New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-07-15
THE TRIBUNE.
For The Tribune.
History of the Silk Culture -. No. II.

States began to call public attention to the cui
re Of Silk; and between that date and 1888
several documents Of great value were issued by
that body designed to difiuse information and
awaken general interest in behalf of this busl-
ness. Some of our State Legislatures also acted
IN reference to the same end; and IN addition to
his, about one half Of the States enacted laws
granting bounties upon cocoons and rcelcd silk
silk Journals were in due time, established ;
and the newspaper press throughout the country
generally cxcrted friendly influence IN behalf Of
this new and promising form OF home industry.
Mucb general information was thus diffilsed, the
nblic mind was arrested, and a very desirable
measure of confidence inspired
AS matter ofcourse there sprang up grow
ING demand for mulberry trees. As was men,
toned, this demand was supplied by our nursery
men, and by those who had actually engaged in
Growing silk, and in connection with that bust
ness At first there was little or no buying 10
sel--lttle or no speculation. For ten wears, GER
tanlv, there was no general excitement on the
subject The trade in trees therefore, was per-
iectly healthy; and continued so up 10 the fall
Il 1888. At this time new state of things be-
gan TO be developed. That spirit OF speculation
sth which the country was filled, and Which
had expended its fury upon Eastern lands and
Western lands, and village lots, and fancy stocks,
and about every thing else bearing the name Of
property, fastened its deadly 1angs upon the lnul-
berry trade. Trees at once took Il sudden advance
10 40, 80, and IS cents. The whole community,
throughout our widely extended territory, seemed
tobe moved, and all men ready to embark in the
silk business. In the expectation. therefore, of
quick sales in the Spring, trees were extensively
Nopagatcd IN the Winter, in green houses, and
upon the tropical islands Orders were also sent
10 France for large shipments, all which were
ready for the Spring business. Still the supply
did not equal the demand, and prices advanced
nSl and 81 25, and, and in many cases vet
higher. Men of small means, and large means,
and no means, were all eager to go into the SIX
business. And there were small investments and
Large investments all sums from $50 up to as
many thousands. Every body must needs have
thing. Not one in ten thought any thing, cared
any thing, kaclc any thing, or ever wished to
know any thing, in regard to the appropriate use
the mulbery-making silk. Tue, indeed, TO
put on appearances, they might or might not,
on which their eyes were ixed-the tree business
that filled their every thought, sleeping and wax
ing; and limited the utmost purpose of their
mind And this it was that laid the foundation
for their own disappointment and the utter pros
ttaton of the trade. With an exclusive regard
TO the large profits expected from trees, they
could not Of course stop to study the general sub
get, and in many cases they were intellectually
incapable of understanding the large, comprc-
hnslye views, on which the business, as bust
ness of the country, rests. Hence as a body,
they had no intelligent, nelt-baSed confidence
IN the merits of the business no root in them
selyes"-nothing by which 10 bear up against
any pressure of outward ditiiculties-dtlicultie
that were even then gathering and thickening
upon them, albeit they knew it not. ] state this
point here, and thus distinctly, because the final
catastrophe cannot otherwise be understood.
In April and May the trees were planted, and
as carly as July contracts began to be made for
Ice growing trees and continued TO be made
through the Summer at prices ranging from ID
to3l4 cents. These were about the prices which
we're anticipated TO show the disastrous bear
ngs OF the monetary affairs Of the country on
'ais business, 1t Is necessary to say that the
contracts here referred to were to be consumma-
led when the trees were done growing-in Octo-
her, So also, in many cases in the Winter and
SNng, trees were bought to plant on credit, on
lunds hired to pay for them, depending on the
Fail sales to meet the engagements. Thus about
Ncontracts connected with this busincsS--con-
facts involving millions OF dollars, and extended
alover The Atlantic and many of the Western
sfates were thrown into that month. IN the
meantime the financial affairs of the country, as
you and all business well recol!cct were
growing worse and worse all that Summer. The
Oaaks were shortening their discounts from
month to month, until the oh of October when
me United States Bank failed for the second
ame. Upon this all the local banks stopped dis
counts. and those South and West Of Newly rk
generally stopped specie payments. This most
cSastrons turn of things threw about all our bu-
NneSS men IN the land into scenes of sudden and
'a@oked for embarassments, and mu!;ltudes
were al once involved in hopeless baniuuptcy.-
and that ;RoatA, the asonth Of October, 1899, Is
Oaint indeltbly upon the rccollections CT thou
sihds OF cxcecn. men who will never read this
incidental reference to their past sutierings.
hut these mulberry contracts, large and small,
aonghout the country, as before stated, all
ane along IN that i.fated month. And what
saS The necessary consequence Why, 1t was
general and simultaneous failure among the
@a'rac'ors, especially the large operators, who
T9enaed more directly upon bank facilities to
meet their engagements. What was the next re-
sui! An immense a,noun. of trees were thrown
'ees upon the growers, and at once into the
Market 10 be got of at forced sales. This OF
curse caused 4 sudden and a great depreciation
| dprices.
RESOURCES AND ADVANTAGES OF MicHIcAN.-
ins State possesses Agricultural, Manufacture.
as, Commercial and Mineral advantages, supe.
rN Ill ~, IL.