New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-03-27
RETIrRNING PROSPERITY.

Revival OF business actually HIS pcS"n' 10
an effect of political quiet. Yet the signs are
still indistinct. The nature OF 1t was greatly
misapprehended, and the rapidity and magni-
tude of the improvement to be expected were
much exaggerated in hopeful minds. Hence
some persons show not a little discomfort, as
if the Government had in some way defrauded
the country by not giving it the desired pros
perity Only three weeks have passed since
the Inauguration. The savage cries OF MI
busters already sound like very ancient ms
toy. 1t is true, so happy is everybody TO get
far away from that dismal time when reckless
men were trying to plunge the country into
disorder. But twenty days are not quite long
enough to show what blessings peace and
security may bring. Let us possess our souls
in patience yet little longer.
1t was a mistake to suppose that the mere
inauguration of President could instantly
bring quiet and confidence at the South
Thousands of men, in those unhappy States
where business has SO long been at the mercy
of reckless partiSans are still waiting TO see
how far a real and enduring settlement can
he effected. They remember, though men at
the North are apt to forget, that there are two
sides TO the controversy, two sets OF rights 10
be protected, and two sets OF schemcrs to be
dealt with, before any peace can be had That
will come to stay. The new Administration
has not yet Lad time to examine this problem.
Great improvement in Southern business can
not be expected until inquiry has bloss0mcd
into decision and ripcned into settlement.
Perhaps, also. very unreasonable hopes have
been INDUCED as to the effect of political set
Elements upon Southern trade. The old South,
lavish and careless, we never shall see again.
Political peace will not Immediately recon-
struct Southern men, nor make the whites
more enterprising or the blacks more thrifty.
II has not made Georgia or Alabama suddenly
so prosperous that we must look for miracu-
lOus effects in the few States which are still
disturbed.
Perhaps, also unreasonable hopes have been
ind uged as to the immediate effect of poitl-
cal quiet and an assured financial policy in
Northern States. There is already visible
greater confidence, more hopeful disposition
to embark in legitimate undertakings. But
the effects of this change of feeling will not
be seen until the new work has been COM
menced until new employment is found for
idle capital and new labor for waiting hands;
until larger production swells the volume of
commerce and larger earnings increase the
tide of trade. The results are sure, but they
are not instant. Yet the favOring breeze is
not the less welcome because it cannot trans
port us to the desired harbOr in an hour.
RecuperatiOn in business will be gradual
If it is to be anything better than mushroom
growth of speculation, it must be gradual
Proofs that it has commenced may be seen
already in the better demand for money, in
the resumption of work in many mills and
furnaces, in the larger orders for many pro-
ducts, in the increase of clearing house ex-
changes at the chief cities. But it is folly to
expect that we are to jump into millen-
mum of prosperity. Toward every end worth
reaching we must move by steady, patient
industry, by prudence and thrift Government
will do much if it will give Us fair chance
to help ourselves. The curse of political I'M
certainty is that it does not give industry that
chance.
Good government will do much by economy,
reform, and sound financial management to
make the country more prosperous. But it
cannot do very much in three weeks. There
has not been time even to consider the out
lines of financial policy, and when adopted
any wise policy will not be one of sudden
and violent changes. The mere confidence
that such policy will be adopted has already
given stimulus to business, and anchored
gold below 105. Probably the announcement
Of such policy would have a more marked
effect. But we may not look for rapid changes.
The country has been so deep in difficulty that
it may well rejoice to find solid footing once
more, and to make steady though slow prog
ress toward the firm land.