DEPRESSION IN TRA.DE.
TO THE EDITOR OF THE "SPECTATOR?']
SIR,—It is, perhaps, unfair to assume that the letter of Mr. James Cree in your issue of to-day is a joke of the proverbial Scotch kind, though I am doubtful whether I ought not to take it so.
If I were to attempt to answer him seriously, I should say that it was more than " parodoxical to ascribe in any measure the present depression in trade to increased thrift and providence on the part of the people." I imagine that the "industrial classes and small traders" who are "enticed by savings-banks and schemes of many kinds" into saving their money, do not keep it
hoarded up in stockings or teapots, after the manner of their ancestors ; whilst if they put it into banks, or the securities of sound commercial undertakings, I fail to see how they are "absorbing what should be current wealth."
Your correspondent admits that in these present times of sordid saving there is "less bankruptcy and less suffering" than we have known in other periods of bad trade. Not content with what to ordinary mortals seems to be the redeeming feature in the case, he recommends the industrial classes and small traders to withdraw their money from concerns which are at least endeavouring to make good use of it, and to " chuck" it (as the Yankees say), in the hope that in some mysterious way it may return to them after many days with an "unearned increment" besides. But there ; perhaps Mr. Cree is laughing in his sleeve to think he has got some one to take him seriously.— I am, Sir, &c.,
Park Lane, Sheffield, September 12th. J. BARBER.
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