The daily gazette., 1878-07-01
THIRD EDITION.
From the Philadelphia Times.
Better Times Coming.

The business world, paid little or no at
tention to the sstheorsts," as the political
economists were called, when, eight or
nine wears ago, they predicted the busi-
ness stagnation, the panic and the bank
ruptcies that came like crash in 1S73.-
The sspractical men" saw that times were
brisk. and trade booming; they did not
see. they refused to see, that the whole
structure was undermined. They are as
little inclined to listen to the theorists
now, when they say that we are now
richer than ever, and that nothing is need
ed but confidence to start us again III
new and splendid era of business activity.
II was predicted in 1860 that contraction
would come whether it was legislated or
moi. with force as irresistible as the tide.
sIf' said the the theorist, contraction
does not come through voluntary legisla-
tion. it will come through involuntary
bankruptcy" The prediction was fulfilled
to the letter.
The panic retired money from circula-
ton and locked it up in safe deposit
vaults; the stagnaton of business kept II
there. People were afraid, and are still
afraid, to invest in any venture. Ihus
there came the natural contraction of idle
money. 1t would have been far wiser to
have done this by law. 1t would have
lessened greatly the severity of the panic
and the duration of the dull times. Now
however we have gone through the abyss.
We have passed through "the contraction
of involuntary bankruptcy" and our cur
rency has been brought practically to par,
and we are thus in condition to carry on
prosperous foreign trade. For three sue
cessive years our crops have been enor-
nous. The harvests of cotton, of corn
tobacco and wheat, and the yield of pork
and bacon have been vast beyond prece-
dent. The exports have been proportions
ately great.
Our shipments abroad have never been
so heavy, our agricultural productions
never so great as now, and yet the com
plant of dull times is as loud as ever. l
is because there still is that lack of busi
ness confidence, which is essential t.
business activity. Men are deferred
from investing their money i'll ventures
even though they promise well, for ther
are risks in addition to the ordinar,
chances of trade. There have been 81
many Savings Banks, Railroads and In
surance Companies shown out as sounC
by fraudulent statesments when the
Ntlt Oll llttNf vi iAll'ANgf "
perilrels and swindlers in the highe
walks of life. so much unwisdom in tn
financial administration of the country
so many dangerous financial delusion
afioat, that people who have money al
timid about letting it 90 out of their pos
session. There it lies making busines
dull, though the country as a whole
immensely rich. Times are dull becaus
capital lies idle yielding nothing to tn
capitalist and labor is consequently III
employed. This state Of affairs cannC
be cured by 'more money for there
already more than is in use. If Greer
backs were to be issued by the ton,
would not make things any better, bl
worse. The despised 'theorists'' wi
predicted the troubles that have no
come to pass, tell us however that Il
skies are Frightening all around. II
follies of financial legislation or attemp
ed legislation may still retard the retu
ofbetter times but they cannot delay
long. Our people have during the p;
four years worked hard, spent little, al
have now on hand lots of money, whit
have more than made up the losses of t
panic. There are symptoms that tn
are going to spend it, aud then busin,
will be brisk.