Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1876-02-11
MILLIONS SUNK!

During the last two years staple
article of news in the daily morning
rapers has been their reports of bust
ness failures. So regularly did they
appear that the reader looked for
them as a matter of course just as
certainly as they do for list OF mar
r;ages and deaths. We were very
clad to have few or none to report in
our locality. Our business men IN
common with those Of other places
have suffered from the general depres-
sion of business. But the great trial
has shown that the business of our
merchants is based on sure, substan-
tial foundation, not to be swept away
by every furry and gust of CONNER
cial panic. Aloof from the great whlrl
of monetary excitement our commu-
nifty pursues the even tenor OF Its
way, adhering to old fashioned econo-
NV and maintains it's thrifty charac-
ter while the storm Of bankruptcy
scatters devastation all around
We arc able to form a Judgment OF
what destructive storm it has been
from the exhibit Of business failures
made by the annual mercantile agency
report of Messrs. Dunn, Barlow q Co.
of New York. They report for the
wear 1875, the number of failures as
774O, with liabilities amounting IN
round numbers to $780, 100000. Not
inc the States in which the liabilities
amount to ten millions Of dollars or
onward, we find that Maryland shows
lOS failures, with $l0,O67, $50, as La
bilities Massachusetts, 772, with la
bilities of $27, 4o4, 9l3; New York
FOG, with liabilities Of $40, 1856 ;
PENNSYLVANIA 5S3, with liabilities OF
$40 247,S42; Illinois 400, with llabll-
tiles of $S,2l7,47O; Ohio $50, with
liabilities of $7,oo3,os2, and Califor-
MIA 237, with liabilities S5,2Sl, ILL.,
In 1874, the whole number of failures
is given as $3.50, with liabilities Of
$l55, 239,O0O. In 1878 failurns 5,4S3,
,.':4:-- cooo 400 nOO it would
thus appear that in the last three
years not less than six hundred mil.
lions of the business capital of the
country has been sunk beyond re-
demption. These figures show the
fearful penalty the country is suffer
ing as tie wild initiation Of business
which followed the war. Nor have
we reached the end yet. Will the
business failures Of 1876 be any less
than those Of 1875? We may hore
so, but from the present outlook 1t
seems like hoping against hope. We
seem to be passing through great
financial revolution, producing fear
full shriukage of values, which will
not stop until we come back again to
the starting point. Is it in the power
of Congress to check it, or afford any
permanent relief? We doubt it, al
though Congress might by simply re-
pealing the Resumption law greatly
check further bankruptcy. The most
satisfactory reflection we are able to
make from review Of the situation,
is that for all manufacturers and
business men who are yet stand
ing firm, every day passed is a day
gained. For every day we are Of
course drawing nearer to the low
est point Of depression, at which i'm
provement, though it may be gradual,
must certainly commence. The great
Centennial Exhibition which opens in
the spring, will doubtless have an in
spring effect upon business. But all
our hope, of sound future business,
will prove delusive, unless they rest
on the basis of honest thrift and econ
omy. Prudence in extent Of trade, re-
duction of living and business expen-
SEES, lessened Indebtedness, and close
scrutiny of credits, are the elements
that will most help to restore conf
dence, and beget return to oondi-
ton Of business in which money can be
made, the resources Of the country de-
yeloped, and success achieved.
The New York Hippodrome, whittier