Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-07
SPONTANEOUS REVIVAL OF BUsI-
NESS

From several important sources
comes the cheering intelligence that the
opening Of the New Year is attended
with a rapid revival Of business. This
fact obtains most universally in North
ern and Eastern manufactures. The
Pittsjufg Commercial says: THE iron
manufacturing interests Of the Lehigh
and Schuyll1ill valleys, which were
greatly depressed during the financial
panic, have almost recovered from the
depression. In the Schuylkin district,
fifty-three out of the seventy three iron
works are now IN full operation, and or
ders are said TO be sufficient to afford
the manufacturers comparatively good
profits. It IS stated that the trade
shows a better appearance than at any
time since September last. The repre-
sentative IRON manufactures Of the Lee
high valley, among which aret the Beth
lehem Iron Works and Allentown Roll
ing Min Company, are also in regular
worEingcondition, thousands Of persons
being furnished employment, which
VIII continue through the winter"
The United States Economist, Of New
York. extends its observations and
notes a pleasing prospect everywhere,
not only in this country, but also in
Europe. The Bank Of England is
lending money at four per cent, and
in all the financial centers Of Europe
money Is rcsuning its normal condi-
ton. The Economist says: THE new
year opens witha very general resump-
ton Of Industrial activity. In the i'm
portant textile trade the recovery may
beregarded as almost, if not quite, full
and complete. The great manufac-
turing centers in New York, New Jer-
sey and New England, now present
n scene Of activity that could
scarcely have been hoped for
a short time since. The wooden and
cotton mills, if not as active as at the
commencement Of the panic, are GER
family mere 50 than they were a year
AGO. We already see that almost every
branch Of trade in all parts of the
country is reviving. The complaints
Of hard times and want of employment
are becoming less frequent, and there
is every reason to hope that they viii
soon disappear altogether. The sus.
pended iron mills and machine shops
are everywhere starting up. The
great producing classes. despite the
grumblings Of the Oranges, are also IN a
prosperous condition. The pressing for
eign demand for breadstuff assures the
West Of good prices for all the COM
modities it may be able to send TO tide
3 water The South Is also marketing
cotton crop IN excess Of last years at
prices which, if not rs large as were
hoped for, are certainly sufficient to af-
ford a Ialr margin for profit" These
representations are doubtless, in che
main, true; and if so, they have amean-
ing. Early in the panic it was fire.
quently remarked that the prosperity
Of the country-its unusual productive
ness-broughtonthe panic by out grow
ing the currency. This was true in
n limited sense. If so, then. as
the panic. e the prevailing want Of
ordinary business faith-passes away.
1t is not too much to expect that the
country VIII yet reap the full benefit Of
its extraordinary productiveness. 1t
is. therefore. no wonder that we see the !
industry Of the country rising rapidly
to vigorous activity. These good de- |
yelopments cannot be due to the issue
Of additional currency ont of the re-
serve fund: this issue has been too
small to count anything. They are due
t. the spontaneous re-adjustmeut of the /
industries according to the natural in
stincts Of trade itself.