The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-13

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The failures for the half year just closed
are thus shown to be in number over tWen-
tv-tive per cent. greater than In 1877, while
the liabilities indicate a percentage OF IN
crease still greater.
These igures are OF very grave import,
il taken as an indication OF the state OF
trade, for, according to the Agency, never
before i'm an equal period in the history OF
the country have business misfortunes
been so numerous, or aggregatlnS an
amount OF loss by bad debts so great. But,
before accepting these statistics rs true
test OF the present condition OF business,
the circular before us urges some considera-
tions i'm mitigation OF the unfayorable con-
clu,ion which would otherwise be lnevlta-
BILE.
These considerations are briefly sYnop-
sised as consisting OF an unusually open
winter, retarding sales, deliveries Of pro-
duce, and collections the discussions in
and out Of Congress OF financial measures,
and the necessary condition OF uncertainty
that resulted; the possibility OF important
changes in the tariff; the postponement OF
the date Of the repeal OF the bankrupt law,
and finally, the steady decline In prices OF
merchandise, and the general shrinkage or
values, which it is said, have been more ap-
parent in the past six months than ever be-
fore, especially whenever it became neees-
sary to realize. In relation to these points,
which are set out at length, the circular
says:
"We have thus briefly endeavored to
enumerate five leading considerations,
which, combined with others always eX-
isting, have had prevailing influence in the
past six months toward increasing the
figures Of failures given above. When it is
considered that there are now over 10000
persons and firms reported in active busi-
ness by this Agency, and that OF this vast
army only limited number possess sur
plus sufficient to withstand such length
ened period Of depression, disappointment,
and loss as it has been the fate OF the coun-
try to undergo, it need not be considered as
4 measure OF great disaster that additional
circumstances so unfayorable should swell
tile failure lists to the extent above re-
corded. That these circumstances were
only temporary in their duration, and that
certain OF them may have Il tendency TO
lessen the number OF failures hereafter, are
points in favor Of the future; and there
fore, however discouraging the figures above
presented may at first appear, it would be
unfair to regard them as an index TO the
real or permanent condition OF the coun-
try"
The following paragraph still further sets
forth the state OF the case, and appears to
contain a good deal OF sound sense:
"That there are still too many in busi-
ness in proportion TO its volume and pro-
| fitableness there is no denying, and that
failures are likely to occur while this con-
dition 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 operations great
bodies of producers over vast sections OF
the country are materially increasing their
purchasing power. 1t is true that in nu-
merous manufacturing centres depression
still reicns, and no revival is hoped for so
long as the capacity to produce so I'M
menseIy exceeds the probable demand.
That this view has become 4 settled con-
yiction in many minds, even among
the operatives themselves, is 4 hope.
full sign, for the necessity WIZ then
become apparent that a numerous class
should adapt themselves 10 other indus.
tries; and the fact 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
4 country we are most fortunate in this,
that millions OF fertile acres are available at
a merely nominal price, and that with very
little effort, not only living. but comfort
and eventual independence are possible to
families willing to work. In no form could
organized philanthropic effort be better
shaped than in encouraging by information,
direction, and even material aid, move
ment from manufacturing centres to the
cheap lands OF the West and South. Ii
by tirmness on the part of wholesale mer-
chats. in refusing settlements and compro-
misses in the event Of failure, similar move
ment could be induced among the large
army OF unnecessary retailers and middle
men now dividing up between them the
limited trade OF the hour, an early solution
would be found for many difficulties from
which the business OF the country suffers.
That these results will be, OF necessity,
gradually accomplished Is certain, and the
sooner the better for all concerned"
The Agency concludes its review as fol-
lows:
because there has been frequent disap-
pointment in the expectations hitherto en-
tertaiped of return to a better condition Of
business. there is less disposition to rely
upon indications both numerous and favor
able. But never before were there present
so many conditions essential and contribu-
tive to better times than at present appear;
and though 1t would se tho utmost folly to
indulge in expectations OF rapid return to
prosperity tits next to impossible that the
immediate future can be otherwise than en-
Econraging to those whose affairs are in con-
sdition to avail themselves OF better times. -
The circular contains condensed photo
graphs OF business and crop prospects from
.thirty-tiye tatiYe sections OF the
country, which are exceedingly comprehen-
siye, and no doubt In the main correct.
Now the Gar of Russia il going to Ems.