The New York herald., 1844-11-13

View York, "wednesday, November 10, 1874.
rne Prospect Before Us-The Grand indus-
trial Movement Beginning.

recent elections, express great dependency on the
present prospect Of business and commercial al
fairs generally, and begin to give particular In
stances Of industrial enterprises abandoned, and
speculatlons nlpped in the bud, in consequence OF
the defeat Of the political party to which they were
attached. We are perfectly satisfied, that this
melancholy view Of things which we observe is
taken by the Tribune OF New York, the National
hteliigencg of Washington, and some of the
other papers throughout the country, ID entirely
without foundation, in fact and will be in the
course Of a very few months swept away entirely
from the public mind, by the grand industrial move
ment OF the age, which is beginning to show itself
TO particularly in this city, and at other prominent
points throughout the country.
This is remarkable-an orginal-.a wonderful
counuy. Now that the recent extraordinary po-
htical contest is over, and has been determined,
we expect, and we are, indeed, already beginning
see, movements in all the great of life
starting up in every quarter, affecting the progress
of rehgion-philosophy -hterature-even music
heatricals-manners-soc every thing ol
which the great mystery OF human life is compo-
sed. But the foundation Of all this intellectual,
imaginative poetic and religious movement, is
undoubtedly in the progress Of wealth, the growth
OF industry, or, in the words OF the material rhilo-
sophers in the elements OF production, distribution
aud consumption. Piety likespudding, and philoso-
ply first rate roast bee These are the material and
firm foundations OF the progress OF society, IN all Its
diversified interests And here the question natu-
rally comes up-whcre are we so far as regards the
grand industrial movementof the United States at
the present moment, and into what position have
the recent elections, and the recent changes, and
~ nlo uc1 T,efu
ply by an appeal to figures and to facts that cannot
lie
By reference to our money articles about these
times, il will be seen that one Of the principal
forces in all industrial movements in this country
IS the banking interest, composed OF several hun
dred State banks, scattered over the country, and
situated in ell the great points OF commerce and
trade This great interest is the lever that moves
all the others-that sets the whole machinery of
trade, production, and wealth in motion; and if
managed and conducted with judgment and skill,
leads wealth and prosperity; but if urged on with
improper speed, leads to disasters, revusions, and
bankruptcies, such as we have seen of late years
Now, as the recent election has finally settled
the question of National bank, the distribution
of the land revenues, and various other financial
and domestic questions, leaving US to make the
most Of our present position and present elements,
as they are now organized, it may be asked what
is the prospect which we may reasonably expect?
In opposition to the opinions promulgated by the
despondng philosophers of the day, we believe
that trade and industry OF all kinds IN this country
never had better prospect than at this particular
moment. 1t will be perceived that the banks in
this country stand at this moment in precisely
or very nearly the same attitude in which they
stood in lS30-fourteen years ago. Taking
into consideration the vast increase in our
population-and our powers of production
in Improvements of all kinds, it may be said that
we stand in better position than we did at that
period. II will be seen, therefore, that the recent
movement of the banks in this city and in Boston,
To commence their generating progress In the ap-
preaching financial period Of six or seven years,
has begun, and that il will be now prosecuted for
several years 10 come, giving increased energy to
trade, gradually improving values, and augmenting
prices, until, perhaps, if il is not properly managed
by the banking interests, we will have similar
season of disaster and revulsion in six or seven
years from this date, as we had SIX or seven years
ago. But there can be no doubt that our prospects
are bright just now, and that the absence Of any
rivalry from the creation of a national banking
institution, is element in favor OF the healthful
OF the coming period, if 1t be properly
understood and properly managed by the fnanciers
and men of business Of the present day, who have
the control OF these elements.
In all the industrial and commercial movements
taking place for some years to come, it is very evil
dent that the banking interest, either in detail or
in the aggregate throughout the United States, will
have greater power and greater influence, than
The legislation of Congress, or that of any Of the
States II would be well, therefore, for the newspa
per PRESS and particularly the Independent portion
Of it, to watch the movements Of the banking in
erests, for if they be permitted to create the vast
md sudden expansions which they did between
1890 and 1896, we will soon be obliged to 60 over
he same disastrous ground from which we have
but recently emerged II will be the purpose OF
this journal to watch the signs of the times,- in
relation to all banking movements, and TO give
such COED advice, and exhibit such sound doctrine,
as the experience Of the last twenty years has
evolved and developed to the world. We believe
we can with truth say, that we have done more
than any other journal in this country, Tor the right
OF the elements and principles OF
modern finance, in connection with trade and
and we are determined TO follow iii
the same course hereafter aud TO watch every
symptom and every movement connected with this
subject.
We are perfectly satisfied, therefore, that instead
of any dependency arising in the minds Of busi-
ness and commercial men from the result Of the
recent political campaign, that there is every reason
to be gratifed that il has terminated in such way.
With proper management on the part OF all banks
scattered over the country, we will see vigorous
and healthy trade rapidly grow up. We will see
prices and values increase slowly, as trade and the
banking interest increase, and with all those great
movements there can be. no doubt, what
ever may be the legislation OF Congress or
the States, that the manufacturing inte-
rests havs strength enough TO sustain themselves
amidst - coming changes-to improve and to
increase, and that even the repudia,Ing States, al
though they have lost the beggary chance Of thrus
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