New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-30

hoo, o.,,;sd m there hsys been Inducements to To-
vest ir corpora.iors 40 7T 600 the sggreeaS amount
Of capital Il the sun.Ied liz Of hsnu,tc'u'nE III
pan.a ard AZ enormous amount addlti"osl ih IDu.s
an. RAT, on private account j. follows tnst WIN n'o
economy in tie echsocal sod fssnci.l HtparIheu
su@0uaf. retnrps will ere long be msie' rsr'eI's
sind ~ p'opeIty Z ore Desirable tnan Guy NJ 80
naIL.t The bitter experience Of The p1't 1Nnignt,
by wbi.b Fome II our oldest and hesviert domestic
mission houses have beer obliged 10 ask an eh-
rsior If credi; their Liabilities, indleates no. ~
much the fault Of management In their resPecuNe
The absolute falsi.y VI Inc system uuuei WIN"
they have ishored. ,o.,
Stiu us'ed by the brisn' success ot lsi9 20 1891,
rev nil. have been built from the profits OF fhe OLD,
tai the ,ses OF goods by the leading houses have been
doubled in ten years. While the raw msfenas were
low, ard the dsmard for manufactures undated,
while tie Initiation Of the currency vas going on IN
every part of the country unobserved ana tne'eore
IbecBed while every request for extension Oh cred
yss suIp ,ted the manufacturing interest," regarded
by the pubic az in its highest stage OF prosperity was
VI derminpg the basis OF its permanent success In
timately connected With the banking interest the nns
nom az the currency and of manufacturing credits,
we've part ard parcel Of each other Ii the mills, with
co,tor at eight cents and wool at thirty cents possess
&c smpe quick capitsl when one rose % fo.y cents,
ard the other 10 twelve, the banks were relied upon
through facility of dscouDtng four to six months pa
Per, TO furnish the deficit OF available means: Wne9
IN process of time and wool rose 20 fifteen and
fty cent? and bank losDs were carried TO the highest
limit allowed by law, the mills resorted TO the street
fer discounts Yet stated at the outset there no
caase fer sarm. II s not too late 70 redeen losses
and 10 brig at an esIly day, our stocks to par II
cur agents have erred in length and character OF
credits the conservas of some OF our directors has
il measure neuraZed the losses to which our mtls
sie row exposed. Through all this Sc ison OF pros
pe!ty mary Of our best mills have accumulated hesvy
smoui s TO fhe credit of guarantee account have re-
uced The valuation of real estate and machinery, and
have resisted. good purpose, the almost overwhelm
ing mania long credits. When the Storm has passed
by' ruch concerns Will be- found with II cir original
capitals urinpared, and their stocks will command
proporonate prices in the share market.
A movement has already been made to reduce
CREDITS on domestic goods TO six months why tho re-
dcctlon was not made to four months does not clearly
srrear. The competition of New-York and Philadei-
pha il urged as an argument agaiost it. But the mills
of NewEvgand possess every ,lty for cheap pro.
duciion aid therefore can plead no excuse Tor acced
no 70 the ruipous terms on which business has been
zone in other places BY bringing sales OF goods to as
near cah as possible there would be less artificial de-
ma1d and. in ts turn, less over.production. Any
reform which has in view less conservative plan Will
fall far short OF remedyirg present evils"