, 1872-12-08
BUSINESS PROSPECTS,

Sunday Morning, December 8, 1872.
BUSINESS PROSPECTS.
That various influences have, for some time
tended toward degree Of commercial stringen-
=, may now be safely p-edicated from the result
that commercial stringency is upon Us. Among
the influences producing the present financial
Bt1ingency are tho very large amount Of capital
that has been turned to building railroads which
are temporarily Improbable, the considerable
amounts destroyed by fire in Chicago and Dos-
ton, and the further sums withdrawn from CON-
merce and devoted to rebuilding, preceded by
The war in Europe, and the heavy financial trans
actions Of tie German and French Governments
connected with tile payment OF the French III
demuity and the not inconsiderable draft
made on American producers and tax
payers by the demands Of our OWL
National debt. AL these Withdrawals Of capi-
tai from its accustomed channels ere abnormal
and temporary. Railroad building has received
check, which comes none too soon- These rail-
way enterprises have been generally land-specu-
lations on q large scale, the companies build
ing so much road for so much land,
and not expecting to reap
profit from legitimate traffic for some
years to come. To this false and pernicious sys-
TEN, no-e than to anything else, We owe the
present stringeIcy in the money market. And,
IS regards this branch OF the financial situation,
no relief can be looked for until the roads in
question shall begin to earn something over
their operating expenses, OF until the country
shall have reproduced tue capital which has
been thus unprodtably invested.
Looking at the sources OF our business pros
perity, ne find that they depend principally upon
our annual crops. and these, both South and
North, are fully up to their average. Agrlcultu-
raj industry OF every Lind has been ac-
lively productive, though special causes have
depressed the prices Of some Of our great staples
Cotton and grain, beef and pork, iron and wool
were never more abundant1y produced than dur
ing this year. Labor and capital have every
where been under strain to do their utmost.
There has been no idleress, no sus-
pension OF disorganization Of labor. 4
people thus working produce in four years more
property than all the accumulated wealth On the
American Continent. This fact alone is sufh-
sient to account for the VastrecuperatlTe powers
of an energetic people under pressure or disas-
ter OF whatever Kind. THE annual production Of
the country is now about 95,ooo, o,o0o,
OF as much as tbs whole cost Of the war.
Eow much Of this ehall be consumed in the ex-
peuses Of living depends on the people them-
Selves But such resources are vast compared
with the burdens and exigencies that tend
toward distress, end We believe they will tide Cs
safely over the present stringency. Every
where the people OF the United States are full
Of confidence and courage. Every American
must rejoice With common and kindred pride
To zee the nvariabeness Of the silent. persistent
energy With which for ten yeara past our busi-
ness men Of every class have faced the future,
and risen grandly over the waVes Of trouble that
Threatened to engulf them. So they are doing now.
Real estate in our immediate vicinity is suffer-
ing atemporszy lull, owing to the enormous sums
invested in rebuilding, aud the uncertainty oc-
casioned by changes in the ce1.xes OF business.
The completion Of hundreds Of business blocks
has been also most unfortunately impeded by
the horse disease prevailing here and elsewhere.
This has entailed delays in contracts
and in payments which, in many cases,
are most inconvenient. A liberal spirit
OF indulgence viii tide Us over these difficulties,
a 1a vel hat fa7rar 1n713pcr5
should be simultaneously thrown upon the
market for rental than would have been
had all the blocks been completed
before the cold weather which had
eimed to be finished by that time. We feel nc
doubt that I'll the buildings nov erected and in
course Of erection will be proftably rented by
midsummer at the furthest. Nor do we doubt
that Chicago will be far finer city on the
second anniversary of the fire than it VAS be-
fore that disaster, nor that it will
continue to advance as rapidly rs human energy
can push it, until, at the close Of the present
decade it will contain Elk hundred thousand
souls.
We do not expect the financial difficulties
H41EA uon fGA I'D ~ R4OAAS0 p 4of045ASA
or general crash. They are too small compared
with our resources and the Irresistible impetus
Of our industry. Our banks, insurance com
panies, Government debt, State debts and al
the other stays Of public credit are sound Ou]
people are not individually in debt above then
means to pay. There have been no vast salel
pf surplus merchandise far in excess O.
the demand and on long credits, tn
notes Tor which fill the banks to repletion viii
doubtful paper and distend their discounts
These are the conditions under which previou
financial Fanics have occurred. TheT do no
row exist. Patience, economy, and industr
will tide us through.
COUNTING TEE VOTES.
We have presented in general terms the sue
cessfu1 operation Of the cumulative Totinl
system in tho choice Of representatives in tn