Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-01-19
but it was entirely confidential, and his dis
closuers are not, and probably never will be,
The Outlook For Better, Times.


closuers are not, and probably never viii be,
known.
The Outlook; For Better Times.
just now is time when the class of men
whom we may describe as the naisanthropists
of the market take to themselves grim de-
light, not unlike that of the orthodox woman,
when it was told her that certain sect be-
lieved in limited future punishment, replied
'that's some comfort anyhow" But few
will indeed deny that there are some super
fetal causes of alarm which will partly JUS
tify their apprehension. The failure of the
large and hithest trustworthy firms, the dali
~ crash of broken bank, the disclosures of
official faithlessness, are not matters which
any of us can contemplate without keen re-
greet. But because we are wise enough to
take thought and forethought of certain
evils is no reason why we should not also
consider certain bright harbingers which, to
him who looks through the financial fog,
bring comforting assurance ahat better times
approach.
Let one reflect for an instant on the char
acter of the panic which overlook us in
1873, and contrast it with some which have
taken place in countries England, for ex-
| ample-where the financial basis has been
sound at the bottom. One will find that in
the latter cases panics, though sharp and
disastrous at the outset, like squall on the
ocean we're quickly over, that the wrecks
| we're cleared away, and that business quickly
resumed it's normal condition of health. But
| such was not our condition 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 been not only forced to excessive and
morbid growth by an inflated currency, but
had been unbalanced by protective tariff.
| We were building up vast and crazy struct-
ure, which was as sure to fall as the law of
gravitation was to continue. Now, when a
nation reaches such condition, its recovery
is of necessity slow. It's restoration is in
proportion to its too rapid advance, especial
| ~ when such morbid conditions as
a bad currency and bad systems
of taxation prevail. Yet tn ese
signs, which at first were oninous, are now
rather precursors of good. For if any one
will trace back the failures which alarm us
he will find that in olnost every case they re-
suit from old causes. If we can scan the as
sets of wrecked banks and wrecked trust COM
panies we shall almost universally discover
| among them rotten investments made years
ago, which, like tough fungi at the bottom of
a noisome pool, planted themselves long
since and had been long in reaching since
and had had been long in reaching such a
degree of rottenness that they could rise to
the surface. But that they should rot and
astrous though it may be to individuals, is a
sign of publication than of further decay. If
to the class of failures thus represented by
bad judgment years ago there is added the
failures in Wall street which are directly due
to unhealthful Wall street methods, how
many are there left to imply chronic disor-
ders of the pocket or to cause us really we'll
grounded alarm?
| There are other and more cheering signs
that our financial condition improves. Cor
porate malfesance is beginning to incur re-
sponsibilihes and penalties that five years
ago were undreamed of. Public sentiment
under forms of law and justice is beginning
to enforce the Eighth Commandment with
out discrimination between the poor street
thief and the refined betrayer of financial
trusts. The value of gold, in our govern
ment promises, the thermometer of national
credit notwithstanding the heresies that
stalk in the MONDAY, is steadily advancing,
and sank on Saturday to premium of only
one and five eighth per centum-the lowest
point reached since the war. The high
price of unquestioned securities bearing low
: rates of interest, and the low price Of doubt
full securities be their interest ever 80 high
are other tokens that financial sentiment has
reached the bedrock of common sense
and rational conservatism. 1t would b.
safe to say that had the same spirit that nov
rules our markets prevailed earlier all thu
evils of the panic and it's bitter sequels would
have been averted. Finally, not the least O
our announcements is that tendency of pub
lie sentiment which is showing itself in tn
effort for new tariff and better modes o
taxation. If this sentiment shall only bea
fruit in the defeat of imitation and shall hol,
fast to the elements Of good which are stead
lily bringing us to sound currency. we ma.
be sure of good time coming.
Certainly it is no small comfort that ther
never yet was nation whose trade was on 8
conservative basis as ours is now, that eve
experienced dangerous financial storm
The respondent men who are predicting on
now will do well to bear this financial truisr
in mind.