Year: 1874

Every indication at the East, West anC
South is III favor of an active and profitable


spring trade. Comparing the financial anc
commercial reports of the Chicago, st. Loui'
and New York papers, they all speak the


same language Money, they all say, is abun
ant Even the South, is no exception to the


rule, despite the extreme stringency eXperl


enccd there long after the Eastern banks wer'
in easy condition The cotton crop has beel


moved more rapidly than last year, and


much larger supply has consequently reach


ed the distributing ports, TO the relief OF both


planter and merchant, although prices were


not as satisfactory as was hoped Turning


to the West, the banks in the small Western


cities have good balances at low rate of IN


terest in New York and Chicago; and this


circumstance, unusual at this season of the


year, can only be accounted fer by the fact


that the home demand, at the usual high


rates-say ten per cent-does not exist. In


all the large cities Of the East it is well known


that the loaning institutions find it difficult


to use their funds proftably, or, at least, pru-


dently.


"One Of the causes of the unusual abund'


ance of money" says the New York Times,


sis the almost total cessation ofthe conversion


of floating into fixed capital, the abuse Of


which was so greatly instrumental IN causing


the panic The substantial stoppage ofralway


building, despite the reduced prices of labor,
iron, and other material, is far from being
the only instance of this. In the existing un-
certainty us to the probable worth in gold Of
a greenback dollar a year hence, produced
by apprehended legislative tinkering with
the finances, no one cares to build factories
foundries, workshops or to open mines, ana
thus our rapid forward movement in this di
rection has been temporarily arrested. The
stock operator, or even the dealer in mer
chandse, can bet upon the future course Of
prices IN deprecated currency, for they cX
pect to be only temporary of either; but the
man who invests his money in solid bricks
and mortar wants some security rs to the fu.
ture The prevailing dullness in housebuild-
ing, especially in the outskirts of cities, must
also be partly attributed to the existing I'M
certainty as to the financial future, and part
" to the other two causes which have been
assigned for it--strikes and speculative over
building,


"The lack of enterprise is not to be account
cd for by any want of substantial prosper
ity throughout the country. The great crops
of both the West and South are being well sold
our exports continue upon a healthy scale,
while our imports are neither shrunken to the
lean proportions which they reached just
after the panic, nor have they risen TO the old
extravagant figures. Our efforts at economy
are apparent from the returns Of the second
week in this month, by which it appeared that
while the value Of goods imported was very
much less than during the corresponding
week last year, the number of packages of
goods was larger, useful rather than eXpen-
sive goods being sought for. Economical
notions on the subject of dress have gained
ground since the pane. The healthy nature of
trade is also evident from the comparatively
large amount OF goods which go into con
sumption-importers mean to meet the re
quirements of business rather than speculate
upon the future by filing the bonded ware
houses.


Indeed, prudence charactcrizcs our whole
business just now. The volume of general
trade is fair average one, but as yet it hard
ly comes up to the expectations which had
been entertained of the spring trade, although
the activity of the latter may only be temper
arily delayed. That this is so may fairly be
argued from the fact that the increased
and increasing revenues of the government
must be owing to a general revival of bust
ness. But merchants are cautious, and do
not know just what effect the fact that large
numbers of persons we're thrown out Of en-
ploymcnt after the panic VIII have upon CON
Except in large purchases made
at cheap prices just after that time out-of-
town merchants have, until recently, bought
sparngly, stocks are low, and there should
not be any serious doubt US to the ability of
the people TO consume. The only remaining
factor in the question is the financial agita
ton in congress. Business men want to know
whether the currency is to be inflated, and
whether there is to be additional taxation. IlI
Is clear enough thatitis impossible atprcscnt
to operate understandingly in tea, coffee, TO
bocco, spirits or any other article that may
be selected tor additional taxation. An ad-
dition TO the currency would also unsettle
values These questions should be settled as
soon as possible in the interest of the busi-
ness community"


The Presidents message, sent to congress
last week in aid of the centennial show at
philnlpluhia Is one of those roculior To. |