Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-01-22

The phenomenal character of the
year 1879 has, in nothing else, a more
complete illustration than is furnished
by figures of failures herewith submit
ted. The year has been remarkable
for the extent and rapidity of its
profits, resulting from the advance in
values and increased volume of trade.
But the foregoing figures show also
that it has been equally remark
able for its decrease in losses from bad
debts. The loss, or lock up, by failures,
which in 1878 amounted to 234, 0OO,0 900
of dollars, in 1879 amounted to only
SO, 600, 000-a loss lessened by over two
and a half millions per week for the
entire year. 1t is probable that the
gains from legitimate advances in the
prices of merchandise have been even
greater in the aggregate than this sum;
but to the comparatively limited class
who suffer most by mercantile failures,
the profits realized from merchandise
sold in the year have hardly been as
great as the lessened loss made by
debts in 1879, as compared with 1878.
Not only, therefore, have large actual
profits been made upon sales, but the
decrease in the extent of losses in
Cured is so accurately measured by
the figures herewith presented, that
their testimony to the prosperity Of
the year is most significant"
The basis for the prosperity in trade
which has dawned upon the country
seems well founded by the following
sketch as to the condition of the
varied classes of the people
THE cost of living for the vast class
whose expenditure is mainly for food
and clothing has not advanced in the
same ratio as the power to earn money
mas increased; while the number Of
unemployed is less than at any time
within the past seven years. If this
is the condition Of those who are
nearest the base Of the superstructure
of society, it is the surest sign of a
healthy prosperity. Next to them
comes the great army of agriculture
producers, and all dependent upon
them. These have had several
years of remarkably good for
tune, eliminating in the past year
with prices beyond all expectation
and yielding such returns as to make
all who participated, not only able tC
buy largely, but to pay promptly. The
rapid movement to new and fertile
regions by skilled farmers. and, above
all, the steady stream Of foreign im.
migration that flows to our shores
visibly augment the producing power
of the country, and its capacity to alb.
sorb and pay for what is needed t
create a prosperOusi nternationa trade
The development of the mineral re
sources has also attracted numbers Il
mining regions, who formerly werc
overcrowding other avenues Of bust
ness, or were absolutely idle, but VIII
now earn for themselves a liberia
compensation in new fields ofexertion
The operatives in almost every manu-
featuring district are busily EN-
ployed, and all who are willing t
work may do so with a fair remunera
ton. The traders who live by sup
plying all these classes with the neces
saries and Injuries of life have share,
in the general Improvement, and tn
competition being somewhat lessenel
in many localities, through failure
and other causes, the opportunities 70
a profit seem to be be increased. AS
cending the scale to those in circum
stances somewhat easier, the conditio,
of things is certainly much improved
Numerous assets Of slow characte
have begun to yield a return; indebt
edness has largely been eKtinguisheC
or put in easyshape for ultimate liqui
dation. The profits Of the year Jus
closed have been 50 large and s.
, universal that a freedom Of expendi
ture seems justified; greater than ha
: been prevalent for years.
In fact, a review of all classes, M
on whose condition the soundness an
n activity of the trade Of the country de
). ponds begets the belief that the pros
. porous period which has now set in
! likely to continue. The large prof.
Of 1879, which we're made up large
OF suddenly enhanced values. wi
hardly be duplicated during the Gu.
rent year but that the volume of bus
ness will continue large. and that
fair return will be realized, is sure.
/" a reasonable expectation. There al
!, few disturbing elements discoverabl
: except they are forced upon the coul
u try by politicians or spectators: viii
y, the indications are numerous that II
y permanence of the present prosperol
e. period is assured"
10 WIN. H. VnuHewhgIf ms a ma