The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1919-03-23
GENERAL PROSPERITY
FOLLOWED CIVIL WAR
Analogy Briw"n 1895 ard ur fr'r''
Cnt NuH Encouraging Ia
Uudncw Men.
RESOURCES LIE UNTOUCHED
Enormous rlans for TT1sdc Expansion
Now I'rCs' tn lie Nnrri"d
10 Complexion.
RESOURCES LIE UNTOUCHED


,.rurr fro WiH az 49,
IIi in seeking cheerful "uiIn"N
u De NOT necessary 20 To-" or l''
privileged frN who Ht with pra' hrrd
fn.rr on tho pul~c ~ trade h
p.ruusa into history and - drawing
Of parau is thcr,fruW give reason ~
urllrye tuat Immediate prosperity
awniiB us a..
Fuch Wow " presented by 'h'
Guaranty Trust company o' NJ"
York I'm an Analysis Of 'on1lh"h" 'h
1855, at tho rlu4" ~ inc ''I'l w.
compared with the situation lu WIS.
r,,rhlug conclusions illuminating
aud optimistic
At Appomatius the country faced
apparent business ruin hundreds
OF thougnnd. uf soldiers had 10 De
,-IoahRurbr,i by industry, the economic
and social r. F'rm ~ IN" H"hlh "n'
disrupted. with most of ~ people IN
poverty. the nations money was i"r
tho most part a mass ~ Deprecated
'-rrdcrmahlc notes; prices wcr" hp-
normally high. but rapidly ftlllhs'
and there WAS a public debt or more
than two and half hil'lpn dnl'Ih
IorbodlngS tninstlricd.
Gut In spite or apparently wei,
founded forcbodlngs there followed
"A remarkably prompt reatofauon OF
normal prosperity. Tho country y
gross business multiplied three-told
between 1860 and 1850, Thoug ! the
pnpulntlon Increased enormously
during this period. stlll on a per
capita basis the business OF tho
country had doubled
The. sharp drop In business fol-
lowing the opening 0f the war was
matched by n prompt recovery
business reached It's low leV'l IN
1861. having fallen or IL per cent
az compared with the yenr before.
Hut by the next year II had reached
tho old normal level again and passed
It. From then on, with the cxcep-
tlon OF "A slight failing or In 1867,
there wns nm uninterrupted gain un-
til tho crisis OF 1873 when pro
cipltated a three year period OF de
precision Then came recovery ~
rapid that hy 1850 II IN estimated
that the volume OF business was only
IL per cent per capita lcss than II
would have been had no panic oe'
Cured
The decline In highly inflated war
prices began carly tn 1865, In antici-
patton OF price. II continued WIN
two interruptions. in 1879 and In
1880. beyond the period under CON
sderation,
Wages Jagged considerably behind
prices. both IN upward and down
ward movements after 1850. accord
ing to the Guaranty Trust company n
analysis They Increased more than
prices and sustained their Taln'
longer. While the high peak In
prices came In January, 1865, wagof
continued to rise generally Until
July. 1879 In 1880 wages showed
..f o 4 ha
1850 level.
Prosperity on Sound Iiabds,
The fall IN prices was due not
merely 70 anticipation OF the rcdemp.
ton Of the Rreenbacks but chiefly Ia
the increasing volume ~ business
The comparative Bteadiness OF the
upward swing IN business from early
In the war until 1879, IN the face
of wide and long continued move.
mcnts Of prices In both directions
shows that the prosperity of thu
period rested on moro substantial
foundations than the stimulus oI
rising prices
Wages, owing to the length OF th'
period for which contracts are made
the comparative immuhility o.
immohnity workers. and the power
of custom generally Tespond more
tardlly than do prices OF cummu
ditlCa To changes In currency o.
industry, But the continued riso %
wages through this seven years, wa
due To something more than inertia
The secret lay in tho output from
far farms ana factories Labor wa
receiving an increasing share of IN,
Increasing quantity uf goods pro
duccd
The reason for this prosperity. Il
A.. IA lei
NhilinE on the eve OF the conflict
In the crucial test Of tho rcConstruc
tinn period neither currency inrla
tion. nor tho shifting from war q
pence bases nor tho long downwar
trend tn prices, nor the rising cos
OF labor lndccd, not oven the com
binntion Of all four factors prnNc
able To- stay u remarkable industrial
expansion
And this expansion had begun wcI
before tho outbreak ot the war. Rail
roads had passed The oNpcrimcntn
stage ana 10y 1850 It was uvtdrn
that they would occupy tho .doml
naEt position In inland trauspor
Previous to that year only 500
miles OF railway had hCen construct
ed In this country but In tho follow
Ing decade 9 900 miles wore added
While most OF the new mileage wa
In the older sections, east and soutt
some lines were pushing WESTWARD
Rails reached Chicago In 1853. S
Louis in 1855 and the Missouri rive
In tho northwest three years later.
New Fields Open to business
Gold discoveries In California I
1S4s further stimulated Industrial
enterprise and materially haslcrc
the westward movement Of pupula
tion and industry
There was a great CNpVnsN Of ter
ritory. rich IN natural rcsuurces an
responding IN development to IN
rapid extension Of railroads m
population had mora than double
in n generation Etrm product
manufactures ana crports Zach ht
doubled in "A decade. Thrte wa,
resulting prosperity AT tho outbrrn
Of the war which the reaction r
1857 did not materially. or for lonJ
disturb.
In drawing tho parallel hctwcc
this period and the present. CertAi
readily observed differences rcnd,
the analogy at first suht a littlo on
scure. After tho Cly,l war the 90
ploitation OF an undcvolopcd we
offered employment to former so
diers and TO numerous immigrar
as well.
But the west OF that day WIZ n,