The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1867-10-18
Interesting Heading ON Every Page.
THE PROSPECT.

We despise croaking and have no faith in
orosksrs, and we will not willingly contribute to
produce distrust In the business community but
the PRONUNCIATION Of what Ia inevitable, what
in the nature Of things must come to pass
in the progress of events, Of what is as certain
to happen as that effect will always follow cause,
Is not to croak. Timely warning Of conf ng
events in the business affairs Of the country,
which always cast their shadows before them,
ia not ill.timed nor out of place. 1t does not
require q prophets vision to foresee that oil
trades will during tho coming winter, be at q
low state, II there is not a general stagnation.
Labor will be in comparatively slight demand,
wages low, employment scarce, and prices Of
living bid fair to remain at their present rates.
II one will take the pains to examine the trade
sales Of dry goods and some other commodities
in Now York and other large cities aud centres
ofbusiness, no may observe some considerable
activity, to DO sure, in . general way, in the
Wholesale line; but by careful scrutiny he can.
not fail to SEQ that in many instances prices
range even lower for some articles than before
the rebellion. This 10 . certain indication that
many people are in need of money, that capital
AS is frequently the case-is entering upon one
Of Its timid periods the pressure in the money
market is growing more and more Stringent
hence We SEQ many people obliged to resort to
forced sales; but while this may protraet the
fnal catastrophe Of the financial rsvulsiOn, 1t
cannot prevent the crisis, which 10 bound to
come.
Long loans are now out Of the question, and all
paper is pretty thoroughly examined, and must
be proved good before taken. Those who have
done an extensive credit business must feel the
pressure first, and they will, as is always the
case, struggle BY numerous sacriGces to keep
themselves aloat 1t requires no particular
foresight to sec the ruinous effect Of such q
policy, because those who are reached first, and
who resort to such practices to save themselves,
must fail in the end and in going down, must
carry others with them; and when the crash
cones--as come it must, unless there is .
rapid taking in Of sail-vho can tell where ii
will end
Now it may be asked what is tho cause Of this
state Of things The answer Is plain enough.
There is but little work going on which stimu-
lates labor or puts it in actual demand. We are
building scarcely any manufactures of any de.
scription. ship building is very uncomfortable.
In all enterprises which require labor and CAPT.
tai there is but little doing. In short, in al
Industrial iNnartments and pursuits there is q
marked want Of vigor.
There is, TO be sure. a sort Of fever in stool
speeulations giving an appearance Of activity Ii
certain business centres but all this is deceptiv
and fnllaciouS. John Smith and Sam. Jone
may speculate in stocks, and money may pas
from John S pockets to Sans but nothing /
added thereby to the accumulative wealth of th
country. Wh'n wo are building railroads. fac
tories, anil machine shoPs-in short, when W
are doing work which develops our latent re
sources from the earth, and labor is in demand
employment abundant, and wages good an
sure-then we may look for prosperity and fC
fair returns in cash values.
There is another influence OF Grating viz: Ii
contraction Of the currency. And this is no
pretty likely to continue in spite Of the protests
tions Of the inRationists, till we In some va
reach specie payment. When this is aga
reached, the country will go on in its career
prosperity. In the meantime, let everybody
cautious and economical and refrain from q
such expedients in business, expenditures,
speculntions.