Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-07-10
II NEW ERA OF PROSPERITY.

There is no longer any room to doubt that
the country has entered upon an era of re-
newed prosperity. For six years industry
has been on the down grade. The great
crash of 1873 was followed by season of
unexampled business depression. Maniac
turing was almost at stand-still. One after
another of the great mills suspended, and
tens of thousands of artisans were thrown
out of employment. The construction of
railroads was entirely stopped, and but little
new territory was developed. Business men
and capitalists we're obliged to cuztail their
enterprises, but Notwithstanding this thou
sands were forced into the bankrupt courts.
Even the professions felt the universal dis
tress through diminution Of their fees and
their inability to make collections. This
distress was still further aggravated
few years later by the failure of
scores of savings banks that had
been previously considered thoroughly re-
liable. Real estate took tumble, and as
consequence it was impossible to secure in
vestments. Added to all this the policy of
the administration in preparing for specie
resumption further assisted the disaster, and
the outlook has been indeed gloomy.
Since the present year began, however,
there have been most encouraging evidences
of revival in all departments of trade and
industry. Investors have regained conf
dence in the future, and have entered hearth
ly into the promotion of new enterprises;
railroad managers have resumed the con-
struction of new lines into the fertile lands
of the West and Northwest; the tide of en-
igration from Europe and the Eastern States
has once more commenced to flow in large
volume merchants have added largely to
their stocks of goods and farm
ers to their acres; manu-
facturers have been stimulated to add to tho
capacity of their works, and the hum of
industry is heard all over the land In the
northwest none who are willing to re-
main idle. All have enough to do at remu-
nerative wages, and there is every indication
that the era of hard timesis over. In Mime
sofa and Dakota alone several hundred miles
of new railroad will be built before winter
sets in, opening up vast tracts of the most
productive soil in the world to settlement,
and arrangements are already in progress
for continuation of the good work in 1880.
Mills and manufactures of all descriptions
are springing up on every side, affording
employment for the artisan and profitable
investment for capital. Everywhere there is
prospect of an abundant harvest, and if no
unfortunate circumstance should occur the
farming community will reap gratifying
return for their labor. 4
The most significant indication of all is
the anxiety manifested by capitalists to en-
gage in the new railroad and manufacturing
enterprises. For the past six years they
have been exceedingly timid in the matter of
investments, and have preferred to let their
money remain idle rather than run the risk
of loss. Now their policy has been reversed,
and no legitimate enterprise finds difficulty
in obtaining sufficient money to place it
upon good footing. Real estate, too, has
bounded upward, and brings something ap-
preaching ante-panio prices. Everybody is
hopeful, full of energy and enterprise, and
will do everything possible to keep the ball
rolling. We have abundant reason for en-
couragement on every hand.