The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-04-29
Official Press Of King County
Monday, April 20. 1878
THECAUsEs OF HARD TIMES

For sundry reasons it is evident that
we have now seen the darkest hour OF
the depression and already eatheredthe
brunt of the storm. II could not hap
pen otherwise than that bankruptcies
and stagnation of business must result
from the capitalists withdrawing their
funds from the use Of the people and
the sustcnance of enterprise, to serve
the needs OF the government in effectlng
substitution of currencies, that Is OF
gold and silver for the fuctuating and
deprecated promissory notes or green
backs. Money being thus withdrawn,
and retired or locked up, the people
could not buy as usual, consequently
merchants and manufacturers could not
sell,-many of them had to shut down.
Those who were in debt and obliged to
pay, many Of them, had to throw up
the sponge. There being no money to
buy with in many cases, sales were only
slaughters And so the country has
dragged and sweated along, the only
wonder being that the ruin mas not
been greater.
Now, however, the whole difficulty
of the movement has been overcome.
There is, it is we'll known, tremend-
GUS plethora Of idle capital collected in
nearly all the bank vaults in the Union.
and which idle capital must very soon
be anxiously hunting for chances OF
profitable investment The tide is be-
ginning to turn and set back toward
the people again.
What is going to make the reaction
oil the hveier again is the fact that
war il springing up anew in Europe
and threatening to rage on more ex-
tended scale than ever. This will raise
the prices Of breadstuffs aud all sorts of
American agricultural produce higher
than ever, and land that will produce,
in whatever nook or corner located will
come into eager demand. Gold and
silver will flow away from the en-
broiled countries in which they are
now mostly collected, TO peaceful
america for security.
What is more than all, our now pros
trated shipping interests will be resur-
rected. American ship-building, when
it revives, as it must, to its former mag
nitude aud prestige, will transfer its
seat to our own Puget Sound, which has
now become known as possessing by far
the best facilities for cheap ship-build-
ing Of any part of the Union. The
hundred and twenty millions year
now paid to British shippers for the
carriage Of our own freights will be
earned by home-built vessels, and be-
sides. the colossal carrying trade of the
world ct large now monopolized by
these same British ship owners since
our own miserable civil war. may again
DO won by our own merchants and mar
liners.
In addition to those elements of COM
ing national prosperity, there are some
special local signs of promise for the
future. The fact that California, in
consequence of the rains will have
abundant crops and extended mining
enterprise, and in consequence Of the
destructive floods will employ great
deal Of labor and lumber, and in con-
sequence of last years drought and for
eign war combined. will yet high prices
for produce. These circumstances com.
bined are certain to make our lumber
and coal market both brisk, and large
share of the flush gains of California
will naturally drift in upon us here on
the Sound. Hence those who incline
to dependency and think of letting GO
will drop too soon if they weaken now
Such had better set their house in order
ready to take advantage of revIvinp
business. instead of showing the white
feather just as the fight is about over.