The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1877-02-07

presented:
49, 80; !" t Aa;% 1 1%S;%;: z,
New England States. 1863 1.314 S37. G57 .Gi2
Middle States. ...... lG5, lSiI 2.909 12.2tt.GSI
Western States. $500. 225. 800 S,l39 52.S70.;3ll
Southern Statcs.... S7.liG' 1851 23.0S3. 2GG
Pacific Statcs....... 22.3l3 800 1852. Z}6
canada. 80. ....... 5i.G00' It's 25,5l7.!9l
An examination Of the above table
confirms the impression, which has
been very general, that trade i'll the
Western and Southern States has been
less disastrous than that of the Eastern
and Middle States. 1t is Il significant
circumstance, that the failures in the
Middle States are one in every tiftv-scvcn
names reported in business, while in the
Western States the proportion il one in
every seventy-twO; but the colnparisun
between the East and the South is even
more significant, for i'll New England,
with all its wealth and sulidity. one in
every ~tifty-ninc has yielded to the press
ure of the times, while in the South,
with all its poverty, its political aud
other disabilities, the percentage of fail
ures IS only Il ill every sixty-four.
Even in Canada, where there is a gold
basis, light taxation, freedom from politi-
' cal complications, and all other favoring
conditions, the above showing is indica-
tive Of much greater pressure than IN
the United States, the failures in the
Dominion being one in every thirty-two.
In England no very accurate figures are
obtalnable, and none of course as vet for
the past year, but for 1875 a return was
made Of 100 failures among GO. 900
firms prominent III trade, indicating 0ne
failure for every thirty-six firms reported
IN business, with ali average liability Of
$3.50. The figures for the United
States, showing a failure of one in every
slxty-thrtc, with IN average liability of
81, coo, Indicate that the pressure Of the
times has been either not Sc great in this
country rs elsewhere, OF that it has been
borne with less disastrous results.
1t would be unfair to conclude that
the trade Of the county is in an unprom-
Using condition, because the failures
show snch Il marked increase. \ wider
view would include many circumstances
that would bring more comfort. For i'll
stance, il is untHuinhl2 that the past wear
has witnessed q marked Improvement in
the values of many leading staples. rs
compared with thu prices prevailing in
1875. 1t is equally true that in extent
of profitable trAic ti.crc has been Il per-
ceptih'r gain, and there is no dcnvin"
the fact that. III many bra!rhcs OF husi-
hess, Il much larger number have added
t. their available surplus during 1876
than i'll 1915. Many articles have reach
Ell Il par value, in illustration of which
the statement may be ventured that. rs
far us further depreciation III prices was
concerned, specie payments might have
been resumed i'll the early part of 1876
without causing any material disturbance
III values. Not only had some prices
reached par-and in some cases below il
but ltNGas Il settled conviction that The
stock Of Mods il nil hands nearest the
consumer Nil reached the lowest posi-
bic point. Production, warned by pre-
rious loss@ has been regulated to the
extent OtEruSitive wants: and the press
IRE to sell, so apparent in 1875, was
largely diminished. Thus. barely the
first half of 1876 was reached, when ill
the conditions Of stock, supply, demand
and price favored an improved condition
OF business. That this improvement did
take place i'll September and October
was everywhere evident; hut the heated
Presidential contest, and the miserable
muddle as to the result of that contest
which has since prevailed, has almost.
completely paralyzel business. The
last two months of the year, therefore,
were most disappointing, and from
causes exceptional AMI temporary i'll
character, III" promise of the early au-
tulnn of Improvement in business was
not fulfilled. It is significant, however,
that the failures IN the last quarter of
1876 are less by twenty per cent. in
number than for the last quarter III 1879,
while the total liabilities for the last
quarter OF 1876 az" not 0ne-llalf OF those
OF the corresponding quarter of 1873.
Ih" same favorable comparison also
ho!ds good Us ~ the decreased number
OF failures which occurred in the fourth
quarter Of 1876, as compared with the
larger number in the third quarter. x 4
1t is true that the gloomy cloud Of The
political contest ob,curcs these condi-
tlons somewhat, and that Il winter OF eX-
IRENE severity, with difficulty Of trans
pJrtatiOn aud other causes. retHr,S their
action - sp.u2 extent. Bu;, that these
favorlng c3u jit;un$ not only exist, and
continue to increase, noue can doubt.
The year Just closed has been q most
prolific u IN largely uugmcnting the
wealth OF The country. Cotton, grain,
sugar, Tobacco, gold and silver, prtro-
leuIns AMI numerous other resources Of
this great continent, Haye h"rn pro
dnced III quantities s,r!li ::cnt to yield
nearly 1,00O millions Ct dnii#rs. While
the producing power ii the nat;sN has
thus been exhibiting itself, on the one
hand, the economy Of ia people has
been equally clearly demonstration the
other. The importttiDiIS have dwinlled
to dimensions smaller than WAS ut III,
time thought possible, and the restricted
purchases OF domestic as well as foreign
goods, III al sections OF the country,
afford the strongest possible Indication,
that the foolish extravaganza which so
universally prevailed in the first five
years Of the dc"adr, is being succeeded
by lcsselrl living ana business expenses,
and a safer basis generally IS thus being
reached.