Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1897-01-29
1897 and 1870.
The striking Analogy Between the Tive
Years as Regards the Business situa-
ton and the business Outlook.

The striking Analogy Between the Tive
Years ms Regards the Business situa-
ton and the business Outlook.
Reference has often been made in the re-
views of the business situation TO the anal
ogy between the conditions prevailing now
and those of 1879 But the subject will
bear further discussion, for there is still
ground for hope that this year will repeat
the experiences Of Is years ago. 1t will
be recalled that 1870 was the year of the
resumption of gold payments. In the pre-
ceding November election the greenback
craze had met its Waterloo. Before the
year ended, business, so long paralyzed by
the panic of 1878, had begun to revive and
the nation to enter upon a period of new
prosperity. In like manner we have just
had an election in which free silver was
defeated and the gold standard sustained
in way which makes the event fully as
important as the resumption of specie pay
ments. 1t is, therefore, argued that we
should now have revival from the pros
tration caused by the panic of 1893, just
as the boom of 1879 followed the panic of
six years before. But there are many 9TH
er points of similarity. In 1879, as in
1896, there was failure of crops every
where except in the United States, and,
therefore, a notable foreign demand for
our products. Exports assumed big pro-
portions and gold was imported in large
sums. During the six years, from 1871 to
1871, inclusive, the period preceding the
resumption of gold payments, the excess
of gold exports from this country was
S16S, 357, 51S, while in the six years from
1878 TO 1898 inclusive the excess of gold
imports amounted to S1S7, 67l, OPT.
For the past eight years the excess of
gold exports have drained the treasury and
the country of gold as in the days before
the resumption act, but since the victory
for sound money has been assured the tide
has turned the other way. We have i'm
ported gold in large amounts, while Lon
don now owes us about $4,000, 900, the
payment of which has been deferred in con-
sequence of the transactions in long ster-
ling bills, which have the effect of leaving
the money in London, where loaning rates
are high. The excess of gold imports last
year was over SAG, 600, 900. The treasury's
gold surplus has increased to Sl40,0OO.O 900,
while the gold in the Clearing House
vaults has increased from $4,000, 900 to
$40 100000. The excess of merchandise
exports was 1925, 100000. In 1879 the ex-
cess was S25l, 100000, and in 1873, which
more nearly corresponds to 1896, the ex-
- ""9 FooD,VOo,VOO' "n, ~, 10 e'i hl.s'y
us W ma tm vi laSt year ne pun
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.nousH no' eIUusn " guar iTPe1i-
.ion Vi tne lo'' increase ne Ne" loiA
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assume 'ne sSllie cUiluillOhs "nlC VIM, nav Id,
Ple'"iIeu s'n0e INC e!eo''Vh Vi 4o'"' nc
uoPO9i'o ~ Oo'n Ha'ioiIa' anu e'S'e oa HiH
nv e'9eu NJ inUuSiS Iionl CotoOel' &C
" ouIe' io'o, WINE 'lie No',the vi ou'-
staiuiHs 'oais ueeieasOu' Aitei tuSt ue-
PoIiVs leH' "hlie tnele was d ho'a i2n gam
~ ioans' "ihce cue erection Vi looo tne
uSpo9iSo VI 'nI Jana naNe ny eHseu U'eI
a nunuie Gu niil'lon uollaIs, WINE lnele mas
oeei no ", sPonuius increase III loans'
oilsuIariy enough also 30 [heLe was tne
SAM .ou piaih' ear! III 100 tnS' Is neaIu
NV, tn". .ne Piolllseu ,r ie'lNal III Vldue
mas ne. ."Aen place. lne pIouiise was
Liaue 'nat iesutn ptIon "ouIu restore pros
peii.y, Juse as Tue promise was nlaue .hal
sGunu LnVne! tiotoiy "ou,u restore pros
Ply, anu ye' theIe was tIie sauie dl'ap'
Poil'l i lei' ear! III toi' that Is cape
80 ~ nv" ~ was ~. ullIl siA nlon Jus
80 'no iI'uunP''oh act went ihto IoIce
1nat lne ooo,n oesall " START IN the
,, ,y Pat' " .ne S1ai 'le SAINT coiIultIohs
= ie'a lIu tlsU are lelI now ~ " Duh
u COMPANY III lHelI weekly circular cOn-