New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-12-17
Has Business Deelinede

A croaking editor. bewailing the political
situation, asserts: "There has not beer
0ne-tenth of the ordinary business of the
country transacted since the dispute began
It. is diminishing in volume daily" OBJ
viouely 1t is not necessary to remark thai
the man is crazy, and, because his chances
for an Office or . contract are "fsding, still
fading" fancies that there shall be ''no
cakes and ale" for the millions Clearing.
house exchanges in this city last week
amounted to 1897 ,3l4 $40. During the cor
responding week last year they were 1923,
lao, S48. The difference. less than seven per
cent, fairly measures the present volume of
business transacted through the banks Of
this metropolis, compared with business at
this time last yesr. It shows that some.
body hes bought and borrowed, others nav
ing cold or loaned, to the amount of nearly
$500 900 600 in . single week. Moreover, it
is not true that business IL eliminating
in volume daily" ON the contrary,
it is slowly increasing. The clearings
at New York during five weeks ending De.
cember 2. we're 81 ,908, 92I ,289, against st.
U98, 397 ,l9l during the corresponding weeks
last year, . decline of nine per cont; 70 that
the last week, compared with the five
weeks preceding, shows . moderate gain.
Finally, the business of New York closely
represents that of the whole country, tor,
during the five weeks ending Decsmbar 2,
the aggregate clearinRs at eight principal
cities were q, 633 232, 534, against $2,9l9,-
235, sol, decline Of 81 per cent. In short
it is not only false that there has not been
one-tenth Of the ordinary business of the
country transacted since the dispute. be-
gan" but there has not been decline of
One-tenth in values exchanged, comparing
transactions with those of the same weeks
last year, while the decline in prices has
been more than one-tenth. Consequently,
in quantities exchanged, business is actually
larger than it was one year ago.
These facts are particularly pertinent at
this time, because many business men who
have not quite taken leave of their senses,
like the partisan above quoted, are still in.
ciined to take an extravagantly gloomy
view OF the situation. Yet, as the record of
actual transactions proves, the amount of
business done, even ut the lower prices of
this year, is within ten per cent of the
amount done at the same time last year.
There is real and serious check, as we all
can see, but it il by NO means - important
as many suppose. Let us remember that,
even in times Of excitement and uncertainty,
the same number of human beings eat din.
ners and breakfasts, wear clothes and boots,
are married or given in marriage, look for
houses. and even expend some part of their
earnings in pleasure or luxury. By far the
greater part Of our commerce depends
upon this necessary demand; it's aim is to
supply the necessary wants of steadily
increasing populations; and it 10 therefore
nearly permanent in volume, even at
the worst seasons. We have moved
from the West this year AS 46l ,504 bushels
of grain to December 2, against 120,692 81
bushels during the same time last year-s
gain of about twenty per cent in quantity,
which has been only in part balanced by Q
decline in prices. The railroads which re-
port earnings continue, Notwithstanding the
extraordinarily low rates, to earn more
money on the whole than they did last
year, because the quantities transported
are larger. The cotton mills are more gen.
orally and satisfactorily employed than
they were last year, and from the latest re.
ports we judge that the same il true of the
iron furnaces, though there has been little
change in prices. The mining interest is |
perhaps Is much depressed as any other,
and yet the decrease in quantity marketed
has not been large, if bituminous as we'll as
anthracite is included. Above all, the farm
ing interest, upon which more than half of !
all the consumers in the country depend,
hes been aided by q succession of good
,rops to escape from indebtedness, and 10 |
doubtless more nearly prepared for pros.
perlty than it has BEEN for several years.
Cracking can only retard the recupera-
lion toward which natural forces tend. Our