The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-01-13
WIIlfUnSJ
GRATIFYING CoNCLUIONS.

r- GRATIFYING CONCLUIONS.
Among the encouraging statements to be
found scattered through this eminently hope
full report are the following, which, though
taken out of their logical connection, will be
found of interest:
The most noticeable results, drawn from
purely domestic sources, which present them
selves as evidence upon the subject of the
present condition of the industry and capital
OF the country, may be grouped as follows:
First-lmmigI alton, which continues to
flow with uninterrupted volume, at the rate
of over 100000 per annum; making positive
yearly addition to the wealth and producing
capacity of the country of not less than one
hundred and fifty millions of dollars.
Secoudly-A continued increase in the in
vention of machinery, and the periecting of
processes for improving and cheapening pro-
ducts; as is more especially made evident by
the returns of the Patent Office-the whole
number of patents issued for the eleven
months ending December 3, 1867, being 10,-
907, as compared with 9l00 issued during the
corresponding period of 1866, 1920 tor the en-
tire year 1860, and 4637 for the year 1864.
This verye remarkable increase must not
however, be accepted in its fullest extent, as
illustrative of substantial progress. 1t is so,
undoubtedly in great part; but, on the other
hand, the real value OF many patented i'm
provements, As additions to the substantial
wealth of the country may well be doubted.
Thirdly-All increase in the quantity and
value of the national agricultural products
the aggregate crops of all kinds for the year
1867, although less In some respects than was
anticipated, having exceeded, both in guam
titv and value, those Of any previous year.
Fourthly-An increase in the capital invest
ed, and in the number and capacity of eStab-
lishments for manufacturing purposes. In
order to obtain some certain information on
this subject, the Commissioner, at the COM
mencement of the last calendar year, institu-
ted measures for collecting and recording such
data relative to every departmental of industri-
al proSress'as were savailable. The reuslts
thus Obtained would require volume for
their publication; and. although somewhat
imperfect and miscellaneous in their charac-
ter, they establish, nevertheless, beyond a
doubt and in most curious and interesting
manner, the fact that great and substantial
progress in manufacturing industry has been
achieved in nearly every section of the coun-
try.
The United States is the only one Of the
leading nations of the world which is, at pres
ent, materially diminishing its debt and re-
ducing its taxes; and the only one, moreover,
which offers any subt:antial evidence OF its
ability to pay its debt within any definite
period, or even anticipates the probability OF
any such occurrence.
THE EXISTING COMMERCIAL DEPRESSION.
The commissioner takes different view Of
the present business stagnation from that
usually entertained by the public. He says:
In presenting picture so full of encourage
,%r ~, a. Il To-,
trial future, the commissioner does not need
to be remir ded Of the depressed condition OF
commercial, mercantile, and industrial affairs.
for reference to his former reports will prove
that much of what has of late occurred was
both loreseen and predicted. An analysis of
the causes - immediate and direct-which
have led to this depression will, however,
show that they are in no small degree general,
and not local, in their character; confined to
no one country, and the result of natural
and not unexpected reaction from period of
high prices, speculation, and over production.
In fact, the people of the United States have
great cause Of conSratulation that the wave OF
commercial depression which, since the ter
mination of their war, has swept over the
commercial centres of the whole civilized
world has brought so little of disaster to their
interests, inasmuch as there is not to day a
country in Europe in which the paralysis Of
industry is not greater, the failures more nu-
merous, and the prospect of an early return
of commercial prosperity and activity less en-
couraging than in the United States.
nE sea THE CURRENCY.
The relation OF the contraction of the cur
rency to the extent of four millions per
month, as authorized by Congress and effect
ed by the Secretary of the Treasury, to the
existing commercial depression is discussed
in the following manner:
1t is not easy to see in what manner the
shrinking of values-the immediate cause of
the present industrial and financial depres-
sion-could have been averied by any recent
legislation OF Congress, even ii 1t had been
deemed desirable; or what connection, other
than purely imaginary, there has been be-
tween the policy Of the Treasury, as regards
contraction or funding, and the paralysis of
business which is an invariable accompani-
ment OF fall in prices. Thus, for example
cotton, both in the form of fabric and IA =
material has declined because it seemed GER
tain that the season OF 1S67-S is to close with
stock of more than million of bales in
excess OF the requirements of Europe
and the United States for consumption;
wool, because the great wool producing coun-
tries of the world have within compare
their entire product and export; paper, be-
cause the capacity to manufacture has been
augmented from to thirty per cent. within
the last sixteen months; treiShts on the
northern lakes because more tonnage has
been put afioat than war required to trans
port the enrire product that required to be
transported; copper, because OF the excessive
and cheap product OF The Gillian mines,
ard coal because twice as many mines have
been opened, and twice as much capital in
vested as was necessary to supply the product
needed And this detailed exempliiication
might be further extended it deemed desira-
ble In short, the immediate CHIEF cause of
the fall of prices has been an oyer-produc-
ton, which the great profits Of former high
prices have both stimulated and occasioned;
and it cannot be shown that the consump-
tion OF any one of the great staple commodi-
ties wool possibly excepted) has during the
last year materially diminished; while the
consumption of some is known to have large
ly increased.
Reviewing the events of the past year, it
would seem, furthermore, that so tar from
there having been any adverse influence ex-
erted upon prices through contraction OF
the currency, the tendency, in truth, has been
entirely in the onnosite direction for IL can