Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1858-02-06
Great E4eyuEsis5n of ss55-Busi-
mess of the New Year-PEaIm
Facts without E'sattery.

Iof the business and prices Of 1853. They
make out that business will resume as sud
denly as it closed last year and that the
tpalient is out Of danger. We knew doc
tor once who always cured bis patients
they were always growing better under
his treatment till the very hour Of death,
for die they generally did. We are op-
posed to this way Of curing diseases, and
prefer having the patients case reported
lust as it is. i.si'isa .@+ t's'9sa
Horace Greeley has been spending a
few weeks in the west, and he thus writes
to the Tribune his candid report Of the pa
tent:
| The business of new year is just be-
ginning, The plans and engagements
which will largely control it are now in
process of formation. The best intentions
and resolves will not, indeed, insure a line
of conduct in perfect consistency Herewith
but it is very certain that we shall not, as
community, do betterthan we intend
On what principles, then, we urgently ask,
! is the American Trade of 1858 to be
conducted! by what rules is it to be gov
Termed
| 1t must be steadily borne, in mind, tho
the first fury of the commercial tornado is
spent its disastrous effects have by no
means been fully realized and proclaimed.
There are still thousands who hold their
heads quite high, including many who
even esteem themselves wealthy and pros
porous, who are nevertheless this hour in
solvent, and must soon be proclaimed So
The country is fairy covered with the
wrecks of the great hurricane, some Of
(which are covered by ether wrecks Or oth-
erwise shrouded from observation. Many
an honorable merchant supposes himself
solvent and forehanded on the strength Of
bills receivable, which will neither be paid
at maturity nor ever. There are thous-
lands of mortgages in existence and sup
posed by their holders to be worth their
| face, which will never command the half of
lit. To say nothing Of the RailroadSlocks
and Bonds which are not worth the paper
Ithey spoil, the amount Of variegated but
t ali worthless promises to pay wherewith
the whole land is. pastered is enough to
put the entire gold product Of California td
Iopen shame.
We know how general is the belief that
the interior is full Of unrealized wealth, in
the shape Of Grain in the stack or the
stock, only awaiting the opportune mo-
n Mt to rush to the seaboard anil extin-
guish all outstanding mercantile INDEBTED
ness ''Oh, the turner's are ricl," is al
legged on every side, ''and, when they sell
TIER crops, al will be made right No
calculation was ever more falIacioas. A
good many perhaps st-farmars will
tbe able to pay>their own debts when they
Eshail have marketed their crops; but this.
! will fail far short Of clearing of the mer-
IcantiIe Indebtedness Of the interior Il re-
mains to be proved that the owners Of the
surplus Grain and the debtors to the eoun-
ltry merchants are the same, and not two
VERY different classes. There are town
ships, and even countess which possess the
wherewith to pay all their mercantile in
Idebtedness but those who owe the debt
do not happen to own the means which IN
doubleday exist for paying it.
Let us state few facts. Tn flourish
ing young city Of Wisconsin, three mer
camille firms, all respectable and hitherto
lin good credit, were recently constrained
to make assignments. One Of them owed
tIlirtv-five thousand dollars, and showed
bills receivable (good and bad) to the a.
mount of ten thousand; another owed
something over twenty thousand, and set
forth bills receivable (all sorts) to the a
mount of eight thousand. Each Of course
had some goods on hand--not many, for
they had purchased little since last Spring
not to speak of "Real Estate which
they valued at ten thousand, and which
might possibly be sold for two thousand.
1t can hardly be necessary to add that
the farmers may liquidate every farthing
that is due these concerns, and yet they
cannot pay fifty cents on the dollar
There are good many such mercantile
concerns, aud they are by no means confn-
led to the West.
The vital truth is, there are (orrecently
twere) four times as many persons engaged
I in Trade as there should be, and the main
linciting cause of this burdensome misdi-
Irection of effort is the fatal facility where
with goods have been bought on credit
Almost any youth, after serving as clerk
for year or two, could gather in score
of commendatory letters, on the strength
of which he could buy several thousand
dollars worth of goods in any Of the great
lseaboard cities. Thus launched upon the
sea Of Trade, without capital, capacity or
adequate experience, but with
the means of gratifying every appetite and
Iwhim so easily acquired, what wonder II
he launched into prodigal expenditures,
married and furnished a house, bought a
store, dipped into land speculation, and
Subscribed generously to the railroad fond
Ily expected to make a city Of bis village
paving all from the proceeds Of the goods
JAN but thrust upon him? Of course, the
lroods themselves he cannot pay for; but