Year: 1875

That the industries and trade OF the
country are in languishing condition


is quite generally known; it would be


well if the remedies for a recovery from


the existing disorders were as well un-


derstood. Intelligent, observing mer


know well enough what is the matter
but unfortunately the unthinking mass.


es do not. Thus while the great body


of business men have no difficulty in


tracing the prevailing depression and


hard times directly to our excessive


and irredeemable paper currency, a


very large portion Ofthe people, espe.
| cially in the South and West, are all


the time clamoring, through the press
and public conventions, for more of the
same currency. There are some other
Instructions in the way of restOra-
| tion of business and industrial health,
but the chief one undoubtedly is the
| currency.


The business OF the country needs to
get down to what is known as hard
pan, and il it cannot reach that desiIa-
BILE place without more shrinkage, Ii
quidation, or failures, then such re-
suits, should they become necessities,
are not to be deemed unhealthy or dis
couraging, but simply as preliminsries
to convalescence. The country needs a
market for its surplus products, outside
of its own borders; but with the world
all before us where to choose our SELL
ing place, we are practically excluded
from any special commercial advantage
in foreign ports, owing to the high
price of our commodities, consequent
upon an inflated currency which has
inflated the prices of everything depen-
dent upon it. We need lower prices.
Labor must come down, but with it or
before it, provisions, rents and fuel,
must be redaced, and the means of ma
king comfortable living made possi-
BILE TO all laborers, even at low rate of
wages. With cheap labor and cheap
materials of various kind we may have
cheap manufactures, and with these
and other commodities cheapened in
price sufficiently, there is no reason
why we may not command the market
of the world, at least in those depart
ments of business in which we may ea-
silly have surplus of eXportable pro-
ducts. Lower prices would stimulate
foreign exports; an increase in such ex-
ports would stimulate trade, which in
turn stimulates production, which wo'd
of necessity stimulate business and la
Dor in all departments ofindustry, and
when everybody has something to do
which produces a profit, then business
is good if it is ever good.


There has already been a heavy
shrinkage in values, and in not a few
cases the shrinkage has gone too far
certain commodities being quite as
cheap to-day on currency basis as
they were before the war on a basis,
when the expenses of conducting busi-
ness were also much less than they now
are. What is needed now is readjust-
ment of prices on scale which may
admit of moderate profit to manufac-
turer and dealer, and not so high as to
interfere with the consumption. In
trade, as now conducted, there is little
or no money to be made; and we shall
not see prosperous times until prices are
adjusted upon basis to afford reason
able return for the labor of production
and expenses of business. This will in
volve setting down of expenses, in
Guiding the prices of labor, all of which
cannot be accomplished in a week,
month, or year. "-.