The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1877-05-24
THE FIRST STEP TOWARD BUSI-
NESS REGENERATION.

! affairs, which would require areStofalioH
of former speculative prices, there Is no
installing the indications on all sides OF
a better '.feeling" among the business
community This is the very step in a
revival from long era of depression
and the hardest to take; once made, and
the advance thoroughly assured, the
other requisites for ''good times come
more easily and quickly than is generally
supposed, This is especially true of an
classic, hopeful and ambitious people
like the Americans, and of country
which possesses in so eminent degree as
ours all the means of self support. and
to many advantages for the accumulation
of wealth. In spite, then, of very gen
eral depression among those who cannot
personally ascertain that there has been
an improvement in there individual af-
fairs. we believe the first step has been
fairly taken. The feeling is better. The
bankers, merchants and manufactures
report it. Public statistics indicate 1t.
| The Internal Revenue receipts are ID
creasing beyond the estimate, and
though this is not as good gauge OF
prosperity as in England, with its IN
come tax and its system of making a
few Injuries yield the government reve-
nue., it is valuable to certain degree.
Both exports and imports likewise show
tendency to rise, and there has been a
decided gain in both in New York. The
increase of imports has been mainly IN
the line of free goods, that is, goods
not manufactured to any extent in this
country,-which shows disposition on
the part of the people to spend more
money for Injuries than they have been
spending for three or four years. The
increase in exports is a hopeful sign for
American manufactures, and promises a
foreign market at time when the home
market has proved inadequate to sustain
them. The restoration of confidence is
a slower process than its destruction by
a panic, but the signs are that it has set
. in for good, and it will be followed by
the investment of capital, the employ
ment of the idle, and the increased con-
| sumption which will lead to increased
production.
1t is universally felt that the con-
ditions of this country are much more
favorable to a revival of business now
than they have been at any time since
the panic. We have an assurance of a
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. 1t has taken
sectional feelingand the issue out of
politics. There is now no sane man,
North or South, who apprehends any
political outbreak or disturbance for
some years to come. There is more
hope for permanent amity between the
sections than there ever was before.
This disposes of the most embarrassing
and threatening political condition that
prolonged and intensified the business de-
preston. Peace and friendship are the
most powerful and trustworthy auxilar-
les to material prosperity. People at
peace with one another cultivate an in
terchange of business communications
and condolences that are impossible I'M
der a condition of confessed hostility
constantly menacing an outbreak. We
have not been more impressed recently
by the change of sentiment among the
people North and South toward each
other than by the reports that have come
from party of business men of the
Western cities who have been making a
tour of the South this spring. They're
port more friendly feeling among the
Southern men than has ever before
awaited a Northern incursion; the
speeches made at their reception in
Southern cities show full and amicable
appreciation of friendly relations and
confidential business interchange, with
out reference to the existence or cause
of former dissensions. The absence of
political tumult North and South will
give men time, opportunity, and conf
dence to turn to business enterprises and
: industries which would not have been
entertained for moment two or three
years ago, and, with thoughts turn
ed hopefully to improvement in the flu
ture, instead of supinely and dejectedly
bewailing the losses of the past, the ma.
| terial indications of improvement will
S quickly become more manifest than
l they are now.
One reason why the fraternity OF
e croackers persistently refuse torecognize
: the signs of improvement, and the evi-
S dence they cite in support of their lack
e of confidence, is in the low prices which
4 still obtain in almost everything except
d the special products for which the Euro.
pean war has created and extended
demand. They forgot, for one thing.
i that time must be given for the increased
It hberality of consumption which viii
J. surely follow the better prices and rea
e der sales of bread stuffs and produce
It 1t must also be remembered that the
u common basis of prices is very different
+ from that which prevailed previous tc
b the panic. We are now practically on
s specie basis, instead of an inflated anc
+ fiuctuating currency basis. The new
e structure of business prosperity will b,
9 erected on this foundation. The rela
tive improvement in prices must b,