Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1885-07-08
MONETARY AND COMMERCIAL.

BUSINESS TRoUBLEs.-The New York Journal
of Commerce Of the Ist instant sums up the bus
mess troubles in the United States and Canada
for the periods herein stated
The business failures occurring throughout
the country during days ended Friday. as re-
ported to the mercantile agency of r. G: Dunn
Il Co. by telegraph, number, for the United
States, 1885, and for Canada, 10, or total of 205,
as compared with total of 226 last week, and
2U7 the week previous to the last. Failures are
the country, and especially SO in New York
city.
The mercantile failures for the six months
ending yesterday are reported by r. G. Dunn q
Co., of the Mercantile Agency, as 1904 in num-
Der as against $50 for the first six months of
1854 an increase of 494 failures. In liabilities,
however, there is a marked diminution, the
amount being for the first half of 1885 S4 900 O00
against S124 100000 in the first six months of
1884. In the circular announcing these statis
tics the fact is dwelt upon that an increase in
failures of less than 500 among the traders re-
ported by this agency, now over l,OoO 700. Is not
as shown blythe low aggregate and average of the
liabilities is commented upon as indicating
more favorable condition of things than exist
Dun, Wiman & Co., of the Mercantile Agency
in Toronto, report $50 failures in the Dominion
of Canada for the first six months of 1885. The
liabilities for the first half of 1885 are only S..
l660O0as against So 742, 900 in the corresponding
period of 1884.
The Bankers Magazine, New York, discusses
the proposition, which comes from North Car
olina, to repeal the law passed by Congress last
March taxing notes circulating as money, 9TH
err than National Bank notes, ten per cent. The
object in view is to return to the old ante BEL
lam system Of State Bank issues. The plan Is
to issue three dollars in notes for one in coin
held in their own vaults. It is represented that
the officers of the national banks in that State
would prefer to operate under State-bank
ft,,
at present and be able to give relief to the peo-
pie and furnish all the capital needed to devel-
op the resources of the State. The Magazine
Says
1.-THE special danger at the South is the prob
ability that, as a consequence of the scarcity of
its loanable capital, there may be a popular
desire for the existence of local institutions,
with the power. of making loans enlarged by
the multiplication of bank notes. In commu-
mites where the desires of the people for more
borrowing facilities coincide with the interests
of banking classes to make gains out of paper
issues, it is only too possible that their COM
bined strength will overmatch any such resist
ance as can be made to sound principles of fl
nance"
This proposition is viewed as retrograde
step and full of danger. Whilst its adoption is
not probable, yet there cannot be too much
pains taken to guard against it.
The trade journals represent North Carolina
as making fine progress in manufacturing en-
terprises and material development. She had
better go slower and safer on the present finan-
cial basis than enlarge on bank issues of only
local value at best, and how long they would
remain at that standard would be realized with
the first run made on one of them, when the
whole system would fall, scattering disaster
through the country where they existed.
There is no such sentiment as thisin our sec.
ton of Virginia,