Year: 1877

The number of failures in this state for the
past six months was rs, and the liabilities
amount to $685., $50.


According to the Circular before us, all the
conditions seem to favor better times, yet there
appear to be fatal barriers to their return These
conditions are briefly stated to be good crops,
high prices therefor; small imports, abundant
and cheap money; settled political condition.
sustained public credit, and the promise of
another most abundant harvest. But the Cir
cular adds:


"The experience of the past does not permit
the hope that all this will bring around pros
porous or satisfactory trade. Something more
has yet discovered. Numerous explanations
are, of course, at hand; and it is eloquently
urged that the adoption of this or that policy
would restore confidence and prosperity. Yet
the fact remains that, in the Presence of all fa-
v0ring conditions, depression reigns values de-
cline, and business is restricted and unprofita-
BILE. Judging from the state of business abroad,
all this is not chargeable to the peculiar dis
abilities under which this country labors. Other
nations, with gold basis, low tariff, and not
chargeable with either public or private ex-
travagance, are suffering even to greater ex-
tent than the United States, with an absence
of many OF the advantages and prospects which
this nation enjoys"


The Agency concluds its excellent review
with the following in regard to the Fall Trade:


Meantime people must eat, drink and wear,
and in the supply of these necessities certain
extent of trade is secure. And the trade ought
not to be unsafe in sections of country mainly
dependent on agriculture, which includes the
great West and South, where the purchasing
and deot-paylng power is not so restricted as
elsewhere. The chief difficulty is that the
number engaged in a trade thus limited is so
far in excess of its extent that the competition
is destructive of profit. The evil is one which
Will, it is supposed, cure itself. Unfortunately
the principal process by which this will be ef-
fected is that of failure as the voluntary with
drawls, especially from retail trade. are very
rare. The failure statistics are, therefore, like
~ to show continued large number of casuali-
ties. but in this view may be more significant
OF health than disease. 1t large portion of
traders who succumb could be kept out of bus
nvss. and be provided with some other pursuit
than that Of helping to divide small trade
among large number, failures would not be
an uBmixed evil. But the facilities which
wholesale merchants themselves afford for eff.
fecting settlements at fifty cents on the dollar
and less, and which the National Bankrupt
Law encourages are not unfrequently an effec-
tive premium to the greatest rascality
and poorest capacity. But time cures all,
ness sentiment against compromises and
in favor of an amended Bankrupt Law will
be gradually developed, and be effective to.
ward -emedying existing evils"


The most encouraging feature of the present
time is the excellent prospect of the crops
throughout the country. From the extracts
which are subjoined to this circular, and which
have been CLEANED In some twenty-five different
leading business centres by the intelligent rep
retentatives Of the Agency, it is evident that a
year of great abundance is vouchsafed to the
country. Local trade dependent On that con-
dition of things seems by these reports to
promise fairly. and the photograph which is
thus presented of the business of the country by
Massrs. Russell & Co. is exceedingly complete
and interesting.