National Republican., 1873-11-17
BUSINESS PROSPECTS FOR THE VIM
TER.

It Is highly gratifying to sec that the effects
OF the recent panic are already subsiding In
the manufacturing and commercial districts
Of the North. II will be remembered by the
readers OF the. REPUBLICAN that this journal
has, from the first, insisted that there was no
real necessity for the fright that has prevailed,
and that upon the resumption Of reason and
Judgment people would see that there was
no actual decrease OF the circulating medium,
and consequently that the Injurious stringency
was simply the result Of boarding by those
who happened to have the money In hand
when the panic commenced. The fear that
seized upon these people caused them to re-
tain their money In hand until they could see
where the panic would end. This very act
paralyzed business and came near producing
the ruin which was deprecated. II your
friend suffers from symptoms Of diseased
heart, and you do not wish to precipitate and
confirm the malady, you endeayor to keep
from him all knowledge OF his danger and
carefully remove him from excitement.
The money market Is similarly affected by
q panic Excitement feeds tho disease, In
creases timidity and develops the worst re-
suits. The sudden withdrawal from circula-
ton of large portion Of the currency Of the
country by the timidty Of the holders was
precisely the same in Its effect upon the In
dustry OF the country and the prices both Of
labor and commodities as would have been
the actual retiring Of that amount by the
Secretary Of the Treasury. simultaneously
with the shrinkage Of values came the
reduction Of wages or the stop
page Of factories, mines and Other
demands for labor. Wages being high or
low, according to the amount OF subsistence
they will purchase, Il Is only reasonable that
they should decline proportlonally with the
reduction Of other values. In this case the
decline In wages has taken the shape OF
working on short time In many Instances,
while in others complete cessation for a
period has been the effect.
A. public confidence returns the holders OF
currency commence TO pay II out and II again
seeks investment In the employment OF labor.
The financial skies are now Frightening, and
as money seeks Its wonted channels labor Is
again growing in demand and the prospects
are that full hours and regular wages win
shortly be resumed In all directions. The
New York Express OF Saturday evening has
the following remarks upon the improved
business prospects In that city and Vicinity,
which are commended to the attention Of the
dismal croakers" hereabOutsi
"The condition OF business In the city and
neighborhood and In various parts Of the coun-
try In the light OF the latest reports Ia decidedly
Improving, while the fears OF great suffering
during the coming winter appear TO he passing
away The dry goods trade In this city has re-
ceiyed fresh Impetus from the action OF some
~ ma leading holHos In considerably reducing
me nrires on their stocks and offering great in-
ducements to buyers. Immense sales have been
made this week. The merchants are much more
hopeful than they were week age, anu oegin TO
think that thiuqs are not going TO be 80 bad as
wss sxpseted.p