Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-15

liabilities indicated percentage of increase
still greater.
These figures are of very grave impo1s, if
taken as an indication of the stat of trade,
for, according to the agency, never before in
an equal period, in the history of tie coun-
try, have business misfortunes been SO nu-
merous. or aggregating an amount of loss by |
debts 60 great. But; before accepting
these statistics as 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 considela-
tions are briefly synopsised as consisting of
an unusually open wint r, retarding sales,
deliveries of produce, and collections; the
discussion in and out of Congress of fnan
cial measures, and the necessary condition of
uncertainty that resulted; the possibility of
important changes in the tariff; the post
ponement of the dat 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
tkan ever before, especially whenever it be-
came necessary to rea ize. In relation to
these points, which are set out at length the
circular says:
we nave uuuS briefly euuedVOEeu tO euuIucE-
| 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 IL at there are
now over 1000 persons and firms reported in
| active business by this agency, and that Of this
| vast army only limited number possess sur
| plus sufficient to Withstand such heightened
period of depression, disappointment and loss
as it has been the fate of the country to under
| go, it need not be considered as a ne assure of
| great disaster that additional circumstances 90
unfavorable should swell the failure lists to
| the extent above recorded. That these circum-
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-
sented 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 O. the case, and appears to
contain 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 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 that by the success Of agricultural opera
tiols OF the country are materially increasing
their purchasing power. 1t is true that in
numerous manufacturing centres depression
still reigns, and no revival is hoped for SO lone
as the capacity to produce 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 becom
apparent that numerous class should adap
themselves to othe- Industries; and the fac
that at government and other land agencie
there have been very frequent applications 70
fa ms from those hitherto engaged in othe
, pursuits, Is one OF the most cheering signs O
I the times. AS country we are most fortunat
in this, that millions of fertile acres are avail
able at merely nominal price, and that wit
very little effort, not only a living, but comfo1
4 and eventual independence are possible t
: families willing to work. In no form could Of
, ganiZed philanthropic effort be better shape
than in encouraging by information. direction
and even material aid, movement from mar
ufacturlng centres to the cheap lands Of tn
, West and South. If by 6rmness on the part {
g wholesale merchants, in refusing settlement
and compromises in the event of failure
similar movement could be induced among til
J, large army of unnecessary retailers and middle
men now dividing up between them til
; limiting trade o. the hour, early solutio
would be found for many difficulties froi
which the business of the country suffer
;, Ihat THESE results Will be- OF necessity gradl
9 ally accomplished, is certain. and the soont
! the better for all concerned"
The Agency concludes it's review as TO
# lows:
Because there has been frequent disappoin
o ment in the expectations hitherto entectaine
OF return to a better condition of bue:nce
there is less disposition to lely upon indie
10 lions both numerous and favorable. But new
e before were there present SO many condition
h essential and contributive. to better times ths
:. at present appear; and though it would be IL
"a utmost folly to Indulge in expectations of
. rapid return to prosperity, it is next to impo
Il sible that the immediate future can be othe
r wise than encouraging to those whose affai
d are in condition to avail themselves of bett
times
The circular contains condensed pilot
IS graphs of business and crop prospects fro
n thirty-fve representative sections of t
a country, which are exceedingly comprehe
sive, and no doubt, in the main correct