Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1878-01-30
Wednesday,, January 80, 1878.
The Outlook for Better Times.

woman, who, when it was toiu her
that a certain sect believed in I'm
tied future punishment, replied
"that's some comfort, anyhow.
But indeed few will deny that there
are some superficial causes of alarm
which will partly Justify their APP
prehension. The failure OF large
and hitherto Trustworthy firms, the
daily crash of broken bank, the
disclosures Of official faithlessness,
are not matters which any Of us
can contemplate without keen re-
gret. But because we are wise
enough to take thought and fore
thought Of certain evils is no rea-
son why we should not also con-
slider certain bright harbingers
which, to him who looks through
the financial fog, bring comforting
assurance that better times ap-
proach.
Let one reflect for an instant on
the character of the panic which
overlook US in 1873 and contrast
it with some which have taken
place in countries-England for
example-where the financial ba-
sis. has been sound at the bottom.
One finds that in the latter cases
panics, though sharp and disas-
trous at the outset, like squall on
the ocean were quickly cleared
away and that business quickly re-
sumed its normal condition of
health. BIT such was not our con-
dition when the panic of 1873
struck US. Business was on stills
and it's equilibrium unstable. For
eight years the trade and industry
of the country had not been only
forced to excessive and morrill,
growth by an inflated currency,
bnt bad heen unbalanced by pro-
tective tariff. We were building
up a vast and crazy structure,
which was as sure TO fall as the
law of gravitation was to continue.
Now, when n nation reaches such
condition its recovery is of necess-
ity slow. It's restoration is in pro-
portion to its too rapid advance,
especially when such morbid con-
ditions as q had currency and bad
systems of taxation prevail. Yet
these signs, which at first were
ominous, are now rather precur-
sors OF good. For if any one will
trace back the failures which alarm
us he will find that in almost every
case they result from old causes.
If we can scan the assets of wreck
ed banks and wrecked trust com
panies, we shall almost universally
discover among them rotten in
vestments made years ago, which,
like tough fungi at the bottom OF
noisome pool, planted themselves
long since and had been long in
reaching such a degree of rotten
ness that they could rise to the
surface. But that they should rot
and rise was inevitable; and their
appearance, disastrous though il
may be to individuals, is sign OF
publication rather than Of further
decay. If to the class of failures
thus represented by bad judgment
years ago there is added the fail
ures 10 Wall street which are di.
rectly due to unhealthful Wal
street methods, how many are there
left to imply chronic disorders o.
the market or TO cause US really
we'll grounded alarm
There are other and more cheer
ing signs that our financial condi
ton improves. Corporate malfea
sance Is beginning to incur re-
sponsibilities and penalties tha'
FIVE years ago were undreamed of
Public sentiment under forms o
law and Justice is beginning to en-
force the Eight Commandment with
out discrimination between The
poor street thief and the refined
betrayers Of financial trusts. The
value Of gold, in our governmcn
promises, the Thermometer o
national credit, notwithstanding tn,
new heresies that stalk in the
MONDAY, is steadily advancing
and sank on Saturday to premium
Of only one and one-balf pei
centum-the lowest point reached
since the war. The high price o
unqnestioued securities bearing
low rates Of interest, and the low
price of doubtful securities be their
interest ever so high, are other to.
<eps that financial sentiment has
- LoI ro..l< - 1855.