River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-07-18

The failures for the half year just closed are
thus shown to be i'll number over twenty
five per cent. greater than in 1877, while the
liabilities indicate percentage of increase
still greater.
These figures are of very grave import, if
taken as an indication of the state of trade,
for, according to the agency, never before in
an equal period, in the history of the coun-
try, have business misfortunes been so nu-
Nero :. or aggregating an amount of loss by
debts . great. But, before accepting
these sta tistics as a true test of the present
condition of business, the circular before us
urges some considerations in mitigation of
the unfavorable conclusion which would
otherwise be inevitable. These considera-
tons are briefly synOpsised as consisting of
an unusually open winter, retarding sales,
deliveries of produce, and collections; the
discussion in and ont of Congress of finan-
cial measures, and the necessary condition of
uncertainty that resulted; the possibility of
important changes in the tariff; the post
ponement of the date of the repeal of the
bankrupt law, and finally, the steady decline
in prices of merchandise, and the general
shrinkage of values, which it is said, have
been more apparent in the past six months
than ever before, especially whenever it be-
came necessary to realize. In relation to
these points, which are set out at length the
circular says:
1--WE have thus briefly endeavored to enumer-
ate five leading considerations, which. COM
bined with Others always existing, have had
prevailing influence in the past six months to-
ward increasing the figures of failures given
above. When it is considered that there
now over 700, 900 persons and firms rep orted IN
active business by this agency and that Of this
vast army only limited number possess sur
Plus sufficient to Withstand such lengthened
period of depression, disappointment and loss
as it has been the fate of the country to under
! go, it need not be considered measure of
| great disaster that additional circumstances so
unfavorable should swell the failure lists to
the extent above recorded That these c1rcnin-
stances were only temporary in their duration,
! and that certain of them may have tendency
| to lessen the number of failures hereafter, are
! points in favor of the future; and therefore.
! however discouraging the figures above pre-
scented may at first appear it would be unfair
| to regard them as an index to the real or per-
| manent condition of the country.
The following Paragraph still further sets
! forth the state of the case, and appears to
| contain a good deel of sound sense:
/ THAT there are still too many in business in
! proportion to its volume and proftableness
! there is no denying. and that failures arc likely
! to occur while this condition lasts, is equally
/ certain; but this does not alter the great fact
1 that the country is rapidly recovering itself,
tions great bodies of producers over vast sec
tions of the country materially increasing
their purchasing power. 1t is true that IN
numerous manufacturing centres depression
still reigns and no revival is hoped for so long
as the capacity to produce SO immensely ex-
ceeds the probable demand. That this view
has become settled conviction in many minds,
even among the operatives themselves, is
hopeful sign, for the necessity Will then become
apparent that numerous class should adapt
IL ind an1 he
that at government and other land agencies
there have been very frequent applications for
farms from those hitherto engaged IN other
pursuits, is one of the most cheering signs OF
the times. As country we are most fortunate
in this, that millions of fertile acres are avail
able at a merely nominal price, and that with
very little effort not only living, but comfort
and event ual independence are possible to
families willing to work. In no form could or
ganized philanthropic effort be better shaped
than in encouraging by information direction,
and even material aid, movement from man
ufacturing centres to the cheap lands OF the
West and South. III by hrmness on the part OF
wholesale merchants in refusing settlements
and compromises in the event of failure,
similar movement could be induced among the
large army of unnecessary retailers and middle
men now dividing up between them the
limiting trade of the hour, an early solution
would be found for many difficulties from
which the business of the country suffers.
ally accomplished, is certain, and the sooner
the better for all concerned.
The Agency concludes its review as fol
lows:
Because there has been frequent disappont-
ment in the expectations hitherto entertained
of a return to a better condition of business.
there is less disposition to rely upon indica-
tions both numerous and favorable But nes er
before were there present many conditions
essential and contributive to better times than
at present appear; and though it would be the
utmost folly to Indulge in expectations OF :
rapid return to prosperity, II is next to lmpos~
sible that the immediate future can be other
wise than encouraging to those whose affairs
are in condition to avail themselves Of better
times.
The circular contains condensed photo
graphs of business and crop prospects from
thirty-fve representative sections OF the
country, which are exceedingly comprehen-
sive. and no doubt, in the main correct.