New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-30
THE BUSINESS RECOVERY OF 1886.

THE BUSINESS RECOVERY OF 1886.
In July last an eminent economic writer In
England observed: "The turning point mas
been reached prices and business will grad
ually improve. Recent events have caused a
beginning of recovery in the United States, ana
Of late years industries in the Western world
tend more and more to follow the lead OF the
States.n The year which is now closing has
witnessed an industrial recovery all oser the
Western world which was plainly caused, In
large measure, by renewed activity in the
United States, aud in which this county has
distinctly taken the lead. AS yet the improve
ment in Germany and France has been but
moderate; in Great Britain the recovery
measured bv prices has not reached per cent
from the point of greatest depression; but In
this country it has been greater than anywhere
else. A singular feature of the movement Is
that American opportunities, American invest
ments and American demands have been the
potent factor in the recovery thus far seen
abroad.
The beginning was the curtailment OF the
issues of silver certificates and the defeat OF the
free traders last summer. new feeling OF
confidence was at once observed IN Industrial
cir, les. Men began to invest money with hope,
and multitude of establishments began to
produce once more at their full capacity. Stag
nation abroad had compelled a vast amount OF
capital to accumulate IN idleness. On several
occasions the tenders of money when consider
able loans We're proposed vastly exceeded the
sums desired or expected. 1t was just here
that American raiway-building, American
embarrassing and American mining offered
especially tempting opportunities. Foreign
e,pital to the amount of many millions seized
these opportunities gladly, as soon as it was
seen that the people of this country were them
selves recovering confidence Speculation here
also opened the most tempting fields, anu at
tracted many millions of foreign capital. Per-
haps the evil consequences that may yet be
realized will prompt regret that this stimulus
came to aid in the recovery of business. Bat
the influx CT foreign capital during the past six
months has been enormous. and 1t has gone far
to insure the recovery which invited it,
Nations are 80 bound together, IN modern
commercial and industrial life, that improve
ment in any one tends to help improvement in
every other. But this country has a peculiar
power. because DO other population Of sixty mil
lions anywhere on earth consumes as much OF
the products of human industry as the people
of this country, and because nowhere else are
there 40 many aud such attractive openings for
the employment of capital in new undertake
inss. Every new work here increases in some
measure the demand fo7 foreign as well for
home products. If the latter demand is ten or
twenty times as great as the former, neverthe-
less the overflow of our reviving prosperity, so
to speak, is enough to stimulate industry
abroad to some extent. Then, too, the enor-
nous NOV ement of capital has its influence
large realized prospective profits IN American
speculation or industry help to supply the
needs which depression abroad has created.
Hope here kindles hope there. So it has come
to pass that the year 1886 has been one of note
worthy improvement, in which this country has
taken the lead. and thus far secured the lions
share of benefits.