The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1875-10-28
The Hard Times.

s.lz-s
Of The Hard Times.
ia IL aIuestion which many people are
1al askt aemselves, Why does severe de-
laT pre0S in business continue to- affiict
'pY they }ry Z AT the outset, before at
'csH tenB toRanswer the question. two
Lty| thilAust be considered. In me fr.t
dd plaB is desirable to know what is
,ot the yeage healthy condition not only
40 of bless but of the entire population.
-, VIII rom any cause prices of things
~, ~. in nal are rapidly rising the entire
lie bus e community and the holders of
ne pr@ Of all kinds fancy they are
ng grGi rich. They fashion their ex-
in pehFes and transactions of every
kidsscording to their supposed in
crasefealth. Hence there is strong
by denaror labor, and prosperity appears
N to- beniversally diffused. But this
lst prospy is in great part imaginary.
ak 1t doot represent the average state of
re- thing From its very nature lit cannot
y. ~ last. ling every thing in thes country
4 20 wort ice as many dollars as II used to
y be al the wealth of no Ole, But
to fuctons in the money value .Sf prop
of ertyd goods are attended With this
he inconience, that those who Gre debt
X ors creditors and have promised to
TX pay TO receive hxeo sums OF money
ce are DIG 10 serious. cnanges II their
l.. woJ estate. ha..l.. o.. ..l.e.
~ Aeat many things affect prices he.
n' sidtle quantity of money which hap
'l- pe;o be in existence. MoreGvar !n
y indual cases it is generally a ichanpe
ie inc value Of some particular thino
L. ii adds to the load Of the debtor o1
s. ;ves him. For example, m$ n bor.
" money and invests in real estate
N price of real estate is then What |
- |cerns him. If theas has been over.
y ~ lculation in that acle and he is one |
u those who buy when The price is at the |
very highest, he is ruined, and he | as no
one but himself to blame. In the co sonao no
way those who at the last moment enter |
into the manufacturing business run the
risk of the markets becoming gifted
by which all in the business are deHr;ve3
for time of their usual profits, even if
they are lucky enough to escape sc rio,1s
losses. In coming to an opinion as to
the condition of the whole populate on Of
the United States we must take all art;-
cles into the account. We find one class
Of articles, of immense imports>scs
which has not within the last three Yeas q
this takes us back to a year before tn,
psnic-sustained any serious fall. Veg
refer to wheat, corn, rye, oats, and barr g,
ley. By comparing the wholesale prices
Of these articles at Milwaukee in the
first week of October, we find that No. 2,
wheat was quoted at $1l9s per bushel
in 1872, SLIP in 1873, 93t cents in 1874,
and $l.O93 in 1875. Corn was worth "a |
cents bushel in 1872, 10 cents in 1873,
813 cents in 1874, and So cents in 1875.
Oats were 25 cents bushel in 1872, 333
cents 1873, 49 cents in 1874, and 81 cents |
in 1876. Rye was worth "a cents bush |
sl in 1872, 674 cents in 1878, 81 cents in
1874, and 73 cents in 1879. Barley was
66} cents bushel in 1872, $1.40 in 1878,
81. 10 in 1874, and S1.074 in 1875. Com
pairing the prices of 1872 with those of
1875, and considering that the harvest of
1875, taking all the products together, is
q good one, and remembering tfHsast dry
goods, groceries, labor and many other
things which the farmer has to buy are
cheaper than they were three years ago,
have the farmers at this time any good
reason for thinking that they are worse
off than they were in 1878? From thisf
brief mention of prominent facts, andA
from the further circumstances mentioneSh
in our columns day or two ago, that thl3e
aggregate quantities of tea, coffee, aR59s
sugar imported into the United Sta q
show no falling off, we judge that t
hard times, though severe visitation
certain classes Of the population, a
fit at all by others, whiiSSe
large bers the fall is the hfn
: nr;csy tier possessions over F4hi
= thev see is just as fictitious as pc p
, vioi,s D. leaving them worth as @ mu
as eve real value. ;f,.
, THIRD times have now iass 3D. t
!, full VS.. The extreme point u pr
sion ~ or may not have been zach
The..s no infallible test. Fo per
per;ce teaches that the procd OF
recsry is N OF rapid one, b in
naie of thil lngs its commence 2nt c
Ino pc long( delayed. Engli d is +.
cou1ry which most nearly rel mbles
ITnill StatesAin its methods !; 1buslI ISL
,cl, and its BANNING system. In Engla
\ It during he las i ninety years there hs
ros been len or eight periods of stron
~ 80 markeddepression in business, such
on' On that thoug III which we arc passing:
mt, no case however, has the extreme in
his tion lated three full years. By the {
yer of the third year the exports and impo
E, a the revenues of the Government, and
ich rate of interest have invariably begun
tbe mark some improvement. All the
led cepted authorities ON the subject of &C
49, 49, mercial crises have treated them as re
'' :. tions following an excess of specu!atl
H. Speculation carries the prices of hot
and lots, goods, bonds, railroad stocks
ina othd3 commodities, to a level at VIII
has they cannot be sustained, and the res1
Z ing fall is in proportion to the extent
,, a the previous speculations and the abl
;he of credit by which they have been
ia tended. An abuse of credit takes pi
on where, for instance, a farmer parts v
":l .: his grain for a worthless railroad m
al a. gage, or other security, or where ne
md the victim of bad debts. Increasing
ces quantity of money, as the imitation
nee would do if they could, would not rey
A confidence, but have the opposite eft
ald Unless done on O. scale to fill the mi
IT'S of sensible men with apprehensions
Of reputation, it is not likely that it VIC
,ss 70 Immediately raise the price of any artl
10 - while every prudent creditor would v
i to be paid as soon as possible. Our
ent rency and finances are not in the n
md satisfactory state, but since we car
have practical measures for their
md movement the next best thing IS to