, 1877-05-20

I
- in constant telegraphic communication wi
Z St. Petersburg, and within ten days sail
1 the coast of Great Britain. Among 9th
measures taken by the Russian Governme
d has been the placing Of the first corps of t
: army on war footing by calling out the I
serves. These troops will be lodged, in part,
Peterhof and Oranienbaum, md the inhabi
f-ants Of these two villages have been i
formed that the largest pnrt Of their hous'
; Will be occupied this summer BY the militar,
-
THE FIRST STEP TOWARD BUSINESS RECt
PERATI0N.
r. While it may be difficult for those wh
had spread out their resources and venture
too widely before the panic to perceive an
Improvement in their personal affairs, whic1
would require restoration OF former spec
u1ative prices, there is no mistaking tn
Indications on all sides Of better feeling:
among the business community. This is th.
very step in a revival from long sra O.
depression, and the hardest to take; ono.
made, and the advance thoroughly assured
4 the other requisites for 4tgood times" CONF
more easily and quickly than is generally
supposed. This is especially true of IN e1as
tic, hopeful, and ambitious people like the
Americans, and OF q country which possesses
in SO eminent degree as ours all the means
OF seH-support, aud so many advantages for
the accumulation Of wealth. In spite. then.
Of very general depression among those
who cannot personally ascertain that
there has been an improvement in their
individual affairs, we believe the first step
has been fairly taken. The feeling is better.
The bankers, merchants, and manufacturers
report it. Public statistics indicate it. The
1ntezna1-Revenue receipts are increasing be-
yond the estimate, and, though this is not rs
good gauge of prosperity as in England,
with its income tax and its system of making
few lu1uries yield the Government rove
nue., it is valuable to 8 certain degree. Both
exports aud imports likewise show ten
dency to rise, and there has been decided
gain in both in New York. Tho increase of
imports has been mainly in the line Of free
goods,-that is, goods not manufactured to
any extent in this count1y,-which shows a
disposition on the part Of the people to spend
more money for Injuries than they havebeen
spending for three or four years. The in
crease IN exports is hopeful sign for Amer
ican manufacturers, and promises foreign
market at a time when the home market has
proved to be inadequate to sustain them,
The restoration of confidence is a slower
process than its destruction by panic, but
the signs are that it has set in for good. and
it will be followed by the investment of can.
ital, the employment Of the idle, and the in
creased consumption which will lead to in
creased production.
It is universally felt that the conditions of
this country are much more favorable to n
revival OF business now than they have been !
at any time since the panic. We hive an as
sufance OF peaceful future, and there is no
greater encouragement for bringing out idle
capital and setting idle hands at work.
President HAYES policy has already achieved
this ASSURANCE It has taken sectional feel-
ing and the-race*issue out Of politics. Theirs
Is now no sane man, North or South, who
apprehends any political outbreak or dis
Eurbance for years to come There is mora
hope for permanent amity between the sec
hons than there ever was before. This dis
poses of the most embarrassing and threaten
ng political condition that prolonged and
intensified the business depression. Pence
aud friendship are the most powerful
md trustworthy au1iiaries to material
9rospdfity- People at peace with
me another cultiynte IN interchanpe
IT business communications and con-
idences that are impossible under con-
htion of confessed hostility constantly men-
lcing an outbreak. We have not been mora
recently BY the change of senti-
nent among the people North and South
oward each other thnn by the reports TINT
lave come from party OF business men of |
he Western cities who hare been making a |
our Of the South this spring. They report
better and more friendly feeling among the
'outhern men than has ever before awaited
Northern incursion; the speeches made at
heir reception in Southern cities show fnll ,
nd amicah1e appreciation Of friendly rela- {
ions and confidential business interchanre ,
Without reference to the existence OF cause +
i former dissensions- The absence of M. 9
lt'cal tumu1t North and South will give men ,
lme, opportunity, and confidence to turn to {
uslness enterprises and industries which T
Tould not have been entertained for a j
1oment two or three years ago, and, with o
1oughts turned hopefully to improvement e
i the future, instead Of supinely and de- q
'ctedly bewailing the losses Of the past, the Il
aterial indications Of improvement will | g
1ick|y become more manifest than they are b
~. =,
One reason why the fraternity Of croakers a
1sistently refuse to recognize the signs Of b,
'provement, and the evidence they cite in pt
pport of their lack Of confidence, is in the fa
# prices which still obtain in almost eyery- &C
ing except the special products for which m
European war hns created an extended | co
mand. They forget, for one thing, that M
ne must be given for the increased liber- M
y OF consumption which Will surely follow in
better prices and reader sales of th
'adssu6s and produce, n}must also be