Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-12-14
From the New York Tribune.
Has Business Declined?

A croaking editor, bewailing the polti
cal situation, asserts: There has not
"been one-tenth of the ordinary business
"of the country transacted since the dis
'pute began. 1t is diminishing in volume
daily" Obviously ii is not necessary to
remark that the man is crazy, and. be-
cause his chances for an Office or a con-
tract are ''iadng, still fading" fances
that there shall be "no cakes and ae' for
the millions. Clearing house exchanges
in this city last week amounted 10 $780,
314,549. During the corresponding week
last year, they were 1923, 140,94 The
difference, less than per cent, fairly
measures the present volume of business
transacted through the banks of this me-
tropols, compared with business at this
time last year. 1t shows that somebody
has bought and borrowed, others having
sold or loaned, to the amount of nearly
S4OO, 600, 900 in single week. Moreover
1t Is not true that business is diminishing
in volume daily" on the contrary it is
slowly increasing. The clearings at New
. York during five weeks ending Dec. 3,
were 81, 90S, 92l ,289, against 81 ,09S, 347,-
1871 during the corresponding weeks last
year, decline of 9 per cent. so that the
last week, compared with the five weeks
preceding, shows a moderate gain. FL
cally, the business of New York closely
represents that of the whole country, for,
during the five weeks ending Dec. 2, the
aggregate clearings at eight principal
cities were S2,633, 49,, 534, against 3d.
919. 235, sol, a decline of 9. per cent
In short, it is not only false that there has
mot been one-tenth Of the ordinary bust
"ness OF the country transacted since the
dispute began" but there has not been a
decline of quite one-tenth in values ex-
changed, comparing transactions with
those OF the same weeks last year, while
the decline in prices has been more than
one-tenth. Consequently, in quantities
exchanged, business is actually larger
than it was one year ago.
These facts are particularly pertinent at
this time, because many business men
who have not quite taken leave of their
senses, like the partisan above quoted,
are still inclined to take an extravagantly
gloomy view of the situation. Yet, as the
record of actual transactions proves, the
amount of business done, even at the low.
er prices of this year, is within ten pei
cent. of the amount done at the same time
last. There is real and serious check
as we all can see, but it is by no means
as important as many suppose. Let US
remember that, even in times of excite.
ment and uncertainty. the same number
Of human beings eat dinners and break.
fasts, wear clothes and boots, are married
or given in marriage, look for houses, and
even expend some part of their earnings
In pleasure or luxury. By far the great
or part of our commerce depends upon this
necessary demand; its aim is to supply
the necessary wants of a steadily increas-
Ing population; and it is therefore nearly
permanent in volume. even al the worst
seasons. We have moved from the West
this year 145, 46l ,J04 bushels of grain to
Dec. 2, against 90, 692. 971 bushels during
the same time last year-a gain of about
20 per cent. in quantity, which has been
ily in part balanced by decline in
prices. The railroads which report earn
inys continue, notwithstanding the extra
ordinarily low rates, to earn more money
O., the whole than they did last year, be-
cause the quantities transported are lar
ger. The cotton mills are more generally