Morning journal and courier., 1881-01-15

The above percentage for the whole coun- try, when compared with the percentages of other years, ,strikingly shows the real decrease in the number of failures In 1876, every 69th man succumbed in 1877, every 73d :;
 in 1878, every 64th; in 1879, every 1osth
 trader, while in 1880 it was only in every
 15s who laid down his load.
 But notwithstanding the extremely pros
 porous and promising state of affairs warn
 ing is given that it cannot be expected to last
 forever, and that already there are some bad
 signs. The rapidity of expansion, which is
 noticeable at present, is almost certain to re-
 suit in speculations of disastrous character
 It should be borne in mind that within two
 years there has been an increase. from inn
 portation and home production, in the stock
 of precious metals in use. amounting to 250
 millions of dollars. Most of this has been
 made available as currency, and the conse-
 quence is that this sum has become an inn
 mense power toward imitation. This amount indicates an increase by one-third of the
 whole volume of the circulating medium as it stood at the date of the resumption of spe- cie payments, and the result is already seen in the immense increase in the prices of stocks, and very considerable advance in the values of staples. The speculative ten dencies already developed by this increase in money facilities is shown in the remarkable statement that, during the year 1880, the amount of stocks sold on the New York Stock Exchange was 99 millions of shares, or nearly as much as the last two years con- ,a1 rrhS sv 4l,a o1,o bered only 5 millions. Another evidence of expansion may be noted in the magnitude of the exchanges recorded by the Clearing House in the city of New York for the first week of 1881. Deducting all the transac- lions arising from stock operations, the pay nents amounted to 800 millions of dollars | for single week, showing the largest trans ] actions of any week on record. The three | indications above mentioned-the increase in f money, the growth of stock operations, and | the magnitude of exchanges-may be taken Il IS evidences of general condition which ex- | sts to a greater or less extent throughout the l country. What the consequences of an ex- pansion so marked will be, no one can fore zee, but the circular says:
 It is fact, however, which may be preg- 1ant with warning, that the failures in the ast sixty days of the year 1880 have been lot only numerous, but unusually important md significant. It is difficult to reconcile tome of the recent disasters with the prosper ,us condition which is supposed to exist, ! hough some of these failures may be &C., counted for by a departure from legitimate business principles, and by undertaking to ttempt the control of the market for large products. Still, disasters are numerous which seem almost unaccountablei in the pres mt prosperous condition of things. In this connection the recent events which have oc-
 urred in the Southern States call for atten- ion. The casualties in the interior towns in hat section have been very numerous and tartling, and jobbers and others who have arge interests there are beginning to feel an pprehension which is hardly in consonance 7ith the existing state of things elsewhere. | The causes of the frequent failures in this irection are supposed to be overstocking in he autumn, the bad weather which has per aded large area, and the slow delivery and ealization of the cotton cropin consequence. l D the West, Northwest and in the Middle tates, failures are not so numerous, but Then they do occur, they are very significant l character, and very much calculated to isturb the happy frame of mind which the ear under review has created.
 The Agency makes very strong appeal or national bankrupt law, and declares nat there is nothing at the present moment the shape of law so urgently demanding as national bankrupt act, Tiff the ; thermal commerce of the country is to be and if the prosperity we now en- y is to continue" U