Year: 1877







1t is evident that the business
of the country, generally, only, /
very slowly improves. The results
of the first half of the present year
are by no means entirely satifac-
tory. Neither in extent or profita-
bleness are there many signs Of
improvement; while in the recovery |
or stability of values, the indica-
tions are uncertain, and not unfre-
quently the tendency is still decid.
edly downward. The statistics OF
failures, also, which are periodic
ally furnished to the public by the
Mercantile Agency of r. G. Dun q
Co., are not assuring, as we gather
from the regular Quarterly Circular
first issued.


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; a settled political condition,
sustained public credit, and the
promise of another most abundant
harvest. But the Circular adds:


"The experience of the past does
not permit the hope that all this
will bring around a prosperous and
satisfactory traffic. Something else
is needed, but what the true remedy
is none has yet discovered. Num-
erous 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 favoring
conditions, depression reigns, val
ues decline, and business is restrict
ed and Improbable. Judging from
the state of business abroad, all
this is not chargeable to the disa-
bilities under which this country
labors. Other nations, with a gold
basis, low tariff, and not charge
able with either public or private
extravaganza, are suffering even to
greater extent than the United
States, with an absence of many of
the advantages and prospects which
this nation enjoys.


Meantime people must eat, drink
and wear, and in the supply of these
necessities a certain extent of trade
is secure. And this trade ought
not to be unsafe in sections of
country mainly dependent on agri-
culture, which includes the great
West and South, where the pur-
chasing and debt paying 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 Unfor-
tunately the principal process by
which this will be effected is that
Of failure, as the voluntary with
drawals, especially from retail trade,
are very rare. The failure stats
tics are, therefore, likely to show a
continued large namber Of causali-
ties, but in this view may be more
significant of health than disease.
If large proportion of the traders
who succumb could be kept out Of
business and be provided with some
other pursuit than that Of helping TO
divide a small trade among a large
number, failures would not be an
unmixed evil. But the facilities
which wholesale merchants them
selves afford for edecting settle
ments at fifty cents on the dollar
and less, and which the National
bankrupt law encourages, are not
unfrequently an effective premium
to the greatest rascality and poor
est capacity. But time cures all,
and it is to be hoped that a bust
ness sentiment against compromise
and in favor Of an amended bank
rupt law will be gradually devel-
oped, and be effective toward rene
dying 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 thirty-fve different leading
business centers by the intelligent
representatives Of the agency, it is
evident that a year Of great abun-
bance is vouchsafed 10 the country.
Local trade dependent on that con
dition of things seems by these re-
ports to promise fairly, and the pho
tograph which is thus presented Of
the business Of the country by
Messrs. Dun g. Co. is exceedingly
complete and interesting.


Brick Pomeroy, says the Gaines
vile (Texas) Gazette, dwells long
and loud on the wrongs and inju