, 1876-01-17

Indicated BY tbaBe nyurca It has not been -
arccial'y dlH1htroas tu anv dist!nctise llno OF
rion in trsda gsno, lily, tho proper lou Of fail.
Ares ia not cous:dcstd o1cssAire. IHe numbsr
81 rossona nor topnfted In bustnoan 10 tho
unttad htatea Ia E2p.0 10. or this numncr 7.T40
portion Of one III tytfy elahty.tyo. IAe
h9u1oa IN tho tkhis fro1n California,
whare buhlnas, Is dona on a gold basis. Indicate
tha: one tralhr In nvery tnrtY-t yo his taite
mh.le IN Canada. WITH foa tariff. \ m,ht nlnl-
!ato oank II. s:atom I'll =, Ill foam 1a.io1, ntd :
light ta1n!iut, tl4 Iirnses +re e.el, ,uor4 suE-
Eb,t1se. tbs numu.r nj failures having Lcen Qua
IN ev.iY tTaht tY.eiKlt.
soma interesting canclr,ian. may DO drawn
from tho ntn 1unt Of labiI,lica to Ia canr-eh T.,
profit ana loss. and tho etirct upon lhp.- that
rern,ia In tralo. Tho tIa5.li:toa Of thn .1i0 WHO
failed IN 1915 arc III round nunnara *2]1, ,UO1.
Ftom tbiA sinuuut should ha to Inct3d 10 pet
cent for ndsance un ori siial cast OF Eools sold
to these parties, leav'ng Al apparops lo:k-up OF
Sl90.QM,0Gl EstiMA:;nE tho Average yiRll Of
fai.eI oatatcs t. bo Il pr ceos tu,ldcr tne ope-
lAtinns Of tao uox 1aukrupt lar II will fali far
ahsr4 Of !ha:} tho actual loza to capital ,unt
by tlso failures nf thu soar nil! st.ni nt a51uL
efon, 900. .01]. ThfA amount In equivalent to tho
vAls 0! oto.la!f of tia cation crop, and Ip mere
ty ~ per cons than Tho outirs void Of a!| the
go3 and s|lser rnineB Of tia country. Th's
81l0 00J o1D OF loss rcnreaents profit at 10 per
ccut Gu III, 21u, ,0]0. 0UJ OF bns,netf.
TIE E1MrnoMtsr s4sTEM.
In this coatectian II Ia temsr.ed that tho ays-
TEN uf comp. oNnisltg iudantcdncss u open TO
g,cat as,tlse. Tao ira 10 oi tbs fiolth has boou
de:norslizud by tettlcnenta With pastlpa un-
worthy Ut conidsncc, li!4o, w!itto able t, iafoso
Oil tletr crc!ItoTa. 1crAoll thu n1eet merchants
Hho giYa dollar for d1lsE. IA advantage 10 tho
whole businasa community. 1t IL beloved. wouI1
Ln tho nesdIug OIL OF tAcae unworthy traders
1ht coH!plora Of this Circular say they !int IL
dilicAlt to ctitoml2o tue coadt!on Of ssais 1t
tue Cloas Ut the year. While depression aud
lack Of confidence are uosIccd in ll,e East nb
soil as p,r.lon OF tue Houth, tho Neat las ex-
chsses. In these |n:ttr sections it Is estimated
That e!10. ,c10 hayo beau reaIcoI for cotton.
erlln. pasi. c:c.. thut stimulating lo:a totll
traffic. And bct.er ptil, mitch moro rcna aims to
% % f"al'zed on tho s;aies Of tno nast sltumn.
asid: from bacl.onal improvement. however, It
III aa1l tia. in general values tdcro would bp
fauu1 thIfnla1s on au estimate bang na3o
1t has been fonna, bonosrT that durug the
year .junt closad tho active eurplua or
capital employed in tho mercantile tra1o nf
tbs. country has been slowo t.. be
! III larger proportion to the exten. !. + bu.iness
dnnc. and tu tue amount Of existing tiab'll.
ties thaa as kny tIms IN our prsyious history.
country III tho world having 4 proportiottats o1-
tent Of inlegnal trade. After FesleHiag tho
cause OF past disasters. glAnce Ia taken toward
the future. Ile circular goes on ia say: "lhe
sn.priting nalon,l oyens Of tue cooter,l1fal ycar
wis " ID uGlAEScEs iHE EH1 lDluae
acttvltr IN soma Localities. a great IufSu1 OF
visitors :rctn abroad. and thu necessary clrcu!a-
tton of mone' which a implied In tic movement
of largo nunlb:ra OF our o*n population, eau
haldlY tail 10 ytazo soa;o droorlug Interests
Tht4 Temporary tmpu6o mar be taken 1tyant..e
ai In tho pio ;re!s toaatd prosperity. hut tic
hopes Of flturu sound business BuporstructuEe
must rrst on tho basis oi houest thrift euu ocou.
on1y, less iixot and more toatns cs:ital, asu O
closer adjustment OF values 10 feducol cos! 0,
rrotlJirk pEnIaNPn eyfAnk Nf ttafn
tion Of living 1ud busiue1s cxpcnsca. lts.ened
Indebtedness, ,nl clcss scrutiny OF credits,
etc tho elements tia: will no3s hcty tc
scstors confidence ana p.Eet re..ra 10 c,nii.
sioo Of b5 5.1nees in rt!c.l Enac7 eau b. msd..
tho researces Of tho couu:rj developed, Md sue.
ceas aculcycu."