Smyrna times., 1861-07-25
War and Business.

There was never yet great war, the shoe
Of whose first outbreak did not for a time par
slyze business. Sometimes it requires many
months for a recovery from the effects of III,
shock. Ia other cases, business has returned
nearly to its accustomed activity in muct
shorter period. There is no reason why the
disastrous effects of the present war upon
felt for very long period.
The great blow 10 our Northern business
vas the reputation Of the immense indebted
ness Of the Southern people to merchants and
manufacturers in the large cities of the Free
States. That Indebtedness has been estimated
at fully two hundred millions of dollars; in
deed many persons make it much higher. The
reputation of such an amount of debt was, of
course. a terrible blow to the North. But our
people had been preparing for it, and it is one
OfIhe best proofs of the exalted patriotism of
these times that the mercantile community
Who are the greatest sufferers by this war.
have been among the most Jealous in support
Of the Government, ever since it broke out
But the worst effects of the war upon the
mercantile interests seem 20 be over. The
promise Of beautiful harvest, heavy ship.
ments of breadsrutfs, continued arrivals of sDe
eie from Europe, and a general ada ptation of|
sat business u circumstances, are all hav-
ing 9 good tendency. The Government is
beying largely of army and navy supplies, and
giving employment not only to a quarter of
nlllioR Ct soldiers, bat TO much larger MIN.
Der OF working people OF different classes. 1t
issate 10 say tha' one million Of adults are de-
irving support, in direct or Indirect way,
from the Government at the present time.
When it is remembered that the Government
"a cash customer, and not one Of long credit
and doubtful reputation kind, like the people
OF the Southern States, one can almost believe
that We gain greatly by the change. The
Government, moreover, by being a borrower
OF ssme hundreds of millions OF the peoples
money in these Northern States, and now that
the idea Of patriotic loan to the Government
has become SO popular there will be very little
ficu'y IN getting the two hundred nd fifty
millions contemplated by the new loan bin in
Congress.
The banks of New York, Boston, Phiradel-
Phia, Pttsburg and other Northern cities. have
not less than seventy millions IN coin in their
Tauls-sn amount exceeding any ever before
known. ec!e continues to arrive from Eu
rope and CALIFORNIA o. the rate Of TWO or three
millions dollars a week. This alone is suE
heIent 10 cause a revival Of confidence in bust
ness circles and We see signs ofthis revival
already. although where we should most re-
I0'ee to see it, ~ manufactures, it has not vet
oegau. Bat 1t must begin there, also before
long. population of twenty millions must
ha'e supplies Of some kind or another. and
noGgh cotton may be cut Of from US other
branches ct industry must revive before great
while.
Although the operations ofthe stock boards
are not Illustrations OF industry, they are signs
ei The times, aud the sudden active business
that has Just sprung up IN them, at advanced
eites on ali securities, even in the face of the
Governments demand for some hundreds of
RllIons OF dollars, is the most significant thing
Nslhas occurred since the war broke out. 1t
tells OF TevIvIng confidence aud abundant re.
'outees It expresses the Judgment of the
tare"dest class ct our people, that the war we
are engaged IN will be vigorously and wisely
earr'ed on 10 successful issue, aud that there
VIII be restoration of the Union upon a firm
% basis than ever. We look upon the extraor.
ehary activity noticed in the stock boards as
ens iorrunner of revival in many other de-
Pattments Of busIness.-Bu!Ietin.