Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1877-09-22
NORTHERN TRIBUNE.
SATURDAY. SEPTEMBER %, 1877
REVIVAL OF TRADE.

REVIVAL OF TRADE.
Since the panic of 1873 the business O
the country has been greatly depressed
Each succeeding year it.has seemed tc
be worse than the preceding one. variou:
causes have been assigned for this state
of affairs, and every politician claimed
to have discovered the causes OF, as well
as the remedy for the evil. 1t has beer
claimed that the effects of the present
depression are worse than those of any
>ot her that the country has passed
rh rough, but investigation of pre-.
scst ling panics and their effects show that
sac n Is not the case. While it is true thai
uhe aggregate failures during the
Rsres 'ent crisis have been greater in mum.
Der and amount Of indebtedness. proper
tisn ally with the business done and cap
ftA invested, they are imuch below
abes e of the panic of 1887. Then the
mati on al and state credits were alike eff
hhetsedrwith those of individuals, whilst at
Hhe present time, the national credit
never stood higher. In, 1913, after six
wsnrs CT hard times, there were those
wtho, like at the mesent time, claimed
tthat il was lack of currency that occa.
stoned the stagnation of business, and
wnere for Initiating the same. But there
'ewere public men IN 1S43. who understood
1.-THE cause of the depression then weigh
Ting upon the industries of the country,
sand who stood like stone wall against
the demands of the infiationists Of that
day. The Committee on Ways and Means
in Its reports on the subject, used the fol-
lowing language, which may be read
with profit even to-day: lit is not easy
Ito determine whether the present condi-
ton of the country, deplorable as it Is,
presents an aspect more threatening with
disaster than that, which Immediately
preceded IL, The past was an era of in
fiatiOn, the present is one of collapse.
Now uloneyed corporations are every
where crippled. La proportion to their
former activity tand seeming power is
their present benumbed and feeble state.
Scarcely a capitalist has escaped without
severe loss from mere Investments. and
many are rniaed from no other cause.
Confidence is denied, even i'm the ordi-
nary transaction of business. The most
daring wantonness Of speculation is put
at rest. Domestic goods have accumula-
ted until they are drug. The National
1exchequer is made to feel this general
stsgnation. Even the last expedient Of
the tbriftless-borrowing itself-has par
tally failed. Under these circumstances,
ifctlrrcsEy could be infused with the
natural effect Of its redundant supply, il
might bring back for season a swollen
and exaggerated condition of business
that could not be more lasting than it
was i'm times past. Then corporations
aboanded and received too easy conf
dence.' Capitalists received rates of in
terest from Investments, i'm them that
they deemed as secure in the future as
itfry were brilliant i'm present return.
Mutual dealings were not only marked
by unhesitating mutual trust, but they
grew into speculation which almost en-
tirely usurPed the place of sober bust
ness. The lesson of calamity is now learn
ed by heart. 1t is less exciting. but per-
haps no less wholesome than thew.ll in
int0xication of half a dozen years ago. If
the dispersion to profit by it be as sincere
as the moment Is opportune. the country
may find its way through the dark hour
of distress and assume a healthier tone
than any it possessed amidst the dangers
and the excess of artificial health" ag
I" In commenting upon the above. a
writer In the New York Tribune says:
These are golden words for the present
time The advice Of the Ways and
Means committee in 1S43 was adopted;
specie payments had been resumed; the
infiati0nists were defeated i'm their at
tempts to cause the issue of irredeemable
paper. and the country soon began to
emerge from the depression that had SO
hong crippled its industries. The United
States to-day stands just where it did in
HS43. Already the light begins to break
Through the darkness that has enveloped
mhe Industries of the country for four
leng years, and it is certainly an ,encour-
aging fact, when we look back to the his
tory Of 40 years ago, and remember The
season If prosperity that followed similar
disasters, that in spite of our misfortunes
the tide has turned hong before it reach
ed the low ebb of former years." From
all prts@f the country comes the cheer
ing news that there are unmistakable
indications that the worst has been
reached, and that better times begin to
dawn, Doubtless the abundant harvest
of the country has much to do with the
Frightening Of the prospects. The con-
flicg in Europe has changed thousands
from producers to consumers. English
pap ers- state that the harvest of 1877 in
Great Britain has been the most unpro-
dnctiye one they have experienced in
q period OF 60 years. This must create a
great foreign demand for the abundant
crops of our own. country, and give an
impetus to trade that cannot fail to be
felt throughout the length and breadth
of our land.l Already manufactures
that have long been idle are preparing