Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1878-07-24
URNAL, WEDNESDAY,, JULY "a, 1878.


annual circular OF IT. ". Dunn TO- |
Mercantile Agency the failures throughout
the country for the half year just closed are
shown to be in number over twenty-five per
cent. greater than during the same period in
1877, while the aggregate liabilities indicate
a percentage of increase still greater. These
facts are of very grave Importance if taken
as an indication of the state of trade, for ac-
cording to the Agency, never before in an
equal period, in the history of the country,
have business misfortunes been so numerous,
or aggregating an amount of loss by bad
debts so great. But before accepting these
statistics as true test of the present con-
dition of business, the circular urges some
considerations in mitigation of the unfavor-
able conclusion which would otherwise be
inevitable. These considerations are briefly
synopsised as consisting of an unusually
open winter, retarding sales, deliveries of
produce, and collections the discussions in
and out of Congress of financial measures,
and the necessary condition of uncertainty
that resulted the possibility of important
the date of the repeal of the bankrupt law,
and finally, the steady decline in prices of
merchandise, and the general shrnkage of
values, which, it is said, have been more APP
parent in the past six months than ever be-
fore, especially whenever it became necessary
to realize In relation to these points, which
are set out at length, the circular says
owe have thus briefly endeavored to enumer-
ate five leading considerations, which, combined
with others always existing have had a prevail
ing influence in the past six months toward in
creasing the figures of failures given above. When
it is considered that there are now seven hundred
thousand persons and firms reported in active
business by this agency, and that Of this vast
army only limited number possess n surplus suffi
cient to withstand such a heightened period of
depression disappointment and loss as it has
been the fate OF the country to undergo it need not
| be considered as a measure Of great disaster that
additional circumstances unfavorable should
swell the failure lists to the extent above recorded.
| That these circumstances were only temporary in
their duration, and that certain of them may have
a tendency to lessen the number of failures here
after, are pointed in favor of the future; and
therefore, however discouraging the figures above
presented may at first appear, it would be unfair
to regard them as an index to the real or perman-
ent condition of the country"
The following paragraph still further sets
forth the state of the case, and appears to
contain good deal of sound sense:
"That there are still too many in business in
proportion to its volume and proftabeness, there
is no denying, and that failures are likely to occur
while this condition lasts, is equally certain but
this does not alter the great fact that the country is
rapidly recovering itself, and by the success of
agricultural operations great bodies of producers
over vast sections 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 rs
the capacity TO produce so immensely exceeds the
profitable demand. That this view has become a
settled conviction in many minds, even among
the operatives themselves, is a hopeful sign, fol
the necessity will then become apparent that d
numerous class should adapt themselves to othei
industries; and the fact that at government ant
other land agencies there have been frequent ap
plications for farms from those hitherto engaged
| in other pursuits, is OF the most cheering
r
fortunate in this that millions of fertile acres arr
available at a merely nominal price, and tina
: with very little effort not only living, but com
d, fort and eventual independence possible t.
families willing to work In no form could or
gained philanthropic effort be better shaped than
in encouraging by information, direction, am
even material aid n movement from manufactur
ing centres to the cheap lands of the West au
t South If by firmness on the part of wholesal
q merchants, in refusing settlements and comprc
J. misses in the event of failure, similar movement
. could be induced among the large army of IN
- necessary retailers and middlemen dividin
up between them the limited trade Of the houl
II culties from which the business of the countr
suffers That these resulis will be, of necessity
e gradually accomplished is certain, and the soont
@ the better for all concerned
@ lineage concludes its review as follows
, Because there has been frequent disappoin
v mont in the expectations hitherto entertained {
!, a return To better condition Of business there
less disposition to rely upon indications both NJ
merous and favorable. But never before WEI
there present so many conditions essential an
contrbutive to better times as at present appea
and though it would be the utmost folly to il
duge in expectations of rapid return to pro
. perity it is next to impossible that the immeda
future can be otherwise than encouraging to tho'
e whose affairs are in condition to avail themsev,
d of better times"