Year: 1861

From the atlantic Monthly for February.


When financial crisis overtakes !
the community we hear much and sharp CEN
sure of all speculation. Spectators, one and |
all are forthwith consigned to an abyss of oblo-
quy The vrtuous public outside of trade
washes its hands of all participation in the in
iquity. This same yirtuous public knows but
very little what it is talking about. What is
speculation? Shall We say in brief ard in gen.
eral, that it consists in running risks, in taking
evtra-hazardous risks on the chance of making
unusually large profits? Is it that men have
abandoned the careful ways of their fathers,
and do not confine themselves to small stores,
small stocks and cash transactions! And do
YOU know who it is that has compelled this
change? That same public who denounce
speculation in one breath, and in the next clam
or for goods at low prices, and force the jobber
into large stores and large sales at small prof
its as the indispensable condition of his very
existence.


Tn sc who thus rail at speculation are gen.
orally quite unaware that their own inexOrable
demand for goods at low prices is one of the
principle efficient causes of that of which they
complain They do not know that the capa-
cious nav Of the Unsuitable public is yearly
filed with millions on millions of shirtings and
sheetngs and other articles Of prime necessity
without one iarthing Of profit to the jobber.-
| The outside world reason from the assumption
| that the obber might but will not, avoid ta-
king considerable risks. They do not consider,
for they do not know, how entirely allis changed
| from the days and circumstances in which a
very small business would suffice to maintain
the merchant. They do not consider that an
immense amount of goods being OF compulslon
sold without profit, yet other huge amount
must be so sold as to compensate for this. Nor
do they consider that the possibility of doing
this is often contingent upon the buyel care
fully calculated probability of a rise in the ar
tcle he is purchasing. Many time is the job
ber enabled and inclined to purchase largely
only by the assurance that from the time OF his
purchase the price will be advanced.


The selling of dry-goods is another depart
ment in high art about which the Ignorance OF
outsiders is inefable. | was once asked, in


the way of courtesy and good neighborhood to


call on clergyman in our vicnity-which
did. DESTROYS of doing his part in the matter


of good fellowship and smooth conversation, he


began thus:


"Well, now, Mr. Smith, you know all about


business: | suppose, if were to 60. into


store to buy goods nineteen men out OF twenty


would cheat me il they could; wouldn't theyP'


"No sir !" | answered with a feeling of in


dignation at the injustice, a mngling of pity
for the ignorance, and a foreboding of'small
benefit from the preaching of minister OF the
, gospel who knew so little of a world he lived
in. "No, sir nineteen men out OF twenty
would not cheat you, if they could for the


best of all reasons-it would be dead against
; his own interest"


Not day passes but the question is asked


by our youths who are being Initiated IN tht
routine of selling goods--"Is this honestP Is
that honest? Is it honest to mark your good:
: as costing more than they do cost? Is it hon


est to ask one man more than you ask another
Ought not the same price to be named to ever,


buyerP Isn't it cheating to get twenty-five pei
cent. proftP Can man sell goods without ly
! ingp Are men compelled to lie and cheat


little in order to earn an honest living.
! What is the reason these questions will keel


coming up? That they can be no more lait
e than Banquo's ghost? Here are some of tn
t reasons. First and foremont, multitudes o
4 Young men whose parents follow the plough


the loom or the anvil, have taken it into thei
a heads that they will neither dig, hammer no
= plv the shuttle. To soil their hands with man


ual labor they cannot abide. The sphere G
| commerce looks to their longing eyes a bette


thing than lying down in green pastures, o
e than peaceful life beside still waters procure
u by laborious farming, or by any mechanics


pursuit. Clean linen and stylish apparel ar
II lnSeDuruOly uSSOCldtSu III thSll minus WIN u


easy and elegant life, and so they pour into on


cities, and the ranks of the merchants are file


and overflled many times, Once, the merchar


had only to procure an inviting stock, and hi
e goods sold themselves. He did not go afte
/. customers they came to him (; and it was
:, matter of favor to them to supply their wants
Y Now all this changed. There are many NOR
d merchants than are needed; buyers are in re
c quests and buyers whose credit is the best,


a very great extent, dictate the prices at whic
g they will buy. The question is no longer, ho
y large profit can | getP but, How small
l. profit shall | accept' The competition fo
g customers is so fierce that the seller hardl
i dares ask any profit, for fear his more anxiou
l. neighbor will underse him. In order to a
l. tract customers, one thing after another is mad
10 ga leading article" bait to be offered at COS


even less than cost-thot being ofentimes ii
a condition on which alone the purchaser wi


make beginning of buying.


4, "Jenkins," cried an anxious seller, "you don


buy anything of me, and can sell as cheap
u any. Here's hale of sheetings now, at eigl
10 cents, will do you good"


u "IIow many have you gotP"


d "Oh, plenty"