The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1875-03-16

Prospects from a Chicago Stand point.
[From the Chicago Tribune, l0th.1
The banks are the baromcters of trade,
and in their business the prospects Of the
spring trade reveal themselves speedily
and accurately. The leading bankers Of
this city, who are, by the necessities of
their position, the keenest observers of
the course of trade, are found to hold
the general opinion that the business of
the season now opening will be probably
the most favorable since the panic. The
country buyers have been held back by
the unusually severe weather of the first
week of spring, but the wholesale dealers
report that they have at last fairly made
their appearance.
THE DISCOUNT LINES
of the banks, as shown by the summary
of their statement which appears IN the
financial column in this issue, have all
reached high figure. This shows, among
other things, that the merchants of the
city have been borrowing literally to lay
in their spring stocks, although it is the
same time true that the amount they
have borrowed of the banks has been
very much increased by the interruption
of their collections. The bankers are in
formed by their customers the whole
sale merchants--that all the indications
are for heavy trade. Their country
customers are forced to buy literally, be-
cause of the low figure to which stocks
have been reduced in the country.
THE POLICY OF RETRENCHMENr
which has been everywhere pursued has
hitherto induced country dealers to buy
the smallest amounts with which they
could meet the demand. This has been
the case ever since the panic, and while
consumption has been decreasing, and
stocks have been working down, the
country has been growing richer.
There is no more familiar law
of social economy than that the
habit of thrift among a people is
the best restorative Of wealth wasted or
destroyed. The thrift of the French
people has become favorite subject of
reference on account Of the wonderful in.
stances it supplies of the recuperative
powers of such saving habits. 1t is
doubtful whether any other nation in the
world could have responded to the terri.
bic demands of an extravagant govern
ment and victorious enemy as
the French have done. The secret of
their wealth lies in the fact referred to
by Sir Robert Peel, when he told a cele.
brated French diplomatist that Gin Egg.
land one person in five spends his entiro
income or earnings, while in France only
one in forty spends all he gets, while the
other thirty-nine make savings" France,
xwh;oh Ahn
could do nothing better than make this
prudence worldwide. It is fortunate
that its example has been so far followed
in the United States. This frugality has
two conspicuous effects: it reduces the
consumption of luxuries, and increases the
accumulation Of surplus capital in the
hands OF the people-a surplus which
must find investment in commerce, man.
ufacturing, real estate, railroad building,
and other enterprises.
THERE Is ANOTHER FACT
of great encouragement: the country is
richor than it has ever been before, with
the exception of the grasshopper devas-
:ations, which have been local, and the
trouble with the wheat districts of Min
nesota, whose product has not found so
ready a sale as in previous years. Money
has been poured by millions into the
country around Chicago for hogs, corn,
and other products. The promptitude Of
collections, till the country became i'm
passable. was proof of this, and it is
fact so familiar as to need no comment.
It's not to be expected that we are to
return at once to an era Of the old fash
Toned prosperity, with easy aid extended
credits. inflated enterprise, and universal
money making. We are in better stu
alton. The prosperity before US is
gradual Improvement, proceeding on
sound and conservative methods of bust
ness. II will he anocaadad thorofa.o nat