The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-07-24

of failures in the Uritcd States, il
such trying times, TO the small in
ternal Indebtedness which the Agen
cy has all along maintained was tn,
case, and still further stating that
the failures, sin prominence and
significance, have been of really less
Importance than in former years,
the circular goes on to say:
"While this may be subject for con.
graduation, there Is cause for appre-
hension that all these months are go
ing by, not only with no money being
made therein, but II is feared that the
profits Of the limited trade done are in
sufficient to meet the expenses in
cured. Judged by the standard of Il
previous generation, or by the figures
that prevail in other countries, the ex-
pense of business and the cost of living,
even in the best of times, hive been
excessive, and, us Is always the case
with extravagant habits, IL has been
found most difficult to reduce this class
of expenditure in the same ratio that
trade has declined. The expectation of
improved business, which each sue
cessive season has held out, has had its
influence in 'retarding retrenchment in
this respect, which now, however, can
not be longer with safety delayed. The
general result of business since the
panic, it is therefore concluded, has
been to reduce, rather than augment
the capital employed, especially so if a
rigid valuation of assets at present re-
liable prices is made. Prices that now
prevail for the product of almost all
classes of industries have steadily de-
clined, while The extent of the produc-
ton in many leading lines, though
largely reduced, keeps in advance of
the demand, notwithstanding the con-
cession in values"
The agency concludes its very
able review by directing attention
to the exhaustive reports which the
circular contains, as to the pros
poets of trade, condition of crops,
ETC., in fifty different localities in the
Union, at which points they have
offices, the large majority of which
indicate much that is encouraging.
From these the general conclusion
is as follows:
"The reports from all the chief CEN
ters of trade herewith submitted, and
which are derived from the most relia-
ole sources in each locality by our own
representatives, indicate much that is
Whatever an abudant
product will accomplish
toward restoration of prosperity will
The purchasing and debt-paying power
will be improved, while con-
siderable activity must be provoked
during the Autumn in replenishing
the small stocks of merchandise held
in all hands. Other things than agri-
cultural success may be needed to re-
store universal prosperity. Expecta-
ton founded on that basis has already
led to disappointment. But, whatever
else may be needed, 1t seems hardly
possible in the nature of things that
revival can be very much longer de-
ayed. Every day must bring us near
.r TO the commencement of better
state of things. We have all the ele-
nents of wealth ut hand, abundant
md varied resources, unrivaled means
If transportation, a large surplus of
capital, O well tried and
successful monetary system, and,
above all, a people who have expert
,nced far worse condition of things
md yet have achieved success. 1t
nay he that the One Hundredth Ami
of the Nation will both come
md go before we can chronicle perma- s
lent activity and profit in business
,ut if no worse comse to us in the in {
erval than has befallen US in the six
months under review, there will be
ause for congratulation. The great
essons of patience and economy, and ,
he practice of such business princl- {
lies as will equally apply to poor as s
veil as prosperous condition of trade, {
will at least not have been taught in
ain" ...... 1