Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-01-18
We find on examining further that out

We find on examining further that out
of the total number Of failures last year
only 1888 occurred in the Southern
States, representing liabilities of a little
over $50, 900, 900 out of 5000, 900, 900.
The heaviest failures have been in the
Middle and Western States. The actual
loss to capital by the failures Of the year
will be about $3.50, 600, 900, which is
equivalent to one.hslf the cotton crop,
aAd more than thirty per cent. OF the
entire yield of all the gold and silver
mines Of the country. This loss to in
diyiduals must be deducted from the
profits of business or the sccumulstions
of former years. 1t is argued that a COM
pensating advantage for all these hard
times should be found in the rapid weed
ing on. Of the unworthy traders who,
from lack Of capacity, character, or some
other qualification, de no good for them
selves, their ~neighbors or their credit
oIs" There is another aus still for
these numerous and increasing failures:
business is over-done; there are too
many traders, spectators and middle
men for the producers. We have in this
country at least eight consumers
to one producer, and Dunn's agency
will have to report another year
that the wedding : out process con-
tinues without abatement. The cir
culsr says: If the number Of producers
could thus be increased by a correspond
ing diminution Of retailers, an important
step would be taken tsward a sounder
condition OF trade than now exists.
There is the trouble. The men who fail
in business rarely aver become self
sustaining again, much less learning
how TO produce a surplus. The circular
contains a review of the general coRdi.
ton and outlook for the trade, from
which we CLEAN a few leading facts.
There has been q large absorption Of
goods and increased purchasing and
Aebt-paying power in the West and por-
lions Of the South. The amount Of
money realized by producers since the
lat Of August in all these sections for
cotton, tobacco, grain pork, ETC., is esti-
mated at over $3.50, 900, O00, 8 sum
equivalent to ,two-thirds Of the entire
issues Of all the National banks of the
country. There yet remains to be real
lied fully two-thirds Of the wealth gar.
nered during the summer and autumn.
Aside from these sectional improvements
che general results have not been salts.
factory. More capital has been employed,
however. in proportion to the trade than
usual, which indicates a return toward q
cash business basis. While the year has
rarely resulted in profit and more Ere.
quently in loss, there is much in its
history to encourage confidence in the
ability of the rank and file OF the com
@ercisl community to wait for betteI
times. The hopes of a future SOUND
business superstructure must rest on thu
basis Of honest thrift and economy, les
fixed and more floating capital, and
closer adjustment of values to a reduced
cost Of production. Prudence ip exten
Of trade, reduction Of living and bushes
expenses, lessened Indebtedness, ant
close scrutiny Of eredits, are the ele
ments that will be most help TO restor,
confidence, and beget a return to a con
ditiou of business in which money Ssr
be made, the resources Of the country
developed and success achieved. Out o
the entire number of failures last year
774O, we find that Ouly l36 occurred il
Tennessee, covering liabilities to tn,
amount Of $l,l2l,839. In 1874 Their
were n~inety-four failures, with liabili6e
$l,585. 900; ia 1873 se~venty-seven faiI
ures--liabilities 1886, 900; in 1872 fifty
six faiIures-liabilities sl,4 900; an
in 1871 .forty-two failures = liabilitie
1863, 600 in this State.