The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-01-03

talLsS an Interesting lcllcT llom NO" AoAh,
from which we extract the following:
DEPRESSION OF BUSINESS.
MANY merchants will withdraw from busi-
ness at the end of the year. Some who have
already accumulated fortune or compe-
tence can see nothing In the immediate future
10 give them any hopes OF adding to 1t. lt
would be great error TO attribute prosperity
or depression In trade to any single cause.
Business Is Influenced by numerous and con-
il!cting circumstances. There are, however,
ct present two Influences growing out OF the
European war of such signal importance That
it is worth while to call attention to them.
The first Of these Is the great decline IN cot.
ton, which affects not only the South, put all
parts OF the country which have business con-
nections with the South. The present cotton
crop was made with dear labor and at as great a
cost per pound as any crop that preceded 1t.
At the current prices the planters Will receive
less than sixty per cent. OF the amount per
bale that they obtained last year, Cotton
mills, cotton spectators, and all dealers ID
cotton goods have been subjected to like de-
probation In the value OF the STOCKS Yeicn
they have been carrying. Such loss as this
In the most important staple OF the country
cannot but have seriously diminished the
ability of those connected with 1t to purchase
and consume oil articles Of merchandise.
WITHDRAWAL OF FOREIGN CAPITAL.
The other depressing influence to which
business has been subjected By the war Is the
stoppage'of that stream of foreign capital
which has for the last six or seven years stead
Ily flowed into the United States. am oblig.
ed to speak somewhat metaphorically, but l
will endeavor to make my meaning clear.
Hitherto the value of our exports has not bal
anced that OF the Imports added to the interest,"
PAYABLE to foreigners on United States bonds
and other securities which they hold. The
difference, amounting, at q moderate caleula-
tiou. to upwards of q hundred millions Of dol
lars a year, is added to the foreign capital al
ready invested here, or, If you prefer the e1-
preston, to the sum of our foreign Indebted
ness. Germany and France are no longer In Q
position to buy our government bonds and
railway mortgages, and England will soon be
able to obtain from other countries higher
rate of interest than we can afford to pay here.
In spite of the sixty millions of specie that
have been sent from New York this year, and
the export of much greater quantity OF pro-
duce and merchandise than we ever shipped
in twelve months before, tine rates OF sterling
exchange are still against US.
THE FUTURE.
Paving debts, or breaking up confirmed habit
ofcontracting them, is certainly a most salulsry
exercise, but such an effort as the emitted
Safes will shortly be called upon to make can
upon the commercial interests OF tile country.
II necessarily involves either diminished use
oil foreign goods or an increased export Of our
own, and in either case we have the less to
consume. Tie prodigal extravaganza which
was bred OF the war and Of the dem noralizlng
issues Of paper money has been slowly subsid-
ing for some time, and yet there still exists in
this city many traces OF It, Hotel ana res!au-
rant prices are upheld with amazing pertina-
city, and people yet consent to pay mon
strous share OF their income for house rent.
THE TUMBLE IN RENTS.
will mention few Instances to show the
direction which rents are taking. large
store, little further down town than che
present centre of the dry goods business, was
leased g. few years ago at $4,000 per annl!m
for five years. The lessees having failed, the
store was rented last! year at $1,000 The
tenants now decline to pay more than $4,000,
and bill on the premises tor several months
has failed to attract any one who Will pay more
than the last named sum. a store which
rented four years ago at s18, 900 is how held at
sl2, 900, but does not tnG tenant though
1t has been In the market for a month Though
Broadway landlords are satisfied to accept the
lowest prices OF last year, tenants are unWil-
ling to pay them, and demand reduction. A
large store erected on Canal street nearly two
!: years ago, for which the owners refused an
offer OF s24, 600 rent while building, has never
been occupied, and has recently been leased
at sl3, 500 per ennum. A shoe dealer has
taken lor $500 year o store on Broadway,
near Pearl street, Tor which the present oc.
cupant pays Sl4, 900 year On O long lease.
The same man was offered TWO other stores on
Broadway. in the same vicinity, at $4,000 less
than the present tenants are now paying, on
leases which are abont TO expire. Rents
for offices in Wall street and vicinity are taking
the same direction, as many OF the brokers
and lawyers are having rather hard struggle
for existence just now
Mr.. BOUTWELL, AND WALL STREET.
|, The chief event of the week on Wall street
has been the increasing stringency in the
money market. The money reserves OF the
banks have been drawn down to very low
point, and il is said that spectators for iall
in stocks have resorted to their old eypedlent
of locking up greenbacks. Call loans have
ruled from seven per cent. currency to seven
per cent. gold. Now, since the effect OF these
periodical stringencies in. money is unfavora'
| Ill, ,bo b,,o; inf ato NJ country.