The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-09-09
THE REVIVAL or BUSINESS.

Everything we see and hear indicates the general
revival Of trade Tho vast accumulation Of the pre-
cious metals at the leading ports of the country
rapid appreciation of public securities, the limited
and insufficient importatons Of the last year. the
sumption of business by many manufacturing estab-
lishments, the good average crops Of the present
season. all point TO early and healthy resumption
Of business throughout the whole country 1t is
seen that capital is not only abundant but great
deal of it is lying idle in all the large cities This
condition of things cannot long continue. There are
no people in the world restless and uneasy our
own. They cannot bear idIeness not even the idle
ness of their money. They risk its investment in
!" good times in doubtful securities They send it all
the country, into every city and village, into
the very wilderness and byways, in the expectation
of receiving extraordinary returns II was this lat
ter employment of money that brought on the re-
vulson. 1t was invested where it could not be re-
allied when wanted SO it was in 1886 but then the
quantity of actual capital in the country very
limited andht that time the great West which absorb
ed in the years 1885 and '36 more than the whole
amount of gold and silver on hand in the United
States, was not only an unbroken wilderness, but it
was also wholly inaccessible and valueless. Within
period of twenty years the West has been trans
formed into highly productive country, accessible
at all points, and furnishing commerce we had al
most said larger haa whole trade at the close of
the revulsion in 1897 Capital has not only been in
vested in every part Of the Union but with rare ex
ceptons it is now positively available in the pay
ment of interest This feature Of our affairs cannot
fail to exert powerful influence in restoring public
confidence in the soundness and ability of every sec
ton Of the Union to bear its part in the operations
of legitimate commerce. The nation is not only rich
but its wealth has been so distributed to
to every section an ability to meet its obligations.
This is seen in the credit of public securities in all
the States Last fall under the influence Of the panic,
the bonds Of Missouri down to fifty cents on the
dollar and the decline in the most unquesiionable
State obligations was nearly as great. Now we wit
not only restoration OF public confidence,
so far as State securities concerned, but they
bear rates several per cent higher than atany former
period The cause of this is sufficiently obvious, in
the fact that vast amounts Of money were Withdrawn
from the ordinary channels Of trade and have been
invested in part in the bonds Of the States lnd
vidual obligations last year were comparatively
worthless This state Of things is working of, and
we entertain doubt but that in the course of the
present season, we shall witness again the general
distribution of capital into nearly all the old chan
nels Of business. The country is almost entirely
bare of foreign goods, aud mportations, though yet
limited in amount will in all probability increase till
the usual commerce shall be restored. This result
is certainly most desirable, because in the temper
of capitalists for the last year. vast amounts Of money
have been held in useless reserve, thus parayzing
every branch of business and giving show Of pow
erty in the midst of great abundance and wealth