Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-12-30

I4- The fact that we are not alone in
the depression Of the times and in the
stasnation Of every manner OF business
speaks this at least, that the cause, what
ever it may De, is universal throughout
the country. Having been on a prodi'
gious spree, we are having rather pn-
pleasant time getting out Of it. 1t is not
Memphis alone but Boston also, with
which we may shake hands in misfor-
tune. And when Boston begins to thrive
again things will brighten with us also
probably not before. We have at least
the satisfaction of knowing that there is
no local cause which makes our own
city an exception from the rest Moth
ing is more certain than that the ruin OF
one great interest is the destruction of
all, and that the sections aud cities OF
the United States will suffer or thrive
together. The Boston Commercial Bul-
letin speaks thus of the present situation
of New England
In no part Of the country is industry
at so low an ebb, capital so unremune-
rative in its investments, aud their joint
products so poorly paid for, as here in
New England at the present time. The
specialties of our skilled labor, which
were once source of wealth to the
capitalists and profitable employment to
the people, are now a drug in the mar
ket, and refuse to 90 into consumption
at any price. They are relatively much
cheaper than the agricultural pro-
ducts of the West and Soath, or
the raw material products of the mid
die States. Not only are our manufac-
tories closed, or running on short time,
and our mechanics and laboring men
by thousands thrown out of employment,
| but our commercial classes are suffering
| immense losses from the stagnation OF
trade and shrinkage in merchandise
values. The latter are obliged to carry
not only the products of New England
commerce and industry, but also, TO a
great extent, those of every other section
Of the country. Hence, upon their shoul-
ders the depreciation in prices princi-
pally falls. And the situation with
us is rendered still more severe and
trying, from the fact that our foreign
commerce and its dependent inter-
eats continue in depressed and
| crippled condition. In fact, the
noble race of importing and shipping
merchants, once the pride and boast of
our New England seaports, whose ships
ploughed the waters of every sea and
poured into our markets the wealth oi
every cline, are now, alas falling into
comparative decay. Our mercantile
marine, swept from the ocean during the
late war, involving loss of millions oi
capital not shared by any other section
of the country, shows no signs of recov,
cry from the blow. The high cost OF
labor, and the unfriendly policy Of the
Government in imposing tax on ton.
mage, and discriminating against ship.
building materials, have prevented
any attempt to repair that heavy loss.
Our ship-yards all along the coast,
once resonant with the lively chorus OF
the ak and hammer, are now silent and
solitary as our graveyards. The Cana
dian reciprocity treaty, which once
brought large and profitable trade to
our seaboard Notwithstanding cheap
lumber for ship.building-has been
suicdally abrogated, and the raw pro
ducts of Canada and the maritime
provinces, which were sent here to ex-
change for our West India goods and
home manufactures, now pass by US to
other markets. This is a faint picture of
the Eastern situation, and Of what New
England has been called to suffer on ac-
count of the war and its sequences.