New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-02-05
CURRENCY AND INDUSTRY.

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rather the unpatrotic, the selfish and corrupt
among them, whose influence darkened the
public mind with evil counsel. The superior
sagacity of the wise and patriotic has been JUS
tilted by the result. AS that result was in pro-
cess Of development, converts were drawn over
to the true faith, until the originally inert mass
has moved upward and active under the small
leavcn it contained. Confidence now exists
everywhere, dependency nowhere. The croak'
ers and the doughfaccs have gone under to-
gether.
TWAS evident that the Government would be an
enormous consumer of everything that our man.
uiacturing industry could fabricate. Tho tri-
fling and superficial predicted short war, but
the grave and wise wero satisfied it would DO
long one. They knew that such war could
not be carried on with gold-thc country was
too bare of coin. The suspension of cash pay
ment BY the banks was all early confirmation of
their views. Tho banks in suspension, the Gov
eminent was compelled to follow suit. Paper
was thus seen to be the only alternative. The
banks, selling the occasion. increased their is
sues 10 an absurd figure. In six months, the
Il
bank circulation of this city increased 60 per
cent; in Philadelphia, 1S9 per cent; in New
Hampshire, 81; in Massachusetts,, 20; In Bati-
more, 81 per cent. This example was too gem
erallv initiated throughout the country. Profits
must be secured, fat dividends earned. no matter
what the risk.
Cotemporaneously with this inhation came
an issue of $4,000 900 Of grccnbacks, thrown
into the channels Of trade as rapidly as hundreds
Of presses could produce them. 1t was impos-
siblc that prices could withstand an imitation
whose suddenness was only equaled by its
greatness. The shock Of a general rise was felt
all over the country, and speculation took hold
Of everything. The dependency OF the FIRST
three months Of the war was changed to uni
versal buoyancy. Prices steadily advanced to
figures never before known in this country;
everybody was employed; all were growing
rich. The spectators ran gold up TO premium
That smacked Of Continental raggedness.
Though but little was exported, and though
Government could borrow from the banks at four
per cen, per annum oil that it needed for the
time, yet they continued to run the premium
IN. The imitation was so general that every in
tcrcst felt tho sudden stimulus. The Stock
Board became crazy, and is crazy even yet. AT
no time in our history have so many men been
made suddenly rich.
But in this vast development of industry some
branches were Of necessity restricted, WINE
Others were from tho same necessity unnatu-
rally stimulated. The cotton manufacture $1,000
comparatively idle for want OF material; but
that of wool, the material being abundant, and
the army demand unlimited, has attained al
magnitude never before known. 1t has reacted
on agriculture, and stimulated shecp-brccding.
Every manufacture Of which the Government has
been consumer has been most largely OK
tended. Iron has been especially favored.
Stimulated by Government patronage, tho man
ufacturers have succeeded in producing a quail
ity for gunbarres so superior AZ to enable us to
dispense with the English article on which we
had heretofore depended. Ship-builders and
macbinists have no memory Of days 30 golden
as these. When the statistics Of these employ
mcnts for the past year are made up, the coun-
creative power which, until now had lain com
paratively dormant.
The coal product having been posted weekly, |
the result was ascerancd as the year closed. |
II was on this interest, more than on any other,
that Government consumption bore most direct
" and effectively. 1t not only consumed coal
largely in its own engines and workshops, both
anoat and ashore, but its wants compelled a
greater consumption in numberleSs cotton and
WOODEN mills, FORCES, foundcries, rolling-mllls,
gun-factories. and saw-mills. II would be i'm
possible To oycr-cstimate the consumption thus
occasioned. To obtain an idea Of its amount, |
We must look to the tables of production. They
outstep all previous figures. The increase 70
1853 over 1862 il 1856, 400 tuns Of anthracite
alone In addition, 455,A tuns OF semi
anthracite and btuminous were imported On
the line of the Reading Railroad and Schuylkill
Canal there is crowd of iron works, machine
shops, and cotton and wooden mills. These
works with the adjacent population, last year
consumed moro coal than both railroad and
canal delivered for the consumption of Phlla-
delphia At points where iron-works are located,
near $40, 900 tuns were delivered. The oper-
ators and collieres have been increased AZ dur
ing the year; abandoned works are being reoc-
cupied, and many new ones are being started
One miner has taken out l44, 900 tunS-a larger
quantity than was ever before mined from sim
ole collierv i'm the Schuylkill region in one