The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-01-24
Business Prospects for 1867.
If we get through the present v

false prophets in this country. The
wlseacrcs have been peeking into
futurity, and as the result Of their
observations, they tell us that a gene
raj smashing of business is soon to
come. 1t may be that their predic-
tions will prove true. We have not
had general prostration of business
in the United States since 1857, and
it may be that the present year is
destined to witness another collapse.
But so far as our observation goes,
we can see nothing to warrant these
gloomy apprehensions, unless it be
the coincidence that every year end
ing with seven has, for some time
past, brought q financial panic with
it. In 1927, 1887, 1947 and 1857,
general prostitution Of trade occurred.
1t is this coincidence which now
forms the basis of all the prophecies
that are made concerning a similar
state of business during the present
year. Panics Of this kind, however,
are not the rNsnlt of chance, nor Of
fatality. They arise from natural
causes, and are the result of natural
laws of production and trade. There
are but two causes that can produce
q financial panic-thc first being a
failure of production, and the second
financial mlsmanagcment. Ageneral
tallurc Of the crops during the pre-
sent year would be very likely to
result IN financial revulsion, for the
demand upon the resources of the
country is now SO heavy that trade
could hardly withstand a heavy strain
upon production. Bat there is no
present likelihood of any such dan
ger-no more, Mt least. than there
WAS at this time last year, or the
year before. The chances Of disas
ter from bad financial management
are perhaps greater. A morbid con
dltlon of speculation, or an unskill-
full administration of the national
finances, would have dangerous
tendency. With regard to specula-
ton, however, there is less danger
now than there has been at any time
within the last five years. While the
war was IN progress, and for some
time after its conclusion, the specu-
latlve fever ran high; but now the
pulse Is slow and regular. Commo
dltles are gradually settling down in
valne-not fast enough to endanecr
the safety of dealers, and vet last
enough to give consumers substan-
tlal benefits. SO far as the financial
operations Of the Government arc
concerned, there is nothing specially
to fear. 1t is difficult to tell what
Congress will do with the finances.
but Secretary McCulloch has done SO
we'll thus far, that there will be no
cause for apprehension if he be al
lowed to continue his present policy
The Government bonds are we'll up
IN the quotations, the currency is
steadily appro; ching the gold stand
ard, interest rates are in a healthy
condition, money is easy, and in
short every aspect Of the financial
situation has an encouraging look.
Still, it Is best to be on the safe side
by keeping a sharp look out for finan-
cial breakers. 1T is always better to
be too cautious than to be not eau
tlous enough. But if we all labor
faithfully to increase our means. and
cconon!Ze closely in our cxpendi
lures, We shall sail through 1867
without encounteringa financial rip
pie, and place the prophets Of evil at
greater discount than the rebel cur
rcncy ever reached -Nc,c YoyL. .S,l,,