, 1874-09-12

Tho commercial outlook the world over Is
Frightening. The csisie Of last year, which was
folt ell oyer tho civilized world is now giving
tion. Among tho favorable omens Of returning
activity aud prosperity IL tho recent rise in the
rate OF discount Of tho Bank Of England from
to per cent. a rise in the ratio Of discount is
not necessarily sign Of prosperity. It may be
tho very revurae. Coming in period OF great
commercial and speculative activity, it is q sign
Of trouble ahead. Coming ct d timo Of great
depression, when speculation is nearly dead. 1t
indicates 4 revival OF legitimate business, aud
is token Of returning prosperity. And
since London ia tho monoy-ccntro Of tho
world and since tho depression itself
las been worldwide We arc warranted
In concluding TINT D recovery has really Bot In.
Tho rate of dist.ount Of tho Bank Inns varied nino
times during til present year. But tho varia-
ton from to per cont which took plnce about
Ito beginning OF August is taken to mark tho
turning g-point fre'm psostfation to reeupern-
tion-tho faint. hrrdly percoptiblo beginnings Of
which NO now experience. England, Gormany,
Tranco, aud Amorica arc simultaneously awakeu-
lux To new industrial life. Commercial reports
! wcar q moro cheerful look. Tho industrial ccn-
tres Of England and Of this country aro just bo-
| ginning to show signs Of their wontod activity.
The accounts from Leods Roohdalo, Dundee.
| and other parts Of Great Britain aro most aat-
| torug. Tho Elnnufactories which came almost
| entirely TO 6 atnnd.still iu consequence OF the
panic aro in full blast again.
| 4 crisiH always follows q porioa Of ovcr-pro-
| duction, or ovor-consumpton, or both. lu turn,
It iB followed by porloa Of diminished con-
sumption and diminished production. Ono o2-
treme-an oxtron.o OF improvidoncc-n,akes
placo for anothor,-ono Of tho utmost economy.
And this lasts until nowly-produced wealth
slowly mud almost impercoptibly cauBos people
to return to the old measure Of consumption
and producers 10 the old measure OF production
Whon th,a activity In both departments bccomes
uniyorsa tho demand for loans, Of course, In
| creases and tho ratio OF interest riaes. Tho Of,
citing CAUSE to rouewel activity in the lroseu
caao, hotl III consumption aud production, and
therefore. lu uil bralchoa OF business, ia tut
ntomiaed harvest iu Amorlca mud Europe. Tht
nrico OF coreaiu md OF vegetable pro
ltscta influences every department Of com
me1ce. WHOM tho price Is low, tho ba
hor's md butohes'a bia aro small aui
tho workman or mechanic has mcans h
spend on otlor things Which IN loss favoro
yoara ho llau not, lilo can a1lorl to patronix
tho shoemaker, tailor, cabnot'maker, ETC. III
tailor, shoemaker. md cah,net-nsakeE mako dt
autls Oh the activity OF tho clotll-nauuiacturol
f. tuo tanner, tho lumbor merohans, esc. Now
10 happens that all broaa-producing land
i, promiuo exceedingly good haryeBta this yoa
= The United sta.es. France, hungary, Russia, q
tell t1o ua,nc ptory. III tils country alone tho'
aro this year 1000, 600 moro aoroa u'dar oassv'
ton tbuu t1oro were laBt year. Tho inarko
foel already the effects Of thla Increased rotur
1t 10 not to bo expected that the gratn.prod1clt
}, countrtea will feoi tho frat or fuess ofEecta
4 this activity, slnds thoy must b oontons MI