The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-01-16

The Agency states that sit is very easy to
account for the increase of l ,571 failures among
100000 business men within year in which
the circumstances have been peculiarly inf1u-
entail 10 encouraging casualties of this charac-
ter" These circumstances are stated at five
in number, as follows:-187S is the fifth year
of depression unparalleled in extent, charac-
ter and duration; the weather for the first
quarter Of the year was unreasonable, and thus
most unfavorable for sales and collections; the
discussions in and out of Congress as to fiuan-
Gail matters and the tariff, impaired confidence
for the time being; the notable decline in the
value of staples the world over; the existence
of the epidemic in The South; and, finally,
more influential than all Others was the aboli-
ton of the Bankrupt Law and the long delay
permitted to elapse before its repeal. The cir
cular then proceeds
Gin view, therefore, of the peculiarities of
the year under review, it is submitted that an
increase of failures to the extent Of only 1,571
in nuubsr, and forty millions in liabilities, is
even much less than might have been antici-
pstad 1t is significant that out of the six
leading circumstances above enumerated as
Contributing to failures buring the yea ar five
no longer exist. 10 the room of these disturb
ing elements o'her favorable conditions are
to so much improve business as to make the
decrease of failures in 1879 much more marked
than the increase in 1871"
These favorable conditions are as follows:
First-The fact that without ripple of dis
turbano- in thesvast commercial transactions
of the time gold standard has bsen reached,
and specie payments once more resumed, is
circumstance OF the utmost importance.
SecoDd-Another most important indication
of the possible approach of better times is thu
continued prosperity OF the vast class who till
the soil, and of those dependent upon them. A
balances of trade implying cash receipts over
disbursements of nearly million of dollars
for tvery working day in the year, is an
achievement of vast consequence to numerous
vital 10 Lerests Of the country. II is true that
pr,ces for agricultural products have reached
point 80 low as to make the profit of the pro-
Queer very small; but the disadvantage to the
farmer is the gain of an equally large class of
operatives and laborets, to whom cheap food ia
the greatest of boons. 1t is doubted if In the
history of the present generation the first cost
of the Decessares of life was ever less than at
the present moment. When it 10 considered
that out Of the forty-fvs millions of our
population the hfe-struggle of at lsast thirty
millions Is for food and clothing, the reduction
of the costs of living which the year has
witnessed is most i'm portant, and significant of
future results. Comparing the condition of
this cass in this country at the present
moment with the same class in Great Britain
or any other European country, the contrast is
startliog; for wages have not been reduced
nearly in the same proportion that the cost of
food has lessen-d; while the number un-
employed is considerably less than at this time
a year ago.
rhird-rhe changing character of the to-
dastries Of large number of the people is one
of the most hopeful Signs of the past year, and
is nowhere so visible as in the Increase 10 the
amount of land taken up for actual settlement.
as an instance, the sales of land BY the National
Government for the year ending June 3Osb,
1877, were 3,33S, 900 acres while for the year
eodng the same date ia 1878, the 6gures were
100000 acres ia the varioas State Land
Agencies and Railroad Land Offices an equal
pr0port0nats Increase is noted, especially as
compared with 1873 Such States as Texas,
Minnesota, Colorado, and indeed all the fertile
regions, have had large additions to their
pooulatlons during the year
Fourth-The prediction has been fulfilled
that no marked prosperity was possible uotil
v.lues touched level lower than the gold
staudard in normal times This lsvrl has
beeu reached, and the great decline in the
prices Of all staple products i, not more
remarkable than the universally of the
reduction The impairment of false values to
better times is. therefore, removed.