Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1876-03-29
The Good Time Delayed.

The Good Time Delayed.
We have listened very patiently during the
Da.t TWO months to the glowing prophecies
which have been published on every side OF US
brraldipg the Immediate revival of an active
and prosperous business throug hout the coun-
trv. Some of these sanGuine writer's have
becu so cheered by the echo Of their own words
,bst they have accept the prediction as re-
alty, and have already begun to chronicle its
tuItilment. We have seen nothing to indicate
such return of general prosperity. The
shrukage 10 values continues; the gulf between
the theoretical aud the actual widens and deep
ems; and it is evident that the burdened must
upload at their own coat before there can be
renewal of profitable trade
There may be spasm of activity excited by
the Centennial movements, but this will not
set the wheels OF commerce 10 motion. The
current expectation, excited only to end IN
fresh Gisapponlment, is itself productive OF
evil We think that the general belief that the
crowds of visitors at Philadelphia from the 10.
terror aud from Europe will in some mysterious
way provide an aptdote for the general depres
sioD must operate to retard the hnal recovery.
We showed, more than TWO years ago, that Ii
quidation must precede the hope tor revival
and that debtors must give uplal idea OF realiz-
iug the nominal surplus Of their estates before
there can be any effective settlement. The
man who holds the title to large amount of
property, against which there are heavy liza
hties only to be discharged by a sale Of it,
will cling to the estate. struggling hard to pay
his interest, and to wait for things to improve,
50 that he can convert the assets without sacri-
hciug the surplus. Not until he is fairly con.
yipced that there is no margin, will he let 60,
of bis own free will, and surrender the proper
ty to his creditors.
Few men 10 this position will realize the hope
esspess of the struggle. They owe but QUE
third, or at the worst, they think, but one.half
OF the late value of their goods, landsand other
securities the moment things begin to move
ittle' they Gao sell off moety to cancel
their obligations, and retain a snuk little for
tune for themselves. Alas! that it should be
so, but the bitter truth is best for them. The
assumed value which shows the margin and
assures the surplus fortune is wholly myth,
and has been altogether unreal any time these
three years. The shrinkage has gone on, al.
most impreceptibly, like the wasting 10 early
spring oil the winters snow, while the debts
have crert stealthily up, eating more and more
favorable turn 10 the market to sweep them
away forever. The expenses of maintaining
the forms ofbusiness life, against which there
have been few or no profits; the costly strug-
ges to save the Dominal capital intact and pre-
vent it's sacrifice; the great outlay for living IN
the old style, which the debtor feels that he
cannot afford, but fears to curtal lest the econ
omy iuiure his tall these serve to in-
crease his entanglements. The plain truth is
that he caunot pay his debts. All this great
estate which swelled 80 grandly 10 its nominal
altitude above bis aggregate liabilities will not
avail for their discharge. There is nobody to
take il of his hands at price that will meet
his obligations He must not only give up all
idea OF retaining fortune, but, in very many
cases. must face the cruel fact that 1t will not
suffice to satisfy the claims against him.
The hard thing to be understood In all fhls
by those who are called to realize it, is that the
withering touch is only leveed at the assets
not only spariug the other side OF the account,
but 10 he very process encouraging the growth
Of the formidable array of greedy debts waiting
to deyour all that has been boarded so care
fully IN the years OF plenty.
When any considerable portion of the COM
munity are loaded, in this way, with undls-
charged liabilities sufficient to mortgage their
whole available property, there Gao be no re-
ucwa of commercial activity until there is first
a general liquidation. The debtors may post
pone the evil day; may hope for favorable
turu Of affairs that will enable them to dis
,arge the lien without the necessity OF sacr-
icing the estate; but the end Gao come only
in the one inevitable solution. They must re-
I,nquish their hold and submit to the seem
lng waste.
The moment that this is done the fetters
upon trade will be broken. The creditor will
lcaro the ex,eut of his losses and gather 10 the
fragments that fall to him. The debtor will
stand once more on solid ground. He has
learned the worst, and has laid down the crush
ing load. No longer weighted with heavy
burden, he may now, with economy and an
available industry, set hopefully at work to
build anew, on secure foundation, his shat
tered iortuucs Until there is such freedom
there can be 20 unshackled enterprise. and no
hope of returning prosperity.-Nea1 York
Journal of Commerce.
"OnvILLE GRANT!' yelled the President,
selzlug his trembling kiusman by his LETT ear
aud wreoching it violently. You're pretty
sort of br, ,ther you re nice third term sardlne,
amt you !" Did mean to hurt you?' whim.
pered the offender. Did say who got part of
the money ?" "S'pose I'd do anything agaiDs;
the famiy?' Idiot !" shrieked the Presi
dent, tightening his grip aud jerking the mise
rabe culprit to and fro. Let 60 of me, cried
Orville, his wrath rising, Let 60 my ear,
Lyss Graut, or I'll make such interesting
reading for this people that novels won't be
anywhere" Then his Excelleucy released bis
grasp and sank back exhausted on pile OF
cigar boxes, while Orville, gathering up his
quivering auricular, strobe moodily out Of the
-
argus.
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