The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-01-15
The Pause in Dusincss.

HcSS, w ulCu ulc more OF less Oh IL lPSSI-
innate and necessary character, with
out having added thereto all manner
of wanton schemes, born Of political
partisanship, either III Congress, in
State legislatures or elsewhere. 1t
is true-and well it is that is so-!hat
Of the crude projects or willful de-
vices Of legislation which may be
brought forward on one side OF the
other, al are not likely to become
law. Yet they have their effect TO
disturb the pubic mind, influence
the popular temper, and affect, most
disadvantagconslv. material interests,
commercially and financially. Among
these illegitimate causes OF disturb
ance has been the proposition Of
ultra radicals for impeachipg the Pre-
sident. This, we had previously
Judged, would be disquicting, and it
is well that some evidence is given to
The people, by reason of The refer
ence Of the subject as one Of inquiry,
to Il committee in the House, that so
rash and business disturbing mca-
sure is not to be acted upon without
consideration. Mr.. Stevens thinks
that the impeachment should have
been undertaken long since, and he
and MIR. Ashley, of Ohio, want nom
bcrs to give consideration to it this
Congress, although there are bnt a
few weeks Of the session, and neither
The tax bill, the currency nor the
tariff arc disposed OF, to say nothing
OF other practical matters.
But, as we have said, there are
legitimate causes enough influencing
pause and disturbance III business.
Prices, which went SO high under
rapid currency expansion in the past
several years, and which were still
further increased by the spcculations
which it cngendcred, as we'll as the
multifarious forms ;fhd rates OF taxa
ton, are settling back considerably
in many articles ci production and
trade, now that measures for the re-
duction of the currency, as we'll as Of
taxation, are receiving attention.
And though prices may not soon, if
ever, again descend to the old stand
ards in this country, there are still
such changes going on as to prevent
the realization Of the large profits on
stocks on hand that merchants have
been accustomed to for some time,
and in many cases losses are en-
tailed. Prodaction is, therefore, for
the time, checked, and business Ian
guishes- But that the prices which
still prevail for all the necessaries,
conveniences and Injuries Of lie arc
high, cannot be disputed. The final
further shrinkaSc is doubtless de-
sirable IN the interests, of the mass Of
the community; but, in the mean
time, with the Uncertainty which now
maintains, business men dare not
buy for future sales, lest they should
be unable to dispose of their goods
without sacrifice, or perhaps ruinous
losses. The mercantile classes, there
fore, at present. do business very
much from hand 70 mouth, and q
journal, which is authority on the
subject, says that prudent men are
driven, in self-defcnce, to refuse
business, rather than take the risks.
They are, not unnaturally, getting
weary Of the long suspense, which
not only diminishes the Government
revenue from taxation, but, what is
more important still, Contributes to
the impoverishing of the people, and
to the hampcring of that unexampled
enterprise, energy, versatility and
productive efficiency which arc the
secret Of that amazing growth in
material wealth in which we rejoice
above all other nations in the world
The question what will be .he future
course Of prices. then, is one which
is being anxiously asked, on Change
and elsewhere, by all classes Of citi-
zens. In every counting-room, ma
nnfactory. steamboat and railroad
car, We find farmers, mechanics,
manufacturers, bankers, agitatinS
this problem. And it is one on the
solution Of which the well-being Of
many, and the salvation from bank
ruptcy Of some, very much depends
AS q deduction from these facts,
the FmanciM Chronicle very naturally
suggests that the people need and
must have q fixed financial policy.
Congress is held responsible by the
country. Let the policy Of gradual,
safe contraction, of wise remission Of
oppressive taxation, of Abandonment
Of excessive protection, be settled
and fixed, so that every man may
know what to expect in the imm.
diate future, and then the descent
from our inflated values to safer and
more legitimate pricI may. perhaps,