The Elk advocate. [volume] (Ridgway, Elk Co., Pa.) 186?-1868, 1867-01-31


son has sent to the Senate his veto OF
the bill making colorado u State. His
reasons are ably stated, and it is certain
that he does not pay much attention to
the impeachment propositions.
The following sound and seasonabIe
advice to business men, We copy from
the United States Economist anil Dry
Goods Rcpcrtcr. That journal says;
We know of no sentiment more hand
some for men Of business to eater upon
the year with, chan q deep conviction
thatits fortunes are very much under
their own control. Much less OF the i'll
fortune Of the past year is due to the dit-
fcultios Of the times than to capitalists
not regulating their business intelligent
ly to the condition of things. They act
upon old rules instead OF remembering
that changed circumstances call for new
modes Of management. In nothing have
manufacturers for instance, erred 50 Sc
riously during the past year as IN bllnd-
" turning ont all the goods they could
produce. instead of first inquiring what
amount the country would be likely to
take at such prices as they could afford
to produce thcm at. 1t is this neglect
Of regulating ,he supply to ihe probable
demand that has caused most OF the los.
ses of 1866. And it must depend chiet-
" upoD the degree to which this cards
nal rule Of manufacturing or merchants
inc is Observed, whether 1867 is prof.
liable or losing year. 1t rlust be taken
for granted that the year will be charac.
teri2cd Ly continuance Of the difficult
ties which have beset business during
1866. We are in a process Of a return
toward lower prices The merchant has
TO meet the certainty of a constant
shrinkagc of values, aud the mauutac-
turcr to calculate upon study decline
in raw mater ials SO that he is constant
" liable to find that he can produce
goods at lower price than he can afford
to sell his stock al. This is the chief
difficulty with which men Of business
have to contend. 1t inevitably reduces
their profits, and this fact being well
understood, there is an inclination to
curtail the facilities of credit, which a,
gain constitutes an important embarrass-
ment. The prudent course, under such
circumstances, is to hold the lowest pos
sible stocks. Adopting that course,
riks at the decline in prices are reduced,
and there is constant pressure upon
production, which, acting finally upon
raw materials and labor, tends directly
to cause prices to approximate the nor
NAL level as nearly as the case admits Of.
1t is principally in the observance OF
this very plain rule that trPd ders and pro.
ducers possess an almost absolute control
over the future course Of the markets.
Many are diverted from this very
simple principle of regulation by imag-
lining that Congress eau legislate affairs
into healthier condition. BY tighten
iue the tariff screw and easing the tax
screw, they imagine that the whole Sc
ries of commercial arrangements will be
remedied; and they consequently spend
the time III boring COHSteoS u tluheI
the tariff, which they should occupy in
an intelligent effort to regulate their
business by the condition of affairs a.
round them. 1t is this foolish attempt
to adjust the condition Of things to the
position of trade, instead Of adjusting
trade to the condition of affairs, which
is the bane of our capitalists. They are
opening the new year with humilia-
ting exhibition of their lack Of business
sagacity. by crowding the Committee of
WAYS and Meaus with petitions to in-
crease the ''protection" Of domestic man
ulactures and the fact of so much reli-
ancc being placed upon the lmpotent ex;
Incidents, is one of the worst auguries for
a iudicious avoidance Of the difficulties
which must beset business generally.
I'pon the whole we see little reason tor
hoping that the community have learnt
much for late experience; and the en-
barrassments being the same as last year,
it may be presumed that the blunders
and the misfortunes will be about the
same also.