The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1880-07-22
THE nUs1NEss ourLooK.

many years before. For the six
months the failures are 1897, with
liabilities amounting to barely $685.
100000. For the same period of
1879 the failures aggregated $685.
100000, against $lSo,O0o,OO0 for the
first six months of 1879 These
figures, it is claimed, demon
strate the healthy condition of bust
ness throughout the country. The !
figures show that if, during such |
years as 1878, when the losses by bad |
debts equaled $5,O0O,O0O per week,
the failure figures illustrated very
disastrous condition of affairs, sure
ly no better sign of the general pros
perity that now prevails is needed |
than the figures for the first half of
1880, in which the losses are shown |
to be rather. less than one and a
quarter millions per week. The fig
ures in themselves are not only evil
dence of prosperity, but the absence
of loss which they imply is part of
the existing favorable condition of
business. 1t is deduced that the |
risks of business in the last six
months, 80 far as creditors are con-
cerned, have been reduced to a min
inum, while the lessened volume OF
internal Indebtedness resulting from
the years of depression preceding
1879 is seen in the small amount of
loss incurred through failures in the
past year, especially when compared
with the enormously increased vol
ume of business transacted. 1t is
shown that the safety of granting
credits is not equaled in the history
of business in this country, but it is
purged that this healthy condi-
ton does not guarantee the
same profits for the latter half
of this year as for 1879. At this
time last year stocks of almost every
product were small and values at a
minimum, while now the results OF
stimulated production, largely in
creased importation and general ac-
tivity seen in accumulations of
goods and very uncertain values.
The possibilities of making money,
therefore, rest solely upon the slow
and gradual absorption of goods by
consumption, while the ability of the
country to consume and pay for its
requirements has never been greater.
The gains that are to be made
are likely to be the result of legiti-
mate trade rather than the quick
profits which were realized last year
from speculative advances. Those,
it is said, who can afford to wait for
this gradual realization OF their prof
its will doubtless participate in the
general prosperity which exists, but
it is painfully evident that there are
many who are heavily weighed with
merchandise bought at extreme pri-
ces, and whose profits even for the
past year have been, or will be pref
ty effectually extinguished by the
settling in prices, which is going
on in almost every department
of business. 1t is claimed, too,
that the shipments of agricnltu-
raj products to foreign coun-
tries will be much less this year
than it was last, and that while the
money for 175,OooO0o bushels of
grain were brought into the country
in 1879, nothing like one-half this
amount will find its way to foreign
countries this year, and the returns,
comparatively, must be much less,
since the process will be greatly be-
low those of last year. The circular
continues
An unstable surplus of 1000, 900
of bushels of wheat is possibility
not to be ignored. The business OF
the country in its present shape is
largely predicated upon high prices
for agricultural product and the re-
ceipt of large sums from other cOun-
tries. Should these conditions be
interferred with, the results to the
agriculturists and the numerous
classes dependent upon them would
be to largely lessen the demand for
goods, decrease their debt paving
power, and intensity the somewhat
uncertain feeling with regard to
prices generally for merchandise. A
lessened foreign demand would OF
course seriously interfere with the
earning power of all means of trans
portation, and generally put out OF
gear the machinery of business in
its present expansive shape. On the
other hand, cheap food for the
manufacturing classes of this coun-
try would be compromising advan-
| tage, but whether this would over
! balance the disturbance to business
generally remains to be seen. The
strength Of the position which this
country occupies, however, in COM
parisoD with all other nations of the
| globe, is the infinite variety of its
resources In addition to breadstufis.
In the single article of cotton alone
the magnitude of the production
now promised, and the high price
(which still prevails for it, will main
I tain the volume of exports at q high
point, especially supplemented az
these are by the enormous sum real
lied from abroad for tobacco, pro-
visions, petroleum, ETC., etc. The
ability of the country to produce
and export articles which no other
country can yield in such abundance
and the demand for which is con-
stantly increasing, will always, un-
| der ordinary circumstances, enable
us to largely regulate the balance OF
| trade in our favor. again, the st.
fractions which the country afford:
/ TO the enormous number of immi
grants land upon its shores seem now
/ to be better understood than evel
before. The consequence is grea
contribution, not oaly TO its wealth
in the shape of steady stream o
actual money, but to its growth il
producing and consuming power.