The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-04-09
Our New York Letter.
Creps-The Farmer and the Merchant-
Our Industrial Future.

NEW YORK, April g. 1873.
The process Of liquidation goes on and fall
ures occur, which surprise those who only
know the insolvent parties by reputation. o.
casionally an old house is swept down In the
resistless current, that has stood we'll so long
as to have been thought quite impregnable.
Two firms that were in this category sue
cumbed on the 1st Of April, and their mistor-
tunes occasioned general regret and sympathy.
The senior and founder of one OF then has
been for many years active In the useful offices
of good citizenship and in promoting worthy
charities. He Is held in universal esteem, and
was the sort Of man who deserved to be becrowned
with riches, for he was always willing to dis
oense his means literally to advance the we'll
being of his felowmen.
In the contemplation OF individual misfor-
tunes of this nature, the public are apt to for
get for the moment that they are merely the
workings of an inexorsbe commerosl law,
which is no respecter of persous and on ths
impartial execution Of which rests our sole
hope of extricstion from the embafrsssments
brought upon as by prolonged career Of insu-
cial dissipation. The consequences Of that law
may he sverted for time by expedients Of
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instances been warded off by parties who were
obliged to subcumb at last and might better
have done it earlier. But the fact that more
failures have happened withia ths last three
months than usual is not to be interpreted as .
sign that the country at large Is not increasing
in wealth, but only that it is mora difficult
than it used to be to sustain credits by arlif-
cisl methods. This is an augury Of returning
health aud strength, and ought to be accepted
as q harbinger and. promise Of q brighter
future.
The simple truth is that the people at large
are gaining 10 material resources, not RAPIDLY
to be sure, but gradually and steedily. They
possess more actual property to-day per capita
than they have at any period since the 1st Of
January, 1862 If everybody could find his
proper place of employment the thrift would Of
coarse, be much greater. In the breaking up
Of occupations that resulted from the CONNER.
eial revulsion of 1878 vast number Of persons
were detached from pursuits that could no
longer be prosecuted to advantage, and they
have not yet been transferred to spheres of duty
IN which they can exert themselves proitably.
This makes a very large decress ~ in the earning
cspac,ty of people. But notwithstanding that
drawback the general condition of affairs is
improving sndthe outlook is more enco urag-
ing than at any former period in sixteen
years.
Take one pregnant example Of augmented
capital. Durlng the first six days of the psss
ent month there were received at Chicago and
Milwaukee 2,529,553 bushels of grap; Same
time 1877, S5S 59S Bushels; 1876. S75,62O bush
els; 1875. T74,72S bushels. The receipts Of
those SIX days were larger b. 2O,597 bushels
than those of the three preceding years all pu
together! This will give one an idea Of the
magnitude of that magnificent harvest which
has had and is having such potent influence