Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1873-04-19
sUNBURY, APRIL 10, 1873.


SUNBURY, APRIL 10, 1873.
.----r-r.--.--s------.---. .ss-ss--='
FINANCIAL TROUBLES. The Pmladel-
phia North Amcricda in noticing the va
rious causes TO which the present financial
troubles is attributed, such as ''the con-
flicts between labor and capital. tight
money markets, high taxes, the long and
severe winter, the horse disease, the oxces-
sive cost Of railway transit, scarcity Of sen
going tonnage" &c, expresses its own
views, ascrbing the trouble to the fact
'that the country has undergone con
traction,n and adds: The currency his
been stationary and the supply of goid hos
been diminished, while all The interests Of
the nation have increa2ed vastly. There
being no specie currency, tho amount of
paper in circulation is not equal to the or
dinary wants OF business, and the efforts
of the business men to supply the void, by
the extensive use Of bank credits, have
been insufficient, because the banks are
watched, criticised, cramped and cmbarras
eed in every way and cannot afford the
desired relief without subiccting themselves
to attack. Whenever contraction is in
progress trade is always dull, and no one
can well doubt that the state of things for
the past two years has been practical
,,orsiHod or annrccioted. After some iur-
ther remarks in regard 10 1.-THE gcher"i
volume of trado,'' its ''rapid aud enormous
increase, :; and the financial reIa''o"9 "
% 3, HT,.h ap3d dhf the Nc MSrt9, 1t pFoGov"si
ho relieved by an increase OF currency
1vo sop tha, in the rise of the GOA pFoli,''
,,,, How, then, shall We overe3GmaHG1 3,GaH1 .ti}i
.escls Of The coptroU consideration of cir
=, -.'"ces for its solution. Two tbipcs
are set down in the commercial press ne
iacts: First, that the supply of gold is
sEoFt IN consequence Of large shipments ::
and second, that tho volume of mcrcop.
Tile exports has been far below the octuol
needs OF commerce. The consequence of
Ihat Is that our foreign debt is steady in
creasing by the shipment of bonds and
other securities. The deficiency in cash
go'd emoarrasscs the importing trade. be-
cause the merchants are obliged to nav too
much for gold to meet the demands Of the
custom house. Currency being in less vol
Ume than the business classes have been
accustomed to, purchases and payments I.
are embarrassed, and Just in this iuncture
the banks, that ought to afford relief, can.
not, from 4 variety OF causes.
AS to the export trade, the Withholding
OF the western crops must be considered as
largely responsible. Ostensbly raised for
export, these crops have been so withheld
Ihat the foreign export trade has been
Obliged to gather up cotton, tobacco, pro-
VISIONS, petroleum and manufactured goods
1or shipment, and to I'll out the foreicu hal
ances with stocks, bonds and gold This
western DIocN2oe now seems to recur regu- ;
Iarly every winter, setting back the whole
business OF the country, and THROWING an
aspect OF gloom over the general business $
"hen there is no real occasion for II. For |
when there are no exports from the west
70 the seaboard there is no contrary cur
rent OF trade in domestic and foreign goods. '
as always happens in such cases, the wise -
men of the Bank Of England have INCREASED o
our troubles by embarrassing the Ameri.
;an operations in sterling exchange. t
IF western produce were to come for t
yard freely, there being vast amoant Of =,
t IN store in the west, trade would be set y
L motion briskly, and there would be no Il
more demand for additional currency or
additional bank credits. The demand for $
'oId would diminish, and the shipments I
would cease with the abundance ormercan- |
lie exports. If the freight charged on
ailroads are really responsible for the utter d
taguation we have been suffering from. :,
ne case Is serious and will require to be si
ealt with by some competent authority, Il
!hce II Is sheer nonsense to suppose that d,
ne entire commerce of Il great nation -
an be suffered to be interrupted in this I,
ray to suit few railway corporations "a
! should suppose that little exercise of u
ommon sense would teach the railway a
managers better. And ifit does not then +,
nc business classes aud the people general II
must take care of their own interests by
ny means that can be found within reach. W
rec trade, the tariff, protection, currency. II,
pecie payments, have little to do or moth Il
Ag to DO with the existing troubles. The
ountry is prosperous. Production Of an {!
Inds IS immense. Labor and capital both ~
md ample employment. Commerce, both Sc
Internal and c%ternal, could not well be
reater and, so lar as we can see, there e'
nothing uneouud in the condition of -
hinSs' The cause Of trouble, whatever II
nay be, must be sought in the directions ty
ldicated above" Il
- - - -.
IIiE nigh water caused the road lead r
nS TO NGtSontown to be submerged be- G.
wcen the lock and the Planning NII Of Io