The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-01

Ing REORGANIZATION oil our so-called legislators at
Washington to increase the national currency by
new and pethoric issue Of notes. The greatest
depression is at present permeating business cir
Giles in regard to tins measure. and leading mer-
chants In the different lines OF trade appalled,
at what they declare must follow such reckless
legislation.
The Dry Goods Trade.
Yesterday reporters OF the HERALD visited the
principal dry goods houses of this city who are
engaged in the wholesale trade. 1t was found
that business was very dull, and leading merchants,
particularly one whose name is q household word
IN this city and all over the country, declared the
prospect was exceedingly bad and that con-
fdence existed whatever as to q brisk resumption
OF trade. In foreign importatlons OF dry goods the
falling of from the imports OF the corresponding
weeks in the previous year was very significant,
The foreign dry goods importation Tor last week
amounted to S25SS,4S7, whereas the amount i'm
ported for the corresponding week of 1873, at the
port OF New York, was $3,53l.657, q decrease OF
over sl,OOo,OoO. Silks, shawls and other
costly goods have had a great damper
put on them suddenly, and it is fully
as bad in domestic goods. To use the words Of the
representative of the leading dry goods house OF
this city, gentleman whose judgment has always
proven TO be correct and whose experience IN the
management of gigantic business has given him
worldwide experience, 'There never was
time in which business men have had less faith in
the National LIE isa ture France and England have
financial systems from which we might learn; but
our representatives shut their ears and close their
eyes to what is going on in other countries and it
seems that there is no integrity or honesty in pub
lie men. A crew Of Spectators have
possession OF the small majority which
advocates this dishonest imitation scheme,
aud the counsel OF honest and practical
business men Is not needed. Undoubtedly the
standard OF the national credit Will become de-
based and although these gentlemen at Washing
ton have been four months tinkering at this prob
lem OF finance, yet they are as far as ever from
righteous decision, ana 1t would seem that they
may dny-dally twelve months longer Tor the pur-
pose Of secretly aiding the hordes OF SPECTATORS
and gamblers who have contrved to invade GER
tain channels OF trade 1t has very often occurred
that schemes of like nature intended to affect
the sound business interests OF the country have
been projected and pretence OF action has been
offered offered 70 the public wnen in TACT the pro,
to carry out the scheme, but merely 10 affect the
markets In the interest or the gamblers. AS quick
money had accrued to the spectators, 1t was then
deemed advisable, almost at the eleventh hour, to
sink thetrssheIae in oblivion, Its original and only
OBJECT having been achieved. Should this imitation
scheme be carried, which Is not so probable as
become in the m0neyed centres OF the world
BY word and a shame. 'As 1t Is, the suspense in
awaiting the action Of Congress is fully as damag-
ing the actual passage OF the bll for every
channel OF business Is choked by the lear that
merchants have OF the result to come from such
manlacal or dishonest legislation. In domestic
manufactures all the leading manufacturers are
holding BACK, and the demand has fallen OH to such
he tho 70 bnsest w 10y
year there Is nothing doing and the prospects are
as black as midnight"
At every place visited on Broadway the same
story was told. The advance in gold has been lo.
lowed by corresponding decline in domestcs
and the mills throughout the country, since the
discussion has become active on the proposed
passage OF an imitation measure have in
nearly every instance slackened their labors.
Ginghams, prints, sheetings and woolen goods
declined in value, anu the public do not seem dis
posed to buy. country merchants visiting the
tween-and the great wholesale firms have become
suddenly tlmid in importations as they declare
stocks that they nave on nand. should Congress
pursue It's reckless ana wondrous conduct
much longer and finally drop INTO the pitlall
country and themselves, 1t Is calculated
that many manufacturing firms will suspend
laoor, ana the inevitable result will be a repetition
Oh the panic OF last september. In the largest dry
goods houses the clerks and porters, who were
wont TO be so busy at this time OF the year. have
little else to do but admire their clothing and iold
their hands. The registers OF the downtown no.
tells on or about the LIST OF April are generally
niled with the names OF country traders who come
to the city to make their spring purchases but
yesterday 1t was found that these customers who
eral paralysis had benumbed them. This country
trade Is one OF the most profitable sources OF rev.
Though many of these people come to buy ON
credit, at three, four and SIX months, their hotel
bills are paid at once and their loss Is let very
keeny,
In v oollens there is an absolute stagnation and
although 1t is now the time tor the sheep to be
shorn, there are large quantities OF wool on hand
and strong Efforts are being made to dispose Of
the STOCK on hand before any lurtber contracts are
made. The market is choked, and in the regular
n aIalu vary
Slight and what little traffic exists is among the
SPECTATORS and gamblers alone Laces ana
sackened up, and 1t is noticeable that vast
quantities OF goods are lying in bona,
ever known at the custom House. The despon-
dency In the dry goods trade is very general, and
Leading merchants do not hesitate to say that the
FAULT Is entirely with Congress, and that its policy
Is desperate and suicidal one To pursue. They all
assert that the imitation policy Will destroy busl
ness as thoroughly as Magdeburgh was de-
sroyed by rliy The ribbon trade is very
duli Just now, and dressmakers state that
families are cutting down expenses and
heads OF families are beginning to feel the effects
OF the hlde-and-seek game played at Washington.
One fact is patent beyond doubt, and can be
proven 10 any ones satisfaction by calling at the
wholesale houses on Broadway, and that Is that
the spring trade is mere fiction and that It's vol
umc mas decreased with gloomy rapid1ty. In some
OF the leading houses several employees nave been
discharged, and there will be probably q still
ness men when the Presidents opportunity comes
to veto TINS currency iniquity.
Groceries.
There are those who never take the pains IA
times OF panic or financial distress to investigate
the matter who labor under the mistaken belief
that eatables and drinkaDles that are considered
necessities ought not to be affected to any great
degree In price by the pullings and haulings OF
Wall street spectators or Congressional finance
tinkers by which the price OF gold is placed at
certain figure to-day and the up or down course Is
regulated for certain stocks tomorrow In fact, It
Is the common saying among the good people VINO
pay daily visits to their grocer, their baker ana
their candestick MAKER that the worthy trio
always hear when the wholesale prices OF -four and
talow and tin go up, but That they never hear
when they 60 down. Strange as 1t may SEEM
however, 1t Is a fact that cannot be denleu that
groceries have, like most other things that are