The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-11-29
The Business of the Country,
The New York Sun, of Friday, saws:

The New York Sun, of Friday, says:
Gold, stocks, manufactures, produce,
and nearly everything else saleable are
travelling on the down grade with full
steam on and the brakes unset. Yes
terday gold touched 127, and all the
depression. The excitement in stocks came
very near reaching the degree of panic.
Several spectators are reported to have
been set upon their beam ends by yester-
days tumble, and if the present condition
of things should continue q few davs
longer, general crash in the speculative
business will be inevitable. In the mean
time, consumers should insist upon
realizing Their share of the benefits of he
tumble IN the Wholesale markets Everv-
thing eatable and wearable has gone down
materially III the wholesale market within
the last two weeks, and yet the retailers
nave to great extent refused to lower
prices single peg. Buyers should bring
this class to their senses by limiting their
purchases to the smallest amounts consls-
tent with p esent requirements. Prices
must come down in the retail markets,
and If retailers will not drop voluntarily,
they should be forced into it by 4 parti al
suspension of purchases.
The World, of the same date, has the fol-
lowing, on the same subject:
Disguise it as they may, the business
i'll the face and asking the question, what
Of the future? Trade is staxnant. From
every branch OF business the report OF
dullness is heard. We're the drv goods
merchant the only one to complain, the
cause for his complaint might be deter
mined with ease; but ho Is not alone.
Within the past few weeks, not merely ,iry
goods, but provisions, books, and nearly
every kind OF merchantable commodl-
ties have deprecated in value. The I'M
porters of dry goods have been forced to
offer their stocks for sale at auction, and
to-day goods can be pu' chased for Il less
number OF dollars i'll currency than they
actually cost i'll gold. Book publishers,
too, are doing but little. The fall ana
early winter are their harvest time, yet 4
perusal of their advertisements shows how
meaSre IS the show of new publications
that they make English books, we hear.
are driving American books out of the
market.
The reason for this, it is not our purpose
at present to suggest, but to the fact w.
would call the attention OF the public.
Labor, too, IS becoming cheaper. Yet
from every quarter comes the CRY Of dis
trcss-save from the New England manu-
tacturers, who have made enough dutiue
the last five years 10 support them aAd the
States which they represent, for more
than as many years to come.
Inc signs OF the times are not so cheer
tul as our loyal friends would have us
believe, but they need not cause despon-
dency. Sooner or later, this inflated cur
rency. now IN vogue, must sink to its pro-
per value, and during the process many
people must suffer. Meanwhile, prudent
persons will control their expenses ~
much as they can, invest their money in
something which has an intrinsic value,
and await the good time when business
VIII be transacted oh specie basis instead
of on legal tender paper currency basis,
which is as tickle as the wind and about
as unreliable.