The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1877-07-03

4 GLlmrsE AT THE BUSINESS
suTUATlONs

A GLlmrsE AT THE BUSINESS
suTUATsON.
Nearly four years have passed since
the great commercial rcvulsion OF 1873,
and still the complaints OF dullness in
business are vuite as general as year
or two siuce. although not quite 80
loud aud emphatic in expression. Here
and there slight revival has been per-
ceptible, and more r hopeful tone has
been DEVELOPED. "Yes, said o manu- I
facturer, recently, In reply TO ques-
tion as to any improvement in his ous-
ness, "Yes, L think there is little,-
but you can hardly scott; there is
enough, howevef. to make me feel more
cheerful" The experience OF manufac-
turer is, perhaps, a fair illustration of
whatever change may have occurred.
That no decided improvement has TAX.
en- place must be admitted without ar |
gument. 1t is proposition too plain
to be disputed, and yet there is much
to encourage us in the near future;
much to inspire hope and much 10
stimulate perseverance,. energy. and
courage. The process OF adjusting
prices to the situation has been going
on unrelentingly. The proprietor who
persisted in demanding former rents,
has been forced to bend TO the circum-
stances, and is now anxious for tenants
at the reduced rates. Manufacturers
have met tie market by cutting down
the price OF labor and by purchasing
raw materials at lower cost. while me-
chauics aud laborers have been COM
PEELED TO work at wages corresponding
ly lower. Without, going through the
list of occupations and lindustsies'
which have come down to the level OF
the situation, il is evident that great
revolution has been gradually and 81
lently progressing until nearly every
part OF the business machinery Nof the
land has been changed. 10 conform to
the motive power. A few of the fossil
order, hold ont, aud are patiently
waiting for the tide to toro, instead OF
floating with il, but they are wasting
precious time, and will soon discover
their mistake. Upon the new basis Of
prices business is gradually recovering
aud il will grow from month to month,
according to the nature OF the conces-
sions 10 the moro economical habits OF
the people. Improvements which
comes in this way is almost imgercep-
tible; 10 quietly establishes itself aud
extends, even while people are echoing
the stereotyped phrases OF the dull
period from which they are emerging.
The common error has been that OF
expecting development in the volume
of business almost as rapid as its pro-
gress of contraction; but it Is now
quite evident that the return to pros
perity IL 20 be tediuusly slow, and that
all that fail TO adjust their methods OF
trade or mode of living to the new or
der Of things are obstacles to progress.
Fortunes rapidly made in the halcyon
days Of speculation have diappeared in
the universal shrinkage OF values, and
even those who had acquired a suppos-
ed competency by more laborious ef-
forts have Suffered severely. in the hur-
ricaue of disaster. The reign OF ex-
trayagance is consequently over.
Economy is not now n matter OF choice
il is necessity aud according TO the
extent of its practice, IL viii compel
corresponding movements in the
sources OF supply. Reduced incom"
will neoessitate reduced expenses, and
no branch of business can be success
fully carried on which does not meet
this changed condition squarely and
intelligeptly. w 20 EffFrE EEf
Such are the circumstances OF the
times not only in this country bat
throughout the world. Whatever may
have originated them, there is no es-
Gaping the consequences, and II Is the
part OF wisdom TO shape our movements
accordingly. There is no patent RENE
dy for the disorder. Neither paper
money. nor silver, can create, or restore
confidence, or give nm impulse to the
spirit of enterprise which is now dor
mant. Money has never been more
abundant than during the past thre'
years, and the rates OF interest has
never ruled SO low for such length oi
time. Had the supply been twice as
large il could not have changed the
circumstances, unless the owners oI
capital had felt disposed 10, employ II
.. in ventures from which everybody has
! been frightened. In point of fact the
accumulation OF money at commercia
centers has been one OF the strongest
evidences Of the staguation OF business
and an increased supply could not have
: helped the matter. IL may, therefore
. be concluded, that the specifics pre-
i scribed for this disorder, called a par
: alysis of business, whether in the shap'
, of n permanent legal tender paper, in
. terchangeable with $50 bonds, or il
y the adoption OF n double aud co-equa
e standard Of gold and silver, howeye
5 potent they might lie in other cases
are OF no account in the present IN
stance.
= Nevertheless, the complete restora
ton OF business is but question @
II time. Even while the effects of Oh
- crisis are still visible, silent forces ar
i, at work in the reconstruction OF th
= system, and before we are fully cor
scious OF il, the advantages OF the re
:, adjustment may become manifes
The important point is TO have fait
J, enough in the future 10 be able 10 er
dure patiently aud courageously tL
n trials of the present. Believing steaG
= tasty in a continuance OF prosperit,
"a subject 10 only such checks and rea'
" '. tions as always follow an abuse Of cree
: it, we do not see any substantial re-
- sons for dependency. just as in 81
I; - high tide OF speculation and expansio
. everything bore an exaggerated valu
ton, so in its ebb, and even while u
food has commenced, the tendency
o. to the opposite extreme; but neither
these conditions are permanent. III
as equilibrium OF values will be restor'
a. =, in due time; producers will obtain IA
:, profits and consumers will be strengt
- ened by their economies, while IN q
H. vast liquidation Of debt, and in U
az az judicious pruning Of credits, found
:, ton for the structure of n soun
:" healthy, and remuperatiye busine
Ix ~ill be laid.-[Philadelphia Railw
Il World.
ne ---------- -
go A NEw C.sAL.-Gen. Ely, land CO.