, 1875-07-04

ao2AaLaS AMFdV74MENI In CHICAGO.
The speedy recovery from the panic is one
OF the wonderful but Characteristic items in
the history Of Chicago
We hive already given the results of the
panic Of 1873 on the general condition of the
country. The false, though seeming fair,
prosperity that preceded the disaster Of 1878
WIS the result of deprecated money, wild
speculation, excessive credit, extravagant ex-
| penditures, and general desire to acquire
| wealth by short process rather than by labor.
Men grew tired Of labor, and invested time.
health, and means III speculation with all
the confidence and hope with which neo-
pbytes sit down to the gambling-tab1e to
| make themselves rich in IN hour. The fatal
error Of the banks becoming Interested and
involved in these speculations extended
credit to worthless bonds issued by reckless
companies without capital, and rive to the
eventual crash IN eEect it otherwise would
not hare had
From out Of the wreck the country has
been gathering all that was of value, and |
upon new bnsis business has been gradu- |
ally re-established. We are not now with /
WAVING A*AoaA8J %ASkA RAOAuCk4SE puF6NkS.
nor from manufactures or other legitimate !
business, to sink it in the wilderness, or to
waste it in riotous extravagance. We have
been increasing production, and in 1S74 the
transportation companies actually carried
moro productions, measured by quantities,
than in 1878 or 1872, showing that, not
withstanding the 'stagnation," the country
Kept on adding to its material wealth.
We have reformed our social habits. No
money can now be borrowed except On sound
securities There are no fancy properties.
We can no longer expend in advance the pro-
spective gains Of speculations. We now are
compelled to live within our income, md t
those who never worked before are now COM
PEELED to work. The theory of great expec-
tations has exploded We are living in a ]
time OF actual realities. We are doing busi-
ness on capital, and not upon speculation. =
We produce more we have more men earn 7
ng surplus over what they consume We +
re not driving so fast, nor so thoughuessly, '
'ut the country is doing better and safer '
'usiness than before the panic. =
Chicago has largely shared in this general ! F
estoration Of industry. The panic for s.
lme closed many Of our industrial establish 4
aents' With the almost immediate recovery q
our banks, and the inflow Of money to .
urchase breadstufEs and provisions, business t
Chicago was resumed. Factories and ST
'orkshops opened their doors. The dis b
harged operatives were recalled, first on half, a,
leu on two-thirds, then On full time. Other F
'ctories began business, and more labor was Il
nployed Trade with the prosperous in Ia
r1or vas resumed; sales OF merchandise in
ere increased, and remittances were prompt p,
ID punctual. Over:a large part of Illinois ad
id the West, farmers were able in 1874 th
pay of mortgages; they increased their II
'e stock, their implements, the number of F.
er Workmen, and the area under cultiva- DC
N. They bought and sold for cash, and an
ught cheaper and sold on better terms, qu
'e rebuilding Of the city, Temporarily sus- hi
uded, was resumed. Large additions were
ade to the number. Of dwellings, The aft
ee drain upon the savings banks caused by mn
suspension Of work began to 20 back, thj
the season Of 1874 closed with general po
toration, and in many cases increase, of the tn
s1ness OF the city over that OF previous spt
1 for
n 1872 there had been costly and exten- the
e expenditure for business warehouses and an
res in advance Of the demand They we're ant
cted in anticipation OF the future. 4 an
60 part Of this property remained 70,
IN 1878 and 1874, yielding no in con
ae to its owne1A Nevertheless, in | er;,
4, there were numerous additions to this mn:
- ;" ptope1Y. VACANT lots and blocks he'll
q coYered with new warehouses and nan
'es, aud the soldity and compactness Of | to
business districts were made more COM trad
e. The long and severe winter of 1874-,5 do.
really moro oppressive upon certain nan
y 80 ~ co'csgo taka "as no panic Of ths dou
l. '7Ao@~ ~a&s ~ aeSrY dsmand cast