The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-07-04
THE BUSINESS SITUATION.

The following editorial from the New York
Shipping List, SO comprehensively and SC
Justly portrays the business situation that We
reproduce it almost entire and commend it to
the careful perusal Of all who are anxious to
obtain correct views concerning trade matters
Trade in all departments is dull but there
is nothing uncommon in this, as there is
usually pretty general relaxation Of business
energies after the heat Of summer has set in.
1t is estimated that the spring trade fell fully
twenty-five per cent. short of a fair average,
and for obvious reasons.
The country, after running a long career OF
speculation and overtrading, was overtaken by
panic, which was simply an admonition that
retrenchment and better economy was
necessary For several months, therefore,
t! everybody has been going to the opposite ex-
, treme, and the result has been dull times. But
matters are beginning to mend; and during
the autumn, if the signs of the times be not
wonderfully delusive, We shall have better
state of trade than for several years. The
foundation of all national prosperity is said to
be agriculture, and, as present indications
point to brilliant harvest, we should be rich
tn material products the ensuing season. The
agricultural classes may not realize as good
brices, on the average, as they have
realized during the harvest year now
closing but then cheap food and business
prosperity generally go hand IN hand. In
certain manufacturing industries, and espe-
cially in those which depend upon the rail
way interest, the revival will, perhaps, be
later, and blast furnaces, rolling mills, loco
motive and car manufactures may be obliged
to wait longer for demand which is necessa-
nv to sustain them in work; but it is mathe-
matically certain that our railways must renew
their rails, and that cars and engines must be
built. Every railway line in the country has
been economizing in such expenditures as
much as possible, and the complete cessation
of work on many new lines has added in the
stagnation of the iron market but the time is
near at hand when every rail in the hands of
dealers must be needed and, in order to meet
the demand, the works must be put i'll opera
ton again Thus, even in branches of business
which suffer most directly and severely from
the railway troubles, We may see the germs OF
more prosperous times. In adj
dition to these evidences of the return Of bet
ter times, we should not fail to mention that
the business interests are to be exempt, dur
ing the autumn from the disturbing influence
of legislation, a fact of no small Importance.
Nor can there be any more playing fast and
loose with the legal tender currency. 1t would
have been best to withdraw the twenty-siX
millions set ahoat during the last eight months.
but it is Il satisfaction to know there can be no
further increase. Business men will thus be
enabled to make their calculations with a
greater degree Of certainty. The events Of
the last few months have, we think, conclu-
sively demonstrated that the volume of
currency is redundant. But individuals will
find, as plain matter of fact, that much cur
rency or little they will get none OF it save by
offering for il something Of value; and that
value is to be got by earning and saving.
Aside from accumulated capital, which was
only obtained in the same way, honestly, there
is no getting money or currency, except by in
dustry and prudence, and this is Just as true
of nation as it is Of an individual. With
work at fair wages for all, and good crops and
moderate desires, we ought to have business
soon upon a satisfa Glory basis. The recol-
lection of the depression of the past twelve
months will last long enough to infuse caution
for another year, perhaps, in personal ex-
penses, and SO, as whole, the nation is likely
to be better able to buy, and less disposed to
purchase recklessly, than for some years past.