Year: 1867

1nete 10 very general complaint ~ tnib time
all over the country Of o stasua.ion In business
Merchants and traders in all departments Of
trade have abundant stocks of goods on hand,
and yet the soro complaint 10 that there arc but
few purchasers Men stand behind their coun.
tiers, and clerks and salesmen arc all attention
in the large jobbing houses, and everywhere In
the retail houses they are lettering In quiots
looking anxiouSly for customers, but In very
many places 1t is like calling 'pirits from the
vasty deep; they don't come" The wherefore
Of this is not so easily accounted for. There Is,
however, one remarkable fact at this time which
never has existed before in tho history of trade
under like circumstances, viz there Is no
panic. In 1887, again in ls47, and still again
in 1857, when there was q similar stagnation
in business, there were numerous failures and
n universal panic. The state Of things that
now exist establishes the fact that our mer-
chants throughout the country are, as q
general thing, in q very sound condition. They
have manifested that prudence and caution in
the management Of business, which Is both
wise and commondabls; and we rejoice in the
evidences which everywhere abound that reck-
lessness in mercantile affairs Ia not, as hereto
fore, tho characteristic Of the hour. There Is
an evident sOuuduess in the business community
which presagss future both hopeful and pros.
porous beyond what has ever existed in this or
any other country.


There is undoubtedly glut in the market of
American manufactured fabrics, and tho low
prices which several styles Of cottons are bring
ing In the market Is q sure indication that there
Is an overstOcked market. Though this is the
fact, the manufacturers themselves have no
cause for complaint. With proper care, they
will reach better times and better prices be-
cause II they have had that prudence and
caution which wise men ought to possess, they
have laid by from their. large and profitable 40.
cumulations for the last few years a suficiency
for emergencies like this which is now upon
them.


We SEQ 1t stated in one Of our exchanges that
the manufacturers intend to hold a convention
In Cleveland, Ohio, on the 18th Of December.
Their object is to influence Congress, principally
with regard 10 changes in the internal revenue
laws. They don't propose, as we understand,
to interfere with the tariff. We shall see what
they will propose and what they will do. We
trust that they will have tho patriotism and the
comprehension to rise above the narrow limits
Of class legislation on the part of Congress, and
recommend to that body, II they speak to 1t at
all, a system that shall equaliEs the burdens Of
internal taxation.


We are unalterably opposed to that system Of
legislation which proposes to give bounties to
manufacturers, whether through tariffs or In
ternal revenue laws, at the expense Of the masres
of the people. Fair dividends on the money in
vested Is their just due, but laws which will Gu
able the man who puts his money into machinery
to reap SO or even sometimes 100 per cent, is a
fraud upon the people that ought not to be en-.
dured. But what We have most to fear is the
appeal which will be mado to Congress TO relieys
the present stagnation by authoEiIing a further
Issue Of greenback currency. What We most
want is to reach specie payment as soon as pos
sible, and under the wise management Of ou
present able Secretary we are approaching a
rapidly as II is wise that desired haven. W,
postpone 1t by imitation such as some will recon
mend for q mere temporary relief, while by con
traction We can gain the point, and all will b
we'll.


We sec it stated that a movement will
made to effect long and a consolidated loa
upon bonds of 4 specified character, to be know
as 6ve per cents. Such a measure would be
healthful one provided these new Issues be
the form of registered bonds instead Of coupe
bearing ones. There Is so much liability
lose these coupon Issues that people who loo
for safe investments are not well pleased
hold them, subject as they are to the numerO,
hazards of eountorfeits, duplicates, &c.


There Is a very important work before Coz
gress. Wisdom, patriotism, and eminent abili,
is required