The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-12-28
asgttIh hnoIpart, OF lthae 3 ooiuut Z, q IL ial

sf 1nen05 part OF the country Is IN 3
dastfY ut 90 low an ebb, capital ssD
unrenuneratiye in its ingestnen ents,i
and their Joint products 60 poorly
| paid for, as here in New Eng land 5at
the present time. The special Ges Of
our Skilled labor, which were once d
source of wealth to the capitalist and
profitable employment to the people,
are now q drug in the market, and
refuse to go into consumption at any
price. They are relatively much
cheaper than the agricultural pro-
ducts of the West aud South, or the
raw material products of the Middle
States. Not only are our manufacto-
ries 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 shoulders the depreciation in
prices principally falls. And the
situation with us is rendered still
more severe and trying, from the
fact that our foreign commerce and
its dependent interests continue in a
depressed and crippled condition.
In fact, the noble race of importing
and shipping merchants, once the
pride and boast of our New England
sea-ports, whose ships ploughed the
waters of every sea and poured into
our markets the wealth of every
cline, are now, alas! falling into
comparative decay. Our mercantile
marine, swept from the ocean during
the late war, involving loss of mil
lions of capital not shared by any
other section of the country, shows
no sign of recovery from the blow"
We have shown what the condition
of things are in two sections of the
country. Of the South it is needless
to speak-she is on the verge of uin.
But the general impression seems to
exist, that the great West, the grain
and provision producing section OF
the country, is much better off than
the others. But the New York Err
press says:
cit is not atall so. The community
is one body, and when one member
suffers, the others feel it. Complaints
come thick and fast from Illinois,
Iowa and other sections of the North
west. There is universal distrust and
universal stagnation i'll trade. The
farmers and mechanics buy nothing
of the country merchants; the coun-
try merchants, consequently, cannot
pay the Chicago and ST. Louis whole
salcrs; and these latter fail to meet
their obligations to the New York
jobbers. Money is not to be had.
No one dare venture into any manu-
featuring or commercial enterprise,
because of the uncertainty of the
financial future. No business, how
ever we'll planned and we'll managed,
can be safe so long as this uncertain
ty continues. Distrust is the mortal
foe of enterprise, and distrust can
only be removed by the adoption of
some fixed financial policy by Con-
grcss."
We have thus presented to our
readers, from few of the exchanges
on our table, the terrible condition
and utter prostration of all business
enterprise, in every portion of the
land. It is no wonder that the hopes
of the most patriotic and sanguine
are fast giving way to despair. What
the end will be, God only knows, and
to Him alone can we now look for
succor and salvation.
FROM WASHINGTON.-T Wash
inrton cOrreSponIent of tbo Now