, 1875-09-18

ures do not exceed, If they cqunl, tho nvorag
number of like failurca tluring tho thre'
yrara preceding tho panic. Cotnmercia
fonses ara always failing from variety o
causes, snch ~ imprutlent saleH and p1'r.
chases, high living, personal c.travngance
reckless speculation, bnsl t|ebta bal judg
ment, inastontion to business, personal unfit
ness. too little capital aud too much credit.
There il, however, n ohnugo ih tho money
market. Tho holders Of money, In viev oi
the agitation to 70 increase tho Anount Of m
irrcslccmnblo currency ns to still farther de.
preciate it's ya1ue. are cautions in tho way of
investment. They will not lend 1t on long
time. bera,tso they mny haye 10 tnto other
and worso currency in lieu Of it, rorhaps
having only lsalt its present value. They will
not lend dollars, when thoy may be compelled
to take half-dollars in payment. They arc
willing to loan it and at low rates to my
paying, productive industry. ANY manufac-
turer who has orders for goods can get nll
tho money ho needs topny wages or purchase
material to supply his orders. hut tho nlan-
ufactnrcr will not borrow nor tho holder Of
money lcnd to produce surplus goods to take
their place in warehouses alongside of other
goods for which there is no demand or sale.
OF whnt possible benefit to any manulac-
tnrer would it be to borrow money md put it
i'll rig.iroll, or bar-iron, or cotton or wooden
goods, or in carpets, or in any other COM
modify with which ho is already overloaded,
and for which there is no demand? Tho
stringency which exists, and hns existed ever
since The wild system. Of speculation, worth.
less bonds, and credit not based on capital,
went down III 1871, il that produced by
healthy rctrencllment. The Bnddou sinking
Of hundreds of millions OF actuM capital In
rocklesa speculative enterprises; the collapse
OF tho immense paper fortunes by
tho explosion Of inflated credit, ncces-
sitatea retrenchnsont Shillings aro now
expended whore dollars were once
lnvishly wasted. Everything not as
scntially required remains unpurchased
Waato has been checked, extravaganza
curailed. and gambling speculation discarded.
Our manufacturers are practically by the
tariff prohibited from exporting their goods.
In other manufacturing countries when there
is ossr-production the surplus il shipped to
other nations. Our high.tariff protected
manufactures cannot afford to be sold
abroad. Wo must sell in tho homo market OF
not sell at all, aud when VIC cannot sell We
must stop producing; We must dispose of the
old stock before we con mako now one. It
is market and demand that a1u wanted,
and not money to produce. It Ia some fixed
valuo to our currency, aud not moro of
1t, that is needed to give confidence
to lenders. For instance, there has
been more building in Chicago this
year than in my previous yenr save TINT
following tho fire. AL tho money that was
needed for such purpose has been obtained at
reduced rates of interest. Other branches Of
industry have been equally prosperous. In
1874, Immediately following tho panic, the
tonnage Of goods Of oil kinds transported by
the railroads far exceeded that of any pre-
slolls year, showing tho uninterrupted i'll
croase Of production, aud tho business of 1876
will show that the increase of production
still continues In certain lines of business
there is stagnation in other lines IN i'm
nense increase. For ali these there ia o sup
ply OF money exceeding tho demand, and If |
confidence in tho future value OF tho cur
rency could bo established tl,oro would be n
still greater amount OF 1oanablo money freely |
3fIered the public.