The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-09-20
The Revival Of Trade.

Hinder the above caption the New YORK |
Times of the 9TH has the following refec-
tions. Coming from the commercial and
business centre of the nation. and the result
of the study of paper that is always careful
IN its statements, and practical in its reason
ing. all sections OF the Union may read them
with profit. The Times says:
The testimony in regard to. the improve
mcnt which is taking place in various de-
nartments OF trade is too widely dflused
and too conclusive to be disputed. Much OF
# il Mt our doors. The incredulity produced
Inv former disappointments disappears be-
fore the results of actual observation. We
have GOT beyond the formula which long
served to check dependency and sow the
seed of hope. ''The bottom has been reach
ed, ''is a phrase that no longer satisfies. I'M
provement has actually begun. We see
signs of it evcrywhere-in the hustle OF
wholesale houses, in the more cheerful tone
of the retailers. in the street throng and in
the presence of strangers from al! parts OF
the country, There might be some reason
for questioning the sufficiency of this evil
dence If IT, was at variance with the expert
ence OF other places
Fortunately, what is true of New York is
equally true of the other great distributing
centres. Our correspondence from Chicago
has shown that in most branches OF business
something like buoyancy once more prevails.
Several of them are almost as busy as in.
olden times; others await confidently the
flow of the trade which has already reached
their neiehbors. II st. Louis speaks more
cautiously, it is because that city has allowed
itself to be outstripped by Chicago III the
race for the wholesale trade of the North
eli. %
story comes from far and near Even Phla-
delphia. which since the excitement OF the
Centennial has slept tie sleep which seems
to know no waking, RIBS its eyes once more
and discerns an influx OF customers. More
over. one suggestive fact comes to us from
cities so diverse in their character and sur
roundngs as Philadelphia and Chicago it
is. that in particular branches Of business,
notably in dry goods, the demand is not
only for more goods but for better goods.
The enforced frugality of the hard times
made cheapness prime condition 1t would
be strange indeed if the first break in the
clouds were followed by return to old hab-
its of eXpensveness. But this is not neces-
sarily the Interpretation to be placed upon
the reports received. FOR the first time in
four years, the merchants in the country are
sending in orders for enormous quantities of
goods writes our Chicago correspondent,
and he adds that ''as rule they want goods
several degrees better in quality than in
wears preceding We take the meaning to
be, that under the influences which are
bringing about the revival of trade, Western
consumers are encouraged to satisfy wants
which they have for three or four years re-
pressed.
So far as the Southern trade is concerned,
there can be no doubt that the frugality en-
gendered by the war has made the Southern
people relatively better off than the people
of any other section. They were rendered
economical of necessity, while other sections
rioted il. extravaganza and boosted of pros
perity which was very largely fictitious.
While, then, the South is in some respects
behind the North and West, the condition
of.the great body of its people is really SUI
perior to that of the corresponding classes
elsewhere. 70 say that they are content
with lower standard of comfort, is not to
lessen the significance of the main fact. The
curtailment Of their wants has virtually Sc
cured to them an increase OF independence.
They cannot be said to be thrifty, because
thrift implies Il sagacious economy. which
certainly cannot be claimed for the South
ern people generally. But frugaity they
have acquired; harder work has become IA
miliar to them; and these conditions, com
bined, have increased their means as con-
sumers, and so laid the foundation for the
more active demand for commodities which
Is the Southern contribution to the general
improvement of trade.
AS regards the North and West. the prime
cause of the change is the exceptional mag
nitude and excellence of the crop, and the
exceptional opportunity for the profitable
sale of the surplus. Not only shall we have
more wheat to sell than we ever had before,
but the probable wants of our European
customers as much in excess of their ordi
nary experience. Unless the signs fail our
farmers will realize eighty or ninety mill
lions of dollars for their wheat more than
they realized from the crop OF last year.
Our absurd navigation laws will deprive tie
conntry of one enormous element of profit
connected with the better condition of the
grain trade. The lions portion of the car
rying trade will fall into the hands Of oui
British customers. They will buy a very
large proportion of onr surplus wheat, and
on the average will pay good prices for it,
but their ship-owners will receive the gains
which under more rational laws our ship
owners would freely share. Apart from this
consideration, however, we have the ASST
rance that the unusual productiveness of the
season. and the unusual prospect in the for
eign market. are setting the wheels OF trade
In motion. 1t is certain that the gian-grow-
ing States will have millions upon millions
to spend in the purchase Of commodities, be-
sides reducing he volume of their indebted
ness on account OF borrowed money. Ma
turally, the West feels the effect first and in
the largest degree We feel it here quite as
distinctly, and the whole North will acquire
new business life as the immediate conse-
luence of the grain accrlliig to the agricul-
trlral interest. East and West will alike par
ticipate in the prosperity of which the West
is the more direct source.
1t is satisfactory to know that the country
is in position TO reap the full benefit OF the
improvement. The collapse which destroyed
vast amounts of property rntaled' ruin anG
suffering, but it left some compensation in
the revision of business plans and in tho re-
trenchment which is apparent in every
branch OF trade. Whether orr traders have,
as class, boldly written off the excuses of
valuation which attended the era of imitation
and apparent prosperity, -whether, in other
words, they have fully recognized the fact
of shrinkage in all forms OF capital and in
vestment,-is a question not easily answer
ed. At least they have learned to conduct
business on a Sounder and more economical
basis, and to be satisfied with a smaller per-
centage OF profit. The effect of the revival,
therefore, will be more wholesome than it
would have been before the unpalatable les
son had been learned. Not less important
will be the indirect results. Every CLEAN OF
business activity and profit lessons the dam
ger arising from the prevalence of financial
errors and strengthens the probability of re-
sumption in 1879. Demagogism has no aux
iliary equal to hard times; with the disap-
pearance of these, its work will be suspend
ed. Besides, the financial transaction at
tendant upon the new phases OF the grain
trade will obviate hiEdrances to some of the
necessary operations of the Treasury, and
will render preparations for specie pay
ments comparatively easy. The business
community, who have timidly shrunk from
imaginary evils associated with resumption,
will derive courage from the Improvement
of their own condition. Thus the revival
promises to assist the process by which the
country will regain financial health and