Union and American. [volume] (Greeneville, Tenn.) 1875-1877, 1876-08-17
.Fnrev ell, farewell swect BarLnra.

FnreN ell, farewell sweet Barbara,
| No more shall we together
'Drink IL the mountain scenery
] Or walk beside the heather.
No more will our irysiing place
Beside the fountain meath the hill.
BE enchanted by Jour grlce,
But be forever dark and still.
The moss will grow on our rockysseat
And the birds will hear thy voice
no more;
The brook that lavCd thy dainty feet,
Will lave them nnw no more.
The Universal ucpre~sion I'm Busi.
+ ness---A sorious Question.
The Directors of the Bank of
England havereduced their rate-of
interest to 2 per cent. II has
never been lower, and it has very
rarely been as low. The rates of
interest allowed on deposits by the
joint-stock banks are, of course,
lower than the bank rate of dis.
count, and money at call receives
return Of / per cent only. Con.
currently with this condition of the
mooey market, there exists, in ul.
most every department of industry
and OF commerce, great sluggish
ness or absolute deadness of enter.
prize, q limited extent of produc-
tion and corresponding contrac>
tion of sales. The complaints are
universal that business is dull and
profits arelow The statistical re-
turns Of the Board Of Trade show
that thes, statements are not ex-
pIessions Of groundless discomfort
for they reveal great, and for
some time past, a continuous de-
cline in the values and quantities
of the commodities in which We
dea with cur foreign customers.
1t is in agreement with these facts
shat advices from all the principal
marts of industry tell US the same
tale of declining and Improbable
business.
There has been commercial dull
ness in the United States for more
than two years. and Canada has
some time been afflicted by the de-
preston of trade in the greatest
customer Of the Dominion-thc
neigh5oring Republic. The coun
tries of Europe which have any
commercial character have been
similarly affected; Germany most
prominently, but France to sig
nifcant extent; and if we carry
our survey to the regions of South
| America, to India, and even to our
Australian colonies, we shall be
met by painful iteration of the
same tales of bad times, though
different reasons may be assigned
lin different parts Of the world for
the result. 1t will probably be
admitted that the low prevailing
rate OF interest and the contraction
Of industry are connected together
IS effects of the same causc-a de-
cline in profits through the un>
settled political condition of East
ern Europe has had some influence
on the interest Of money
There is at all times a class
among us saving money and look
ing oft for modes Of investing it..
The amount saved in the course of
year varies considerably with the
variations of trade, but something
and that rot an incoDsiderable
amount, is saved in the worst years
OF late years considerable pros
portion of the amount saved has
found employment in the new loans
which have betn continuously
launched in our markets on behalf
Of American railways and of strug
Cling States. The decline of trade
il the United States has caused or
precipitated a failure in the pay
meDts Of interest on existing rails
way securities, and it has become
impossible to introduce any more
prospectuses for the development
of railways, while the bankruptcy
Nf TurSey, the threatened bank
luptcy OF Egypt, and the unsettled
relations If the East have kept the
Brouses clear of proposals forState
loans. The single apparent ex'
ception--that Of the Egyptian loan
served by its failure to plo owe the
general rule. Those thrifty per-
sons who save money, and with all
their thrift are tempted by the
higu interest Of these clusses of se-
curities, are for the present fright
cncd. They therefore keep their
new savings unemployed, to the
depression of the rate Of interest,
which wonld thave heen denressed