The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1876-02-06
IRE WE TO HAZE BETTER TIMES1
New York World.I

New York world.J
Americans as q nation are rather opti
mfsts than pessimists. The ndividua
American is buoyant and elastic under the
frowns of fortune, bears commercial rover.
ses with fortitude, and invariably looke
Forward with sturdy confidence. He has
or late been sorely tried. The panic Of 1875
was followed by an unprecedented depres.
sion In all department of trade--a gradual
shrlnkage in values and q diminished pro-
doction in all manufactured goods. The
fallures of the fall of 1873 proved only the
commencement Of series, which increased
IN NUN Der in 1874, continued with unabated
vigor during the whole of 1875 ard up to
tue present writing, gradually swelling in
| volume IT not IN amount OF liabilities. 1t
| Ia, under this state of things. not surprising
that trade has langulshed and confidence
RENAME impaired. During the whole of this
period OF suffering and trial our people
were not cast down they hoped for the
best, bore their losses with cheerful
ness, and braveIy looked forward to better
times.
They are about to be rewarded those
times have already dawned tho tide has
turned. 1t il generally believed by we'll
informed business men, both here and in
Boston, that at leaat three quarters of the
weak and crippled have gone under-made
assignments. compounded with their
creditors or been forced into bankruptcy.
Ii this assumption be founded 10 fact, we
may look for diminishing failures, growing
confidence and increasing trade. The large
cities OF the West have no reason to COM
plain of last years business. The whole
sale sales of merchandise in Chicago during
1878 were $26. DOC, 900 more than in 1874,
and, making allowance for the decline in
prices. there was an increase of 90 per
cent. in the bulk of merchandise actually
handled. This was not au increase over
a diminished trade of the previous year, for
the year following the panic showed an in
crease of over $40. 600 600 in the aggregate
trade of Chicago. During the year 1875
there were no mencantile failures of conse-
quence in Chicago, the number being under
the average of prosperous times. For
period Oh over two years system of forced |
economy has prevailed throughout the |
country. With the exception of tea, coffee |
and sugar, tie farmer has been almost self |
su bsisting. The result is that the country
store keeper, who during all this time has
bought from hand to mouth, finds his stock |
to the smallest possible propor-
lions, and that too at time when the |
whole country side from Maine to Florida
must necessarily replenish the worn oot
and exhausted supply of clothes, dry
The agricultural interest throughout the |
South and Southwest has not at any time |
during the last ten years been in as sound |
a condition, financially, as to-day, and this |
is attested by the fact that collections
were never better among the farmers and !
planters than they have been during 1875
For three successive years we have had !
abundant crops-our great staples have
been marketed at satisfactory prices. If
the foreign exports of breadstuffs from
United States ports for the year ending
August 81, 1875, fall considerably below
those of the previous year, it must be re-
nembered that large quantities of wheat
and flour are held by producers, spectators
and others, for higher prices. If the far
ner is able to hold his wheat for higher
prices, he is more than able to satisfy all |
lis legitimate wants. And he must want a
ire obliged to replenish their stocks to sup
9ly these wants of the agricultural classes.
orders are sent to ST. Louis, Chicago, New
orleans, New York, Philadelphia, Balti-
more and Boston the wheels Of commerce
re once more get in motion, trade revives,
ND the ripple Of prosperity is felt through
nut the land. The general economy during /
he last two years has had the effect of in
reasing the balance of trade in our favor.
he entire value of merchandise exported i
rom the United States during the fiscal :
ear ending in 1874, computed in national
7as greater than the valuation of our
oreign imports for the same period by over
81 zoo GOO. and the balance of trade is =
in our favor to that amount c
most gratifying result which has done not
little towards setting as on our feet again.
he withdrawal of national bank circuIa-
ON which has been going on during tie p
asst year, indicates that there are more
ank notes ahoat than can be advanta- Q
eously used. AS to the $371 ,S27 200 of 81
nited States legal tenders now outstand- 81
e, the pu bic are under no apprehension a.
further imitation with Democratic ma OF
rity in Congress With the currency st
lestion in good bands, and prosperity at
10 West, we should say that every thing
oints towards a revival of trade, restored
'nfdeDce and better times generally du- 10
ng the Centennial year and from this re
me forward. OF
P