The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-12-05
TIE GOOD TINE COMING.
What The Leading English Newspa-
pers Sees In the Near Future Of she
SfRteS.

VIVA, The Leading English Newspa.
pers See. I'm she Near Future Of IN G
United states.
From the London Times
The unparalleled prosperity of the United
Kingdom during period which, by curl
Gus accident, conceded almost exactly with
Mr. Gladstone's supremacy in the reformed
parliament, was stimulated by the feverish
activity Of trade in the United States. At
the close ct 1873 the collapse in America
came suddenly, though not without warn
ings from clear-sighted men. The venture
some improvidence OF the prosperous years
that followed the civil war, entailed its
penalty OF stagnation and manifold suffer-
ing. and the revival has been hinder,d by
errors in policy and popular foll!es TO
which democracy Is peculiarly prone.
But though an inconvertible paper cur
rercy AMI a recurrent demand for its intlG-
ton, Joined with a protectiOnist tariff and
| q passionate feud between labor and capt
tai, have retarded the inevitable reaction,
the Americans confidently believe that il Is
coming at last. President Hayes the other
dag assured the people OF Maryland that
an early restoration OF prosperity might be
looked Tor, and Mr.. Sherman, the secretary
OF the treasury, more fully explained his
reasons for holding that the process OF i'm
provement had already gone lar. and I'M
less checked dangerous agitation or I'm
| wise interference on the part OF coDgreS',
would enable him to give effect 10 the re-
sumption OF specie payments, which is to
commence, as by law provided, on the lst
OF January next. From this measure and
from a revision OF the tariff, il the latter
can be accomplished without protracted
congressional wraugie and consequent IN
certainty and anxiety among the men OF
Business, much stimulation OF commerce
and industry is anticipated. But great a.
would be the advantage Of getting rid OF a
fiuctuating currency and OF relaxing the
stringency OF the protectionist system, the
true ground OF hOpetulness must be sought
elsewhere. Trade prospects are Frightening
in the United States because the past five
wears OF adversely have begun to bear their
wholesome fruits The "hard times have
been very hard indeed for the Americans,
more difficult TO endure than those through
which we are passing ourselves; but they
have repaired in a great measure the losses
OF the reckless and Astounding period that
preceded them, and have laid the founda-
| lion, it NAV be hoped, OF a more stable anu
we'll balanced prosperity.
The wanton waste of capital in the Uni
ted States before 1873, when it seemed as II
| Europe would never tire OF lending or Am
erica of borrowing, worked incalculable
mischief on both sides Of the Atlantic. 1t
was the pro1imate cause OF the worst part
OF the corruption which spread over the
! Union, and which was dragged to light in
a succession of scandals when the crash was
imminent. States and municipalities, rail
way corporations, coal companies, and In
dustrial enterprises of every sort had the
free handling of what appeared limitieSs
supply of borrowed money, and in handling
| it great numbers OF unscrupul0us men
| levied toll for themselves and their favo
rites. The augmentation OF wages which
naturally resulted from a spasmodic and fe
brile increase OF employment was pushed
still further by the ambition of politicians
and local sche mers DESTROYS OF acquiring a
cheap popularity. How all this revel OF ex
penditure reacted upon production and the
rate OF wages III this country We
| need rot recall. We are still suffering
from the consequences Of that I'M
healthy fastness OF living but the United
El1ttr, bSSh 49,
though the abandonment Of proiuse habit
of outlay was difficult, had something solid
to show for the expenditure OF capital
Years were required for the development
Of many OF the enterprises that had been
rashly undertaken before 1873, and in the
interval bankruptcy engulied some OF them,
while others managed 10 survive under new
management The bondhclGers, mostly
81. Of FIR
ers, and for them there is probably little re-
ward or recomperse to be expected now;
but the railways and other undertakings on
which the bondholders' money was spent
remained, and they are beginning to rise
the tide OF business. They are factors which
must be taken into account IN any estimate
OF the coming revival, and although the
economical historian OF the future will
censure the mischieyous extravaganza out
OF which they sprang, vet, since they are
there and the capital has been sunk In
them, We may fairly speculate upon the Use
that is to be made CT them. Il is plain
that, in spitee OF the severity of the wrench,
American capital and enterprise, which i've
years ago, We're dangerously drawn 10 the
business OF production in the Atlantic
states, have slowly but sure righted them
selves. The change has been aided by the
boun.eoUs corn and cotton crops OF the past
two seasons, and the production OF the
towns no longer oyer-baleEces the cOnsum-
ing power OF the country. Both the man
ufacturIng and the agricultural classes
were sharply brought down when the bub-
Bile burst in 1873. The discipline was
severe, but it worked a thorough cure.
Merchants drew in their ventures
and Stunned speculation; every
body diminished his personal expendi-
ture, and began TO look carefully alter
small earnings. Even the workingmen
we're benefited by the reduction OF wages,
which taught them once more the almost
rgotten lessons OF frugality, patience,
stea iier work and longer hours OF labor.
A discontemed residue have tried to dis
turb society and iniOrce the acceptance oil
wild socialistic remedies for evils that grad
uaIly exhaust and heal themselves But
the railway riots OF last year aud the agita-
ton Of the national or green5ack labor
party during the past few months have only
aroused the industrious classes, whether
capitalists or not, 10 steady Resistance.
The recent elections in many States
have gone far to di-pel the alarm that was
reasonably excited some weeks ago by the
apparent success OF the socialist agitators
in Maine and Massa chusetts. The opinion
Of all intelligent men is that If a meddie-
some policy be avoided the revival OF COIN
mercial and industrial activity will come
about in natural way, not by leaps and
bounds, but by equable and sure progress
sion.
The rebal increase Of prosperity in the
agricultural districts Of the west has quick
ly affected commercial and industrial in
terests in the east. A hopeful and, to some
extent, ventureSome spirit has begun to
show itself The American themselves are
confident that next year will show a re-
markable movement in advance, especially
If congress can be induced to abstain from
mischievoUs meddling between this time
and next March. The currency question
and the tariff, however, are both tempting
subjects for politicians who are already
looking forward to he quadrenniai battle
fer the spoils OF 1850, and If either one or
the other be imprudently handled the
growth OF col fidenCe without which crsCIt
and commerce can Lot flourish, may be dis
astrOusly checked. 1t IL Of the most vital
importance to avoid such check just now,
and we can heartily sympatize with a New
York merchan; who is said to have express
ed conviction that everything soU gold
we'll II only there were to be no SESSION Of
congress until December, 1879. The conf
dence which is being developed among ira
Gers may be expected soon TO release real
estate from he paralyzing Influence
to which it has been in bon
dsge Tor the last FIVE years. Farms and
house properly have been almost unstable,
and it has been impossible 10 realize money
lent on mortgages even at heavy ios-.