The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-10-01
The Financial Dcaf-Locfx-No Reason
for IT.

On what a solid bnsis rests the material
prosperity Of the country, aud bow fictitious
the causes which have prcciptatcd the mo-
notary crisis which is now obstructing the
channels Of trade and commerce, the follow
ing figures, furnished by the Louisville
Conper.Journdl, will show. Says that paper:
1--WE can safely estimate the cotton crop
at four million bales. and Mt value OF
1920, 100000. The crop Of wheat, corn, rye,
barley, &c, aggrcgating at least 300, 600, 600
bushels, is worth to producers, either at
home or In the foreign markets, at least
$500, 000, 900. The value of the tobacco crop
arproXimates 50.000.00 The crop ofswine
and cattle ready for the fall market may be
roughly stated at go, 000, 900 additional. Our
manufactures were never so flourishing. The
reserves Of coal and iron, sufficient as they
are to construct, equip, and operate all the
railroads, the navies, and the machinery OF all
nations for unguesSed thousands of years,
are, after long toll and patient waiting, be-
ginning to yield muniticent returns to enter
prise, and TO compete with the coal and iron
mistress OF the world in her own markets
and in her own workshops. Our foreign
exports Of produce during the current
year have gained S4S,000,000 over 1872,
while our imports have diminished by
So, 900, 900. making a practical gain in the
foreign balance in one short year of nearly
SS5, 900 900. We are selling to the outside
world more than we buy, while the uneX-
ampled foreign demand for breadstuffs for
the coming season in England, France, and
Germany, and the favorable position of the
cotton market, furnish abundant warrant
for anticipating that the credit and debt
sides of the ledger will be still more fayOra-
bic III the trade year now opening. More
over there has been no oveltradng ut home,
but, on the contrary, it has long been sub
iect Of observation by all, and Of gratifed
comment by public-Spirited economists, that
the reverse tendencies have been in opera
ton notably for twelve months, and that it
has also SuperiEduccd q contraction of mer.
camille credits. and consequent solidtic..
ton Of the private foundations Of credit.
"A hence, therefore, the present alarm,
which, breaking out week ago in i Wall
street watcr-spOut, has inundated the entire
country? Why is it that the farmers and
planters cannot sell their grain and cotton
Why can't the Chicago commission ner-
chant keep the grain tide in motion to the
scaboard. and the shipping merchant at
New York and New Orleans till the YES
sells ut the docks with the cotton, wheat,
and corn which Europe is waiting 10
buy: The answer is sad one enough.
Tie trouble is both illogical and implwl-
bic. Ii is simply 4 suspension Of public
confidence. The people have made up
their minds to indulge themselves in dis
trusting each other and in diStru>ting
| themselves. Jay Cooke has failed, forsooth,
| so have Fisk & Hatch, HowcS & Macy, and
string of cookie boats, comprising the pi-
| rate fleet of stock Spectators which the
great captains have led in their perpetual
warfare against the merchant and the PEG.
pie. These have blown up with their OWE
torpedoes. They have gone down, and The
| inquiry for the last week has been. Who goes
| ncXt2ssSo we are kept in the position o.
spectators of a highly dramatic entertain
| mcnt, With the Western Union Telegraph
Company to shift the scenes and to announce
the entrances aud exits Of the actorS.'