Wilmington daily commercial., 1873-08-07

VIEWS OF A MERCHANT PRINCE WHO FEELS TIE
PULSE OF THE COUNTRY.
A New York letter to the Chicago Inter-Ocean
of tha2d inst contained the following in refer
ence to business prospects
Go iuto any of the leading business houses
and the chances are the to one that the princi-
pal men-perhaps the very one you wish to
meets away at some watering place, or hunt
ing, or fronting among the Adirondacks- Ocoa-
sionally. but such instances are exceptions, you
will find the head of the firm at his post, while
the privilege OF vacation is given up to the faith
full employees, Such is the case at least with
one OF the merchant princes-the head of one Of
New York's great mercantile establishments
who, among other peculiarities, has ALWAYS
been q warm friend aud admirer Of the Inter
Ocean.
He would not like TO see his name mentioned
in such connection, so omit it. But he was
formerly a hard working employee himself
travelled all over Illinois, Wisconsin, Minnesota.
and Iowa before the era Of railways. where the
stage passengers were each supposed to provide
himself with rail to lift the vehicle out of the
sloughs, or stayed in town at his work during
heated. terms, and he knows how it is himself.
Accordingly he is now at his post while half a
score of his right hand men are on duty, at the
summer resorts, or at their cid country homes.
This gentleman is at the head OF house whose
sales run up to Gil, 100000, and yet he works
harder than any man In his house.
Speaking OF this gentleman, can perhaps do
no better than to write down, as nearly as can
remember them. sundry remarks which he made
to n friend of mine and myself few evenings
since. We were talking OF the prospects of bus
iness generally the coming autumn, and of
business matters in the future. Said he Sit
ting here at my desk / can feel the business
pulse Of the entire country. Our customers are
in every State Of the Union and in all but two
Territories. Times are now dull and hard, and
depression exists everywhere. Collections are
slow, because the people are unable to pay their
debts.
This state of things has been brought about
by our extravagant habits as people, and their
sole and only remedy is economy. 1t is one OF
the hardest things in the world for people 10
learn, this matter Of economy. when once they
have acquired expensive habits. But there is
no other way out of the present depression in
business. Nearly everything we consume is too
high, considering the amount Of money in circu-
lation and the relrenching and debt-paying policy
Of the Government. More money. an expansion
Of the currency, would AFFORD us but the most
fitful and temporary relief.
We have got TO get down to bedrock economy
some time, and the sooner we look in the right
direction for the good or the evil OF hard times,
and put our houses in order, the better. Sup
pose the Western farmers were to practice the
same economy which ruled their actions during
the years OF 1858, 1859 and 1860. there is hardly
3 county in your great productive West in which
good times would not prevail in less than six
months. There il in fact no class OF people in
the nation which is not spending too much
money and until we have retrenchment and
economy among the people we cannot ultimately
hope for any better times.
Western farmers have been among the earliest
to feel the effects of hard times from the fact
that what they have had to sell has gone down
to exceedingly low prices-low enough, it would
seem-while most articles they have had to buy
have been kcpt up to prices vastly and dispro-
portionately high. The remedy to this may be
hard one to adopt. but it must come. 1t is
simply this: "Buy less" Nowadays when a
man parts with his money he must be wide
awake and pretty sharp, or it will be some time
before it comes back TO him again