The Montgomery advertiser., 1906-01-02
How Long VIII Prosperity Lasts

Richmond DlSpaIh.
 In the current issue of Harper's Week ly MT. F. w. Hewes asks and answers the question: How long will the pres ent prosperity continue?" He recalls born has the great tide of disaster swept over it's industries carrying des- olation into the homes of the poor and discomfort and alarm into the homes of the rich Then, as Introductory to his review of these periods, he states this truism When times are bad. money disappears from circulation; when times are good. mohey circulates freely" As the records of the national treasury state how much money was in cfrcu- lation each year. 1t is easy to know the edge, says MT. Hewes, tells the fulI story of good and bad times. He finds that during the panic of 1S37-1S43, the ped from S13S7 to S7sE It then climb ed up rapidly for four years. averaging a trifle over s per cent. 8 year on the ded two more points; then arose four points during the sixth year, followed by the most remarkable rally found in the full record from 1880 to 1sOo-scv- average of nearly 15 per cent. a year.
 That was the period when California Ssap t9 sTs ers up wss asr sn d.s [. ass s6ss one-third of the present population, and lthe country west of the Mississippi was just beginning to De settled. That hf- | | long way off. and it is not easy to req | lize that 1850 to 1854 commemorates relatively the most remarkable period | of business progress in our history" He passes over briefly the war per- l iod and the period immediately follow | ing the war. and goes on to note that | the beginning of the recovery, follow ing the panic of iS73-1S7S. The first five years, says he, are very similar. to at 1898, only the progress was stiii ! more rapid (149 points, as against 135). As in the former case, so in this. the ment. Following that sixth year. bow. ever he notes that the resemblance s cease. The boom of the early eigl- ties" was followed by seven years (lSSs position Q49 per cent.) at it's close, as at its beginning Tie remaining two years added II points, rounding out of the four such periods under review. In conclusion, Mir Hewes says that the first five years of our present prosperi-
 s SGSred psr oen 1ny and 1s SsP aas sixth sEf year. instead of showing a set; that the advance has kept right up to the present date. This period, accord ing to his estimate. began in 1Ss6. SC the latest era of prosperity, and he con cludes that 1t should continue at least five years longer.
 All sorts of contingencies may arise but there are two considerations whict are very greatly in favor of MT. Hewes's prophecy. The first of these Is that
 we have an abundant supply of gold
 which is increasing every year, and thu
 second is that we have builded this
 time upon surer foundations than evel
 before in any period of our prosperity
 We have profited by the lessons of thu past. and there is more confidence thar ever in our own strength. The natioT
 IS like kikIling's ship. which 'founC
 herself" The ship was more or les'
 timorous in the first storms that shi
 encountered, but after weathering then
 safely she discovered her own strengtl
 and had confidence in 1t. Tho natiol
 has weathered the storms of adversit!
 and has found herself