specie
standard. Real Estate, Produce and Merchan-
die are already nearly down to their hard money
vafue.''
The EXPRESS if possible presents a still more
gloomy picture, and gives US facts to sustain it.
From the Express of last week.
"New York is more PROSTATE than it ever has
been, even during the periods of embargoes, non
intercourse and war, which prevailed from 1903
to 1916 Real Estate is below any point il has
ever touched. Fine stores rent for less rates than
ever. For an example, those fine stores on Broad
way, above the Bowling Green, running through
to New street four and six stories high, and which
rented for SIX thousand dollars per annum, now
rent for six and seven hundred dollars. In many
parts of Pearl street, the falling off is nearly in
the same proportion. The dry goods interest, as
a body, was never more PROSTATE, many of the
Oldest firms, that have stood the test of quarter
of a century and more, have within the past year,
been compelled to suspend. Most of the sns-
pended houses of 1887, which got time to liqui-
date their debts, have been unable to meet their |
first notes. There is less building in the city than |
there has been for years Mechanics wages were
never lower, and not half of them are in en- |
ploy. Good jolners are glad to get employment
at fifty cents and found. Every branch of bust
ness and trade, save and except one, and that is
the shipping, is in most ruinous state. The
mercantile community, as whole, have not made
their expenses for two years past, and until within
very few months, the shipping interest has
been as bad as any other. Some of our finest
packets run all last year, and not only did not
make any thing, but brought the owners largely
in debt. The banker and capitalist are no better
off, there comparatively few that can employ
money, and fewer still who can give security
The consequence is that there is a larger amount
of idle capital than ever has been known. Large
sums have been loaned at five per cent per an
mum. All this is faithful picture, not by any
means over colored. The facts here set forth
edge"
We have selected New York to illustrate the
present aspect of the times because it is through
her that the pulse of the nation beats strongly OF
feebly prosperity adversely predominates
1t is to her that the South and West 90 for sup
plies of merchandise, and there that large por-
ton of their agricultural productions find a mar
ket. She is also the centre of commerce, en-
phatically the commercial EMPORIUM of the
UNION. The South and west have gathered in
an abundant harvest; but owing to their PROSTATE
condition and the low price of their productions,
they have been compelled to suspend, for the
present, their usual trade with New YoRK-
Thousands and thousands of laborers are out of
employment. Common laborers have recently
been hired in the western country for thirty seven
and half cents per day. Good mechanics, in
the city of New York, have been obliged to for
sake their trades, and seek any kind of employ
ment that could be obtained, such as the loading
selves and families from starvation.
What does the dominant party offer as reme-
dy for all this agony? When the people call upon
their rulers to stop their ruthless assaults upon
nations happiness, how are they met Is it with
listening ear and exertions for their relief? No,
but with cold Indifference, and an attempt to force
upon them that truly aristocratic measure, the
Sub-Treasury system. Their remedy is to divorce
|