The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-05-30
COMMERCIAL DISTRESS, DO.

But turn We ''from grave to gay. from
lively to severe" The stringency of the mo-
ney market here, chiefly caused by the scarcity
Of produce in the country, and the almost
impossibility of making collections from our
country customers, Is subject Of sore COM
Paint. So severe Spring upon our jobbers
was never before experienced. Two causes
have consplred TO produce this unfortunate
condition OF things. Firstly: Everybo in
the country that could raise a hundred dol
lars invested it in Western lands-wlich. as
John Unit would say, won't pay sir,n-in-
stead of paying the.r debts. Secondly: All
! the surplus produce. and much ct the reserve
Tor home consumption. was thrown into a
high priced market leaving the country bare I:
produce being converted into Western lands
instead Of merging sto regular channels
| The revulsion is now bcing experienced
country merchants ntst repleHish their
stocks; but they haven't paid old scores; so
they must get extensions at 10 per cent. and
pay higher prices than if they had been
| prompt, while our jobbcrs must now stand
the brgnt of heavy shaves. as they must pay
briskly "shinning il" among the MONEY!
changers. They suffer nosc. but the country
will be made to pay for it eventually. In
TACT lsis already paying for it IN the shape
OF % and loo per cent. advance on the very
| produce 1t forced into an early market. For
tunateiy the country has resources to enable
u TO stand mp under the burthen. But it is
an agreed fact that no other city in the Union
could stand up under such times as we now
experience. And paradoxical as it may ap-
pear, we are indebted for our comparative
sonndness, TO the fact that we have had no
banking capital on which to rcly Our solid
| houses have been taught the severe necessity
of depending on themselves; have inrolun-
tarily learned hard lessons of Prudence; have
| been protected against self-inhaton and ru-
inous expansion, and thus have prosecuted
trade on secure basis. Therefore, many
| that would have swamped, sustain them
selves stifiy. This, however, is no argsment
| against Banks. So far as general interests
are involved, we would to-day have been
| mueh more prosperous, a. a communitu il
we had enjoyed $50, 900 900 banking capital
what we require and must have.
let- some failures are expected. 1t would
be remarkable. If in city so populous, with
| such varied interests, weak houses abound-
ing that are inspired with mbition for motto
riety. we should escape. About the month
OF August look out for the suspension of sew
eral dry goods jobbers. sundry elothiers. and
! probably hardware house or two. Some OF
them must come down. One (Jew) clothing
house has already succumbed, another is
t;fmbkng, and general impression prevails
that others must follow.
Our grocery men. liquor dealers, iron fac
tors, queensware jobbers, produce merchants
de-, are generally considered safe and sour d.
or the jobbers. queensware men have proba-
bly, done best, but their trade is to the dry
goods trade in magnitude as 2Osnd 2s <
to 100; hardware men have probably done
poorest; grocery men have done well produce
liquor dealers and manufacturers best of all
But with Distress depressing some elements
| of economy, it is yet unquestionable tina,
Cincinnati never has given more unmis-
taxable evidences of vigorous vitality, I'll an
we now recognise constantly.
In my next shall endeavor to collate gen.
eral items for the deleetation OF tho Journal
readers, Till then rsrbum sat. w.D.B.