Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-01-11
FRANCE And TRADE.
OFFICE or TIN DAILY APPEAL,
MEMPHIS, January 10, 1871.

OFFICE OF raE DAILY APPEAL,
MEMPHIS, January 10, 1871.
THE DEPRESSION IN BUSINESS.
The depression in business, so general
throughout the country, but especially in
the East and West, is being discussed by
the press, which, so fa- as our observation
extends, very generally csnsures the e.
uanciaI policy OF the Grant ADMINISTERS
ll0u, charging that the contraction to
which Secretary Boutwell, has committed
himself almost irretrievably is the cause
OF the disaster and gloom that has entail
ed upon all interests this winter misfor-
tune and loss. The New York Post, s.
Republican pspsr OF unquesloned inhu-
ence with its party, says the recent fall
ures In Boston and Philadelphia have
Ucessioued much anxiety ia New York,
and that the wear ls7Iopens with less con
Hdencs and spirit in mercantile circles
than there was reason to hope for. Mer-
chants say that their business, and that
OF New York at large, has been utterly
unp7oH able for the last year, and re
mains So. But the trouble is not limited
o. the great cities. Similar complaints
are heard throughout the country, and il
seems 10 ba generally admitted that far
ulers, mechanics and merchants every
where are alike in their dissatisfaction
with the condition and prospects of their
industries. Borrowers, however rich, dnd
money hard 20 get; lenders are tlmid,
even before property Of Unquestioned
value. Most Of the leading railroad lines
are prosperous, sud report enormous
earnings, out of which many Of them are
paying large dividends, while others are
greatly improving their property. Yet
their stocks are low, and often declining
IN price, and many of their bonds are dis
credited as security for loans. Whenever
anxiety aud distrust have hitherto affect
ed business prospects and speculative
values, il has been usual for capital to
seek investment In land and its perms-
ueut improvements. Amid the unsettled
state Of the currency snd OF trade for
many years past, what is called the " real
@. ate market " has found strength iu the
weakness and irregulsrity OF al other
markets; snd from 1901 until 1863 there
was. on the whole, with speculative huc-
Iustions. q steady and healthy advance in
Ihs money value of all land whose value
depends on The growing wealth Of the
country. But the advance then stopped: |
81 has since been limited to a very few IA
v1-sd districts and Tor several months
past. the duLuszs sud prostration OF the
general markets have been nowhere more
conspicuous thai ia the sales OF land and
houses. But, the Post ssys- the causes Of
This depression, which would seem TO in
Gicats that the prosperity Of the country
had received a serious check, though uu-
msr0us, srs obvious enough; and they
are, fortunately, In a great measure, such
as may sud ought 20 be but temporary in
their effects. The whole difficulty grows,
il rs many forms, out of the financial er-
r5r OF the Government during the war
aud since. The abolition OF q specie cur
rsugy, giving d speculative and uncertain
character 90 trade, necessarily produces
violent reactions, a. well as artificial fs-
vs-s. ia It's life. For nine years We have
Rad Boz all our markets for labor and msr-
elaldlse Two L|Ic-la-iIE elements instead
col one; the changing value OF our money
itself zs well rs the changing value Of :
what DO purchases. Add % this the bur ]
den OF tzXation, exaggerated beyond all
the necessities Of the Government by q
policy which persists IN paying OF the .
principal OF q debt Of which only the in {
ls due, and then multiplied again s
by the Still more deplorabls policy which {
makes She taxes iha Instruments for up 4
enormous ~m0nopoiss, and for 2
turning industry into wastefuI and un- !
productive channels and we nave rea-
enough Tor all the wild fluctuations I
terrible depr5ssigns which from time :
10 time agitsts the business world. The I
Cincinnati E.gElsr, Democratic, agrees
its Republican contemporary that 10
is lls contraction policy Of Boutwell, that
brought about the depression so fatal
specially 90 manufacturing enterprises, I
and 40 order more clearly TO prove this 10 =
gu1.es the following table from a forth O
.JmLDg work by Hr Dslmar. late CHIEF Y
DO IlH Bureau OF statistics. This table y
published In the New York Ec5u0- d
gat, nearly two years ago, and found its b
way thence, though not without more or I
zs gzr1lllK into various newspapers y
books printed siucs-nOta0ly into y
G~rlsvenur's Interesting volume en-
l-ls5D5ss Protection Pr0sss. 10 is printed Il
IS originally furnished by the author. q
'la years ISL - arc from Mr.. Grosvs- D
.ar's book, and the year 1870 is added by =
o.. E %
no quotes n