The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-10
Missouri, Arkansas, Ohio, In
diana, kentucky.
CLOSE-FISTED TIMES.
Low Prices unloaded Debts, Cautious InyeS-
tors and Hard Bargains.
ECONOMY AND HOPE.
MISSOURI.
PROMISING OUTCOME OF TERRIBLE EXPERT
ENcE OF DEBT AND FINANCIAL DISASTER
GROWTH OF TRADE.

PROMISING OUTCOME OF A TERRIBLE ExPERI-
ENcE OF DEBT AND FINANCIAL DISASTER
GROWTH OF TRADE.
ST. LOUIS Dec. 8, 1878.
As matter of fact the general condition of the
city of ST. Louis the State OF Missouri and neghbor
ing States is much improved but the masses of the
people are hardly conscious it, The panic of 1878
had the same depressing and disastrous effects here
that it had in every other part of the United States
Inflated and fictitious values and magnfed private
and municipal debts were destroyed, and Mis-
souri,, in common with most Western States,
was in poor condition TO receive the
necessary remedy Of resumption Of specie pay
ments Immediately after the war there came here
a vast number of enterprising settlers from the
North and the East well from the countries of
the Old World. They brought with them enough
to make part payments their real estate purchases
giving mortgages for their indebtedness Under the
impetus of heavy emigration most Of the counties
OF the state bonds the building of railroads.
public buildings ana school houses. In this there
was a great deal OF swirdling and much actual rob
berry. Several counties, which have bonded railroad
debt ranging from 100000 to sl,S0o.o0o have only
part of n railroad or none at all While the values of
real estate and all kinds of produce have fallen to
a minimum figure debts remain as they were when
contracted in the flush times Of 1867 6S, go and 10.
As early 1873 there begun TO be complaints about
heavy taxation and since that time dissatisfaction.
disagreement and discomfort have increased from
year year. Various movements for relief have been
ingugurated and there have been times when open
violence has been threatened. Some of the bonded
indebtedness OF counties has been compro missed and
new obligations given bearing lower rate of in
teres while in other there has been a fiat
fusa pay interest and creditors have had
TO the courts and ask for peremptory mandamus.
1t Is not surprising that people burdened with
nous taxes for much OF which they did not feel
responsible, should have been somewhat turbulent
and bitterly opposed 10 anything that would make
the load heavier II but stands to reason, therefore,
that majority Of the citizens OF State like this
should oppose any further contraction OF the
currency and look with dread apprehension upon the
operation OF the famous Resumption act. Two years
ago there were not thousand men in Missouri who
believed the Resumption act could 20 into effect
without n revolution. They looked upon Ii as ap-
proachine dire calamity tnat would unless mooined
fall like blight OF death upon the whole nation on
the LIST day OF January 1872 But, as in many other
instances the agony OF expectation was greater than
the agony OF realization. The national cold water
bath Is about over. and the warm
blood of life has already started He
who looks carefully brighter picture.
city always feels the coming of hard times quicker
than the country. and 80 st. Louis experienced the
effects of the panic Of 1878 and the influences OF
contraction OF the national currency the
contiguous agricultural communities but not only
"a a city more sensitive 10 q depression OF general
business than the rural districts but is also quicker
in the perception and experience Of renewal of
prosperity. The evidences OF better times have been
apparent IN 81 LOUIS Ior ~ ltast bA mouths, ana
especially since the Bankrupt law passed out of
effect There is not only return Of confidence.
but an increase OF business and a prevailing
belief that the worst has been and that hence
forth there will be upward tendency in all kinds
Of trade As proof Of this IL il only necessary to
fer 20 the statistics OF trade his city for the past
two years. In lines OF business there has been
marked and surprising increase in others but little
and in or two none ut all, owing to local and
special causes.
INCREASED RECEIPTS.
The following table OF receipts of leading articles
L.. November
same time tor 1877, reported by the Merchants
Exchange will prove interesting in this connection -