The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-08-24
The State of the Country.

we published yesterday In telegram the
nurport OF an article which appeared in The
New York Times OF Wednesday relating &c
the business Of the season. That article re
cognized the circumstances that arc very
logically brought about by the succession o.
events since the war: the reduction In the
values OF merchandise, as we'll az IN otnei
things-the enforced economy in all depart.
ments OF Iiie-the marked caution IN a'
branches OF trade--the great decrease OF
speculative theories In business, -.
c,osn scrutiny OF mercantile creait'
.rd +be short time allowed on mercan-
tile, paper. Business is now more neariy
brought to the cash basis than u mas pee"'
,ee hc,;evc, at any other period since about
1924. We have had the speculative perioo
which follows all SrcaSSars, which reaenea
its eliminating point on the "BlacN TIT
d,v,, Of rs. Since then there has been the
steady process OF financial revolution the
reduction of all things TO the lowest point
Of economy and the rigid rule OF pecuniary
nrobjty. Business is become sound, and
dealings are not in excess OF the capacity
TO meet obligations assumed. Naturally
this condition inspires in gradual: and
proper manner, con fdence, -and~the line 0!
business is slowly expanding. The views
of the New York merchants confirm
all this, and there's such j sign. OF
prudent increase in trade there as justiiies
the belief that healthy improvement is
going on in the country. As the Times
says, the signs are " encouraging yet there
is" mo general clation and no expectation
"of the sudden return OF large business
"and great profits, but there is an almost
"uniyersal anticipation that healthy BUSH
"ness will be done; that reasonable gains
evil be possible, and that the improve
..ment will be steady and enduring
This is-exactly right. No trust could be
put in any sudden enthusiasm, with its spec
ulative mania. That would be only the pre-
cursor OF another panic and pecuniary re-
yuision, with their disturbance CT values
and thousands of disasters.
The fine crops and the political serenity
that prevails in the land will greatly favor
the circumstances which justly inspire
faith and pecuniarv confidence. The public
Administration is assisting TO facilitate the
circumstances that are dit1using encourage
ment the people and energy to the industry
OF the land. and we may indeed believe that
the country is ut last feeling and protiting
by a genuine Improvement. That we shall
90 on i'm sensible and sound man
uer TO recover from the terrible ordeal
through which we have passed we have
no doubt That there will be no con-
founding Of this process by wild $pecu-
latiou and the vicious tricks OF corrupt
rings we feel confident. The lessons OF the
fearful disasters they produce are too fresh.
The capitalists and the moneyed institu-
tons OF the country are not likely to be
drawn into these mad and villainous
schemes by which pennyless scoundrels
sought to enrich themselves at the expense
Of men Of property, and by inficting heavy
losses upon honest and Woodworking peo-
pie. The harvest OF the ra>cals who have
practiced their dishonest speculations by
the reckless use Of other peoples money,
and by the INSCRIPTIONS employment OF
false pretences, is past. This is not the time
for the repetition OF the arts that spread
ruin in their day. .. ~. . O.. ..,...,
Let prudence hold the reins while the
country RECEIVERS In the only safe way. II
Congress is wise as the circumstances should
teach it to be the present year will close
upon greatly-reIieved and improved na-
ton. Two years OF prudence and public
devotion will accomplish wonders. How
much better that this should be than that
party agitation Of any kind should be
allowed to thwart the reasonable course of
events, aud still further detain the nation in
the state OF distrust and distress which has
SO long impaired both public peace and pros
peritv: - ...'... ~. 3.