The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1854-11-29
Failures i'm Business.

papers and other periodicals, as to the cause
of the present embarrassment among busi-
ness men throughout the country. No one
thing can be chargable with all this crashing
and break ing in the business world. The
drouth may have done something towards
Fastening it, but it is not the origin Of the
difficulty. 1t lies still farther back 1t may
be attributed in part, to the habits, customs,
and management of business men, and not
in all cases, to unavoidable occurrences.
Every year and month adds 10 the number
of time and labor saving machines, the OBJ
ject of which is to facilitate industrial ope-
rations in Manufactures, Agriculture, Sci
ence and the Arts. Every useful invention
lessons the amount Of labor necessary for
men to perform in order to obtain a subsist-
ence. In proportion as new Improvements
come to the aid of our individual labors, Just
in that proportion ought we to increase in
wealth and prosperity. Yet the history of
business men in this country shows that such
is not the case. Improvements have been
made in every department Of business enter
prise. Railroads, Telegraphs, Moving Ma
chimes, and Thousand other Inventions have
increased our facilities for doing business
1t does not take hall the time or labor to &C.
complish given amount Of work that was
required fifty years ago; and yet there are
more failures among business mer, more en-
barrassments, and there is more suffering in
consequence of reverses in business. Now
is there any necessity for this state of things?
We think not; at least it may be avoided in
very many cases.
In our large cities especially, extravaganza
and carelessness it is thought, have much to
do with embarrassments in financial matters
Speculation runs wild, at times. Men are
not contented with the plain careful econo-
my by means Of which their fathers acquired
property. They must do business on a
grander scale. Fortunes must be made in
day. While credit can be obtained, there is
scarcely limit to their speculations. The
result is, that recklessness too often takes
the place of prudence-extravganc the
place'of economy, and rashness the place of
wisdom. This fast age is full of fast men,
who, while they are willing to spend the mo-
ney accumulated by their fathers, would
scorn to gain a livelihood as their fathers
did. The idea that man must " earn his
bread by the sweat of his face," is getting
too much out Of fashion. The number Of
consumers is far greater than the number
of producers, and there will be pancs and
embarrassments SO long as this is the case
But the extravagant and careless, are not
the only persons VINO fail in business. The
most careful, prudent and honest citizen of a
community may be forced into irretrievable
bankruptcy in consequence of the impru-
dence or dishonesty Of others with whom he
may be connec ted in financial transactions.
A single example may serve to illustrate
this fact. An honest hard working farmer
or mechanic, who has gathered up a thou
sand dollars, deposites it in some one of the
Banking Institutions Of the country. The
Bank fails, and he loses every cent OF his
earnings. He is unable to meet his pay
nients when they fall due; his creditors are
anxious to obtain their money and cannot
wait. In default Of payment, his property is
sold at forced sale, for two thirds its value.
Ruin and disgrace is forced upon him thu ough
the dishonesty Of others. Such cases are
frequent The interests of the business
community, are so connected with each other,
that one failure nav cause dozen others.
During the present "hard times" there
fore, some good and upright business men,
in different parts Of the country, may be
compelled to suspend, and make an assign
rnent. This money panic however, cannot
last long. Storms try the timbers of ship
ane those banking institutions, and CONNER
ciai establishments, whose foundations are
insecnEe, will be forced to yield. II is bet
teftlatthey fail now, than at some future
tifnes4when their transactions, are more ex-
tended. BY and By, after the storm has pass
ed over, business will be revived, confidence
again restored 10 commercial circles, ant
wealth and PROSPERITY attend the labors Of
our reople.