Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-09
REVIVAL OF BUSINESS.
signs Of Returning PrOsperity-Rapid
Recovery from the Effects. of the

Recovery from tle E1SctS oi the
Panic.
The United States EconpnaEst Of New
York publishes iii its issue of the 9Th inst.
reports of an extensive industrial revival in
the manufacturing districts in New En-
gland and the Middle States, end makes
the following editorial comment:
"our information is very full and pre-
else, especially from the New England
States, and relates chiefly, though not en-.
tirely, to textile industries in which our
readers are more particularly interested.
From these reports. TO which we invite par
ticular attention, It APPEARS that the cotton
and wooden mills are everywhere very gen.
orally resuning operations. A large num-
Der which had stopped, it was feared for the
winter, resumed work on half or tllreeQuaT-
tiers time on the 1st of December; others
which have net yet Resumed will do SO on
Monday Next, and mills which had been
running half time, or even less, are work.
ing full time. The great Lowell factories
are now nearly all working full time. The
Fall River mills, whose entire stoppage SO
lately seemed imminent, have considerably
increased their operations. Some of them
are now working full tiine, and there is
scarcely doubt that all of them will do so
ca the Ist of January. From the manu-
featuring centers in Maine and New Hamp-
shire the accounts are almost invariably
favorable. In Pennsylvania the textile fac
tories are again starting up, and even from
Patterson, n. j., we have the good news of
the resumption of some Of the silk factories
at that place.
"This revival of industrial activity is at
tended for the most part by reduction of
wages of from 10 to 20 per cent, 10 this
reduction, however. there are some excep-
tions, the extensive Wamsutta and New
York Mills, and some others having in
creased their operations at former rates Of
wages. But, as was recently shown in the
Economist, a reduction of wages was in
eyitable, as goods could not be replaced at
the prices at which they are now saleable.
at the former cost of production. 1t is
creditable to thegood sense of the operatives
that they generally acquiesce in this reduc-
ton of wnges as necessity of the times.
And it can be easily shown that it is to
their interest to do so, because it is not so
much the amount ms the purchasing power
of wages that is important. Owing to the
general reduction in the price of commodi-
ties the workman will probably be able to
save as much, if not more money than be-
fore, and without the loss of any comforts,
or even luxuuies, to which they may have
been accustomed.
"From the very full and accurate inform
alton now at our command, we feel fully
warranted in anticipating, under ordinary
circumstances, a complete and entire re-
sumption of the textile industry of the
country at the commencement of the new
year-now only three weeks hence. And,
considering the magnitude of this industry,
and its relations and influences upon other
branches of trade and on general business,
this must be regarded as an event of nation
al importance. Il has long been remarked
that when the dry soodS trade is good every
branch Of business is prosperous, and this
holds good'at the present time more than
ever. 1t is surely a hopeful feature of the
future that this great industry, which was
the last to feel the affects of the panic, is
the first to recover from it. There is not a
commercial or industrial interest in any
part of the country which will not speedily
experience the beneficial affects of a restor-
alton of the great wooden and cotton man
ufactures. 1t is the first and best sign of
returning prosperity to the whole Ameri-
can people,"