The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-09
porAL vAnuxzs N xoR1HzRs STATES.

will be seen by these figures that while the number
OF failures during the last year has been about the
IN We 10
that nearly onehaf Of the failures in last year
confined TO the leading ces the liabilities thereof being
over three ourths Of the entire amount throughout the
Union. This Of course Is always the result in cities
where concentration Of trade results in heavier obga
tons Another fact too to swell the amount in the
cities this year. and that Is that by far many of the
heaviest failures the results OF reckless speculation
or downright fraud rather than the ordinary OF
business Considering the enormous volume of the in
ternal and foreign commerce Of the countryside
Der Of its traders-the exceptional condition Of it's
from which it has emerged-these failures arc won
drousy few and indicate degree Of soldy and capacity
in the mercantile community most gratifying for the
present, and promising for the future
The general aspect Of the question which above all
others occupies the minds Of commercial men, to
whether the present prosperous condition Of the country
can continue must materially influence the prospects OF
trade for the incoming year. The situation Of affairs 10
most peculiar The crisis which has been confidently
and certainly the indications Of Its approach
evident now than they were year ago. Indeed, CON-
the Important Results that flowed from them the SUPER
fetal observer might be tempted 10 conclude that they
produced no commercial disaster be In store for
US as result Of the war Yet such conclusion would
be most unwise most unsafe. II Is certain we have
amazing apparent prosperity, demand and wages for
labor @ne prices generally ooyenS az ss
groundhs prosperity Is based It cannot spring from
Increased production in the last few years; certainly
country, measured by gold standard Is richer In
azabe assets than four ago may be doubted
na ~
wealthy there u no denying. The excessive currency
created by the debt Of The government % the people
imitation But long the government enjoys the
confidence OF the people, % long ts obligations are
dsprecis.icn- being largely incrssssd on The
one hand and with gradual ana sure reduction on the
other II b dhcuit TO SEQ just what shape general col
1opra lvuvno afn A. tlvuS e3n
country grows in wealth Rarely, II ever has produo
ton Of ali descriptions been % stimulated From ths
and generally stmitsSsd condition Of Affairs. ws have
information Of the most gratifying character II will bs
safe 70 estimate that at least million Of bales Of cotton
will be produced this year, worth, say two hundred mill
lions Of dolan The high prices for produce and the
exceedingly favorable autumn for agricultural operations
land : thsNcsh and West, and IL Psovidsnos bat smiles
the efforts Of tho husbandmen such Q harvest will
next summer b reaped Is there WIN not b
cess, and arc daily adding 70 the wealth 81 tie nation
ciusion that The entire production in tho United States in
the year 1850 will be nearly not quite, double that Of
draw arsiy Of foreign gold We are equally certain Of
inneAss and improved clas OF emigration, bringing
with not small amount Of actual labor, and, what
bctisv productive labor 80 that turn which way will
evidences abundant Of largely increased wealth y
the nation In the year upon which we have entered
% ~ Be s
most assuredy wi the currency continues 70 be gen
orally accepted II even It's present rate. there no
the wealth Of the country augments 20 rapid In the
year. What b there In the future 10 produce the contc
psss Reservation Of confidence what Is there in the u
ture TO destroy that conndencef
We do not presume 70 attempt an answer TO 20 impor
tant question. We do venture 10 say however, that
whatever else may precipiiats crisis, nothing will
sooner hasten than two tendencies which apparent
in many instanoeswe re:er TO extended and reckless
speculation, and 10 unwise and injudcous granting
or crodita II people could but learn wisdom from
the experience Of previous decades and adopt the whole
hope for safety and avoid tho shoals upon which 90
many have struck 10 their ruin. II must DO obvious that
specuaiiona Values 0uctuaie with violence and n.
pdity indicative OF danger and all honest and judcous
men VIII hesitate 20 venture largely The excessive
tho large accommodations OF stocks that 10 follow
and above all the uncertainty that exists all counsel pru
S ss ss rather sn sns S'1 S's
turcs
In country such - this with IN Internal commerce
credit essential. II s found 20 be = necessity In all
quarters Of the globe; u Is peculiarly 20 In tha But
extension and for tho facility OF trade there nothing
90 capable Of abuse susceptible Of Injury greatly
reucy enabled our people for time TO almost dispense
with the system return however, to peace great and
marvellous growth in the trade Of the country and the
opening up Of fields OF industry and enterprise
make Il necessary 10 again grant credts Seldom. u
ever was there better opportunity for reforming old
abuses than now; and under no circumstances could
there be greater need Of caution and prudence An
due expansion Of credits will certainly result In embar
rasemont Of most disastrousnsure, especially In view
OF the inflated prices and large stocks which are likely
sttll for some time prevail Both In amount and In
time should the limit be small and very much more than
the usual discrimination should be exercised 10 par
ties obtaining credit Men Of character OF capital Of
pacity only should be entrusted with confidence and
every means for obsnins information regarding them
Win check 10 reckless speculation the adoption Of
the safe and old rules Of prudence In trade and
70 credits the crisis may be long postponed, n not
averted; and u should come from other causs can
be met with results far less disastrous than other ideas
Our information from tho Southern States above
dica,ed 10 OF very gratifying character From our own
travellers in each OF the States from hundred OF
respondents who have renewed their connection with the
agency since the close OF the war; have sdvces which
settled and prosperity has been much greater
than could DO anticipated Extensive preparations
being made for planting large cotton crop Many OF
the old established traders still In business DESTROYS
70 be engaged therein and N they but treated with
berality and encouraged with confidence and support u
is believed that they will yet largely reduce the In
debtedness 70 the North incurred prev the war
But 10 enable them 70 do soindeed 10 enable the coun
try TO recover the rude shock rs commerce has received
North with q soil that needs only Ito be tickied with
the hoe 70 blossom with the harvest" with
gres, step onward by the South the current year. In
this view judicious credits In that section cannot be
amss provided they are granted only 70 those whose
character and general standing eniitle them 70 conf
dcnce
To aid our subscribers In determining this, IS indeed
70 assist them deciding and conserving credits general
w. Ia our aim Notwithstanding che greatest discourage
menn during the war-a great falling Oh In our sub
scrbers and . large Increase in expendtdrewe endea
vorcd 70 maintain the agency TO the standard OF use
fulnces 10 had previously attained. We are now TO
vsrded in The CONSEQUENCE Of having perfect history
Of the areas mas Of traders through most trying
son In their lives and being poasssed q an amount and
DESCRIPTION Of Information thss eaanos fail 70 be mosa
useful 10 thoss Who desire W avail themselves Of n
rendering our - thanks 70 friends who have
taned their connection with throughout end "a those
who have ors recently formed that connection ~s have
but 20 AZ that IN the year which We have entered
No hope 70 serve them both promptly and ednczenty.