Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1894-01-05
The Year Past ana the Year to Come.

| tory with bad name, and there appears
to be no help for IT, Nevertheless there
are some alleviatng circumstances to be
set down to its credit The cholera in
vasion, so universally anticipated during
the opening months of the year, did not
appear, and general state of health above
the average prevailed. The Worlds Fair
afforded recreation and education for many
thousands of people, whose visit to the
great exposition will yield them a store of
pleasant memories for many a year to
come. But on the reverse Of the record
there has to be placed the numerous disas-
ters of the year. foremost among them the
dreadful cyclonic storms on the Sea islands
and the Gulf coast, while predominating
all in the public mind is the great financial
and business depression. There is neither
help nor hope in nursing troubles and
looking on the dark side of life, but as
matter of record here is a good condensed
summary of the years financial course,
made up by the New York correspondent
OF Philadelphia paper:
"All accounts agree that this has been
the most disastrous year i'm the history of
the country so far as its business interests
are concerned. X. G.. Dun IL co. declare
it to be the worst in 30 years. and Brad
streets SAYS the losses of lS93 are more
severe than have been experienced Ina 50
years. Chauncey NJ. DcpeE says he has
been through all the pauics of the last 80
years, and ne has never seen one in which
the distress has been 50 widespread as in
this panic of 1893. Henry Clcws, whose
career in Wall street covers period of
over 80 years. says that he regards this
panic as the worst ever experienced. The
year stared with wide prosperity and an
enormous volume OF trade, but closes amid
the wrecks Of banks, railroads, business
houses, with stagnatiOn in trade, with
great declines in prices, with reduced pro-
ductiOn and widespread distress among the
unemployed. Even the United States
treasury is confronted with a deficit, and
its balance, SSS,9l4, ,O46, is the smallest on
record. The failures Of the year numbered
1860, which has been exceeded but once
in 81 years Two hundred and forty banks
have suspended. Severty-fve railroad
systems have gone into the hands of re-
ceiyers, comprising nearly $4,000 miles
of roal and capitalization of over
Il
the entire railroad mileage of the country
is now in charge of receivers. In the
speculative arena the transactions in stocks,
wheat, corn, oats and coffee have fallen off
greatly In cotton, however, there has
been an increase. Prices of almost every
thing have experienced extraordinary de-
clines.
"The number of wage earners out of
I ;s Oh
with five times as many depending on them
for support, and thus suffering with them.
In all quarters appeals for help are heard,
and relief committees are at aork in all the
large cities. There has been a large re-
duction in the volume of foreign trade.
Receipts from customs duties are the low
est in 80 years at the port Of New York.
Nevertheless the years imports have
greatly exceeded the exports, so that the
balance of trade has been against us. In
| the money market there has been the widest
extreme of Stringency and plethora. Until
| the latter part Of August there was an extra
ordinary stringency. The banks lost three
| hundred millions of deposits, and currency
was unobtanable except at a premium.
| But with an abatement of the panic, and
with an extraordinary liquidation and re-
| duCtion in business operations, the deposits
of the banks have enormously increased,
and the surplus reserve in New York is
now nearly SIS, 600 ,00O the highest in the
history of the clearing house
Even the Worlds Fair, splendid though
! it was, and attended by millions of Ameri-
can citizens and foreign visitors, was
nevertheless, according to one leading
financial authority, a cause of depression
| of trade, as millions who spent money at
1 the fair have been obliged to economize in
other directions, and have thus purchased
less in clothing and other necessities and
| luXuries of life The fair has left the
/ municipal government of Chicago nearly
/ bankrupt. As if this record of misfortune
was not enough, it is estimated that the
! losses by fire this year have been 20 per
cent greater than in 1892, Out of all this
! gloom, there is, however, one great shining
/ light, namely, the repeal of the Sherman
/ silver law thus placing the currency of the
country for all time to come on a gold
basis. But the year ends with business
/ paralyzed by the Wilson tariff bill. which,
apart from its proposed radical reductions
in duties, is nscttling trade by adding tC
the uncertainties of the situation
1t is not alone in this couatry that
business depression has been felt. Aus
tralia was swept by tremendous tinancia
reverses early in the year, and in Europ,
there is almost universal complaint of dul
times.
Having seen the situation as it is, let IL
quote the hopeful words of Mr. Depew
who, while frankly admitting that "th,
year 1898 stands unique in its gloom" re
fuses to enter the ranks of the calamit,
prophets, but hopefully says:
"There has been no general bankruptc,
of mills, factories, furnaces or mines. Tn
markets are becoming empty and need re
plenishing. The floors of the mills ar
swept clean of stock. AS soon as it is de
cided in 1894 what will be the policy of tn
government on the tariff there will be al
immediate and universal resumption o
business, especially if the country is no
compelled to adjust its business to radica
changes in the tariff, The enormous aC
emulation of unemployed capital will seel
some avenue for investment and return
and that will give corresponding employ
ment. Renewed business will furnis
increasing traffic to the railways, bot
passenger and freight, and will improv
their earnings.
"The year 1894 will certainly be a