Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-01-02
THE OLD AND NEW YEAR.

IRE U1U AN0 AZ ~ 49,
The year that has just closed was
full of important events, and its history
contains an unusual record Of public
and private calamites, which are yet
fresh in the minds of cur readers. The
new year dawneth not brightly The
aspect Of our local affairs might GER
tainly be darker, yet has often been
brighter. Business Of all kinds is de-
pressed, and old citizens say this has
been the hardest season they ever knew
in Memphis. The low price OF cotton
and the general scarcity of money has
effected all branches of trade seriously.
Then we have had the smallpox, or at least
the scare ofthe epidemic. Then we might
mention the epizootic or horse disease
and the unusually severe weather, the
scarcity Of fuel, the ice gorge IN the
river great loss Of property at the leyee'
and the widespread want and suffering
among the extreme poor, whom we have
always with US. These, and other causes,
combined to depress and discourage cur
people. Many are out Of employment
vet they are consumers, and must live
bv some means. On the last day of the
old year Main street merchant dis
CHARGED thirteen of his clerks to re-
duce expenses and keep within al
safe sound policy. Our public
enterprises languish for lack OF
both capital and nerve to carry them
through to success. Note shavers and
money lenders on collaterals swarm
about the street corners and make llv-
inc ont of the necessities of the times by
the manipulation of very small capital.
Five per cent. per month is net an unu-
snail rate. Two banking institutions
have recently suspended besides one on
the FIRST Of August. The banks lett DO
not or cannot accommodate merchants
10 the extent they did formerly. Taxa
ton in the aggregate is heavy and not
likely to be reduced. Notwithstanding
all these disagreeable facts, which we
would not exaggerate or disguise, we
have great faith in the future of Memphis
and OF Tennessee. Other States anu
cities are in far worse condition. Ours
becomes tolerable and hopeful by CON
trast with New Orleans, for instance,
and other Southern cities. There is an
abundance of pluck in our people, and
a vitality that dies not from discourage
ments. We have had several small
fires, but only one during the past year
that could be called a heavy disaster to
the community, and no failures OF large
commercial houses. There is evidence
on every hand that the people under
stand the situation, and have adopted
measures of economy and prudence that
will protect them from serious financial
disasters and enable all classes to get
safely through the dull times which have
fallen upon them Every city and State
has to pass through such ordeals. We
expect to come out Of this one all the
stronger, for the great competitions OF a.
commercial community, Invested OF
some false idese and encouraged to press,
forward 10 the vane Of prosperity and
success. We need some general as well
as local measures for relief. There is a
lack of labor in the fields which cannot
soon be supplied except by immigra-
ton. and that will not come until we
have a system of free schools equal
TO the demands and ideas Of the age
The wheels Of progress turn very slowly
in the ruts of ignorance and supersti-
ton which disgrace Tennessee in the
eyes Of the whole nation. We need
labor and intelligence in field, workshop
and mine. From this standpoint the
LEDGER will direct its efforts with liberal
ideas and desire to do its full part an
advancing the interests Of this city and
Of the whole people Having shared
the prosperity Of the community we are
willing 90 take our share of bard times
and TO assist in all measures that may
promote the public good. The clouds
which lower above we hope soon to see
dispelled by brighter suns than ever
before, and the destiny Of Memphis aR
the great commercial metropolis Of the
Southwest is day dream which may be
a spleadid reality ia less than a dozen
years. 1t is certain that we have not
gene backward day in the last tves,y
years. but have constantly advanced
ahead Of the growth aud development Of
the country. The holidays are over, and
our people have gone earnestly TO the
performance Of the duties and the worl,
OF the new year. We take thil occasion
Of wishing success and happiness to ali
our readers, with hope that the closing
days Of 1873 may be fairer and better
than the frst, aud that The silver lining
of the clouds may soon spread over the
whole face Of day. "a iIill
THE projeetof annexing the Sandwich
Islands is agiiated or spoken Of at Wash
ington. Il is about time TO take IN some
more territory aud make room for the
supernumerary oficeseekers who claim
to have carried all the elections for the
party" Wouldn't it be cheaper to
bring over the gentle Sandwich Islanders