The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-09-30
A Prom i.ing Business ns took.

sary to be done is to lay the foundation.
We may own q handsome, verdant plot OF
ground, smooth and pleasant to the eye; but
before we can make it the site of dwelling
we must dig down into the earth sufficient
depth, see that it is properly drained. and
lay solid basis of good stone. on which
building may safely stand. II we should
neglect this necessary work the superstruc-
ture would be worthless, no matter how
expend upon it, Before we can hope to
build up the business prosperity OF New
York in such a manner as will stand the
test of time we must disregard all super
fetal appearances Of Improvement and get
down to the hardpan upon which
substantial progress can be surely
and securely based For the past six
or seven years we have been fuctuating
between a condition Of unwholesome excite
ment and state of business paralysis We
have been living in an unnatural atmos-
phere The solid strength of the country
has kept up our credit and appreciated our
currency until the gold premium has be-
come merely visionary obstacle to practi-
cal resumption but until recently war
prices have been maintained and specula-
ton has been almost dead. We have now
opened our eyes to our folly. Values are
rapidly finding their specie level. The
price of labor and the cost Of living are de-
crensing. We are digging out our lot and
building our foundation, and when this
work has been thoroughly done We may
well hope to erect upon a solid and lasting
basis business and commercial prosperity
which will surpass anything yet known in
the history of the metropolis.
It is a manifest fact that the material and
political interests Of the country have greatly
improved within the last twelve months
The entire South, so recently antagonized
and exhausting the energies of her people
in continuous political and personal strife.
is now in condition Of contentment and
repose, and as n consequence we are entitled
to look for steady revival of the important
business interests Of that section of the
Union. New York is specially profting by
this happy solution Of the chronic state of
national disturbance and arrangement.
Our streets have not in the last seven
years presented such evidences Of bust
ness activity as at present. The convey
ance Of merchandise for transportation to
various sections of the country, especially
the South blockades the thoroughfares of
the lower part of the city during the bust
ness hours of the day. But the signs OF
business reaction do not come alone from
the South. The West has had an unusually
fruitful season, and with heavy crops has
come fairly active demand, so that on all
sides the signs of encouragement and hope
may be seen. The autumn trade Of our
Wholesale houses has been larger this
year than at any time since 1870,
and the fairest evidence Of correspond
ing improvement in retail business Of all
descriptions may be gathered from the gen.
eral remark to be heard on oil hands, that
''trnde is picking up" The Advertising
columns of the HERALD are, indeed, a safe
and certain test of the condition OF business
in the city. To-day, as on last Sunday, the
pressure on the advertising columns COM
pcls the publication of quintuple sheet.
No better evidence Of the increasing ac-
tivity Of business could be offered than
that which is supplied by the appearance Of
to-day's HERALD, with its compact columns
Of advertisements bespeaking the enterprise
and wants of over three thousand persons.
And as the metropolis is to the rest of the
Union what the heart is to the human sys-
tenn, so the activity in New York bespeaks
a healthy revival all over the country.
While we thus seem to be happily on the
point of recovering from the troubles we
have encountered for the past few years all
Europe is in condition of uncertainty and
feverish depression arising from the Eastern
conflict. with its possible eventual involve
ments, and the threatened approach of do
nestle disturbance in certain States.
France appears to be on the verge Of COL
lision between the people and the govern
ment. Spain certainly does not seem Sc
cure from political troubles under youthful
King who is the mere creature of cabal.
Germany, compelled to be ready for war, is
constantly in state of watchfulncss and
unrest, while England has no alternative
but to prepare on land and sea for the
eventualities of the Russian invasion of
Turkey. All the business interests of Eu-
rope must necessarily suffer from these ex-
listing and impending disturbances, while
to the United States they promise substan-
tial advantages Armies cannot be arrayed
for war and till the fields or labor in work.
shops, and we must contribute to feed their
soldiers and replenish their war supply.
Besides, European capital is already seek
ing investment on this side Of the Atlantic
for greater security against the uncertainties
at home, and this is likely to prove new
element of wealth in our principal cities
II must be remembered that the business