New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-01

welfare, in harmony with National justice,
honor and prosperity. then the fruits OF tue
war and of the great victory of 1880 will be
gathered, aud sectional divisions will vanish
from the land. This ought to be the work OF
the year 1881. Before sAe new year ends,
this country ought to rejoice in the certainty
that a new South has arisen to assert its
legitimate and patriotic aims, and to vie with
the North in maintaining the honor aud pro-
noting the prosperity of the Nation.
Enough is already known of the commerce
and industry of 1880 to assure us that it has
no rival among all the years of our past his
tory as a Nation. A larger crop OF wheat than
ever before has been harvested, and partly
delivered to consumers. The crop of other
grains, and of cotton, will also prove extra
ordinarily large. The production of iron dur
ing the year 1880 bus doubtless been larger
than that Of any previous year, and the re-
suits of that great manufacture in all its
branches have been on the whole most
satisfactory to many capitalists and to
thousands of workers. The manutac-
ture of textile fabrics has made great progress
during the past year, Notwithstanding some
periods of embarrassment on account OF the
condition of markets for materials or products.
1t will probably be found that more yards of
cloth have been made in this country in 1880
than in any previous year of our history, and
that the aggregate profits have been such as
to encourage still greater expansion of indus
tries hereafter. In nearly all branches OF
manufacture and trade the record has been
much the same; unprecedented production
and traffic, with fair wages for laOOr and
profits for capital. During much of the year
the course of prices was such that labor
secured the lions share of the gains, and
there probably has never been another year IN
which the aggregate wages of labor were as
large, in proportion to the cost of living for
laborers and those dependent on them, as i'll
the year 1880. The profits of trade and
manufacture were at no time extraordinarily
large, and during part OF the year very mar
row, and yet the net result for the year has
probably been fair return for enterprise and
capital in the large majority of cases, because
the transactions of the year were 80 enormous.
OF the magnitude of these transactions some
idea may be formed from the fact that the
payments made in one room in this city dur
ing the year 1880 were $40, 500, 939.54G, of
which $38,957, 025,551 were effected by ex-
changes, and the remainder-abOut per cent
by cash payment of balances daily. Through
the Clearing House of New-York n large
portion Of the commerce of the country
effects its settlements but the exchanges
at other cities, though not yet accurately
known, will probably exceed $40, 900 100000
more. A portion of the payments at New
YOrk-perhaps one quarter-and much smaller
portion in other cities, represent dealings in
securities. But the volume of other tansac-
tons will undoubtedly exceed by more than
one-t third those of any previous year in the
history of the country
Looking back upon the vast transactions of
the year that has closed everyone insinc-
lively asks whether the apparent prosperity
may not prove hollow and unreal whether
similar progress and prosperity can be reason
ably,expected in the new year upon which we
enter to-day. Unquestonaby there is great
danger of reaction in those branches Of bus-
ness in which speculation has been most vlo-
lent. For weeks, sober observers have deemed
a reaction probable in the stock markets. But
in all legitimate business the prosperity of the
country is real. Its industry and trade stand
on q more solid basis than ever before and
owe comparatively little of their recent expan-
sion to speculative excitement. There is rea-
son to look for a solid prosperity i'll 1881, aud
strong confidence may 90 with the hearty wish
that the people OF these United States may
find it Happy New Year.