Daily Kennebec journal., 1877-12-29
The Year 1877.

been without its memorable events. some
of which will be recorded in history anC
go down to future generations. Take il
all in all 1t has been rather ii busy, bust
ling, anxious year. 1t came in in the
midst of a universal stagnation OF busi-
ness. reaching all classes of people and
all countries on the face of the globe.
Ever since The TALL OF 1873 trade and com
merce had been paraiyzed. Failures
among business houses were innumerable
Ships were without employment or run
ming at ruinous rates. Factories and shops
were idle or partially idle. Securities
once considered sound were proving
worthless. The prices OF labor were being
reduced, while laborers were without work
or striking against the inevitable reduc.
ton Of wages. Those who had anything
to sell had to face an overslocked market
and prices tending downward, while those
who would buy if they could were pnched
for means to do SO. 1t was in the midst
of these and other results of the world
wide paralysis OF business that the year
1877 was ushered in. So ii it has not
been a season of prosperity in trade and
business the cause is with the Years that
went before 1t. During 1877 there has
been steady, sure advance towards bet
ter condition of things in the business
world. Out OF such broad field of dis
aster as followed the financial hurricane
of 1873 there could not come at once
thoroughly built and established prosperi-
ty, bu, We have been growing 10 that in
the past twelve months as speedily perhaps
as is consistent with the idea OF sound.
solid. permanent success in the future.
The crops of the year in our own country
were abundant; they are going abroad
instead of gold TO pay our debts in Europe,
home. Our factories have increased their
products since the dawn OF 1877, which
have succeeded in finding markets in
countries that they never before entered.
even within the sound of the spindles OF
the great manufacturing towns of Eng
land. The railroad strikes in this country
are black page in the history of the
year; wholly useless to right the wrongs
fancied or real for which they were COM
menced, they gave lawlessness and brut-
ishness license to do deeds of violence
and outrage for which the communities
in which they occurred must suffer deep
lv and the nation blush. Tho reduction
of our national debt has gone steadily
on; also the reduction OF interest on The
debt by funding 1t at a lower rate OF in
terest: for this the nation may be thankful.
Over against this pleasing aspect Of the
national finances we regret TO he obliged
to place the threatening spectre of repudi-
alton as presented in the passage of the
silver bill by the House, its probable pass
age by the Senate, and perhaps lis endorse.
ment by the President or his veto over-rid-
den. The prospect of successful resist.
anee to this bad measHre is dark. II not
defeated IL will bring trouble and disas-
ter.
The incoming Of the administration of
President Hayes, alter the stormy session
OF Congress and the decision of the Elec-
toral Commission, is one of the important
events oil the year. The fruits OF the adj
mlnistration thus far are the disbandiny of
the republican party 10 the South, the
yielding ol the control In that section into
the hands of the democrats, and the solid.
Tying OF the republican party of the
northern States in opposition to the
southern policy Of the President. Meth.
er has the civil service policy oil the ad.
ministration commended itself to the re.
publican party. Few question The good
intentions Of the President, but the mis-.
takes OF his administration are grave and
palpable and stagger the stoutest of his de.
tenders.
The war between Russia and Turkey.
commenced April Path, must be considered
the great event OF the year. It began b,
the Russians crossing the Pru.h, aud ba,
gone on until al least $50, 900 persons hay.
been slaughtered in the contest and snc
cess has so TAR crowned the Russian arm,
In both Asia and Europe that the ultimate
defeat OF Turkey aud the capture of Con
stantinoplc are certain unless other Eu
ropean powers interfere to save the Otto
man empire from destruction. Another
year will unfold the fate of the Turk.
The political struggle in France ha
been witnessed on this .ile of the water
with great interest. At last Republican
ism seems to be firmly established there,
The, elections have given Chamber OF
Deputies in which the republicans are
largely in the ascendency, and Presiden,
McMahon has been Obliged to form Cab
met to correspond. The contest lhronob
which the nation has passed has tested the
strength of republican sentiment and
proved it greater than it WAS reckoned ia
be.
The list Of deaths Of noted men durino
the year contains the following. Oliver
Marion tho dicftnuuf.