Year: 1877




HOW THE NEW YEAR OPENS


Il is always darkest the hour before day.
Have we not fair reason to hope, with some
thing more than the blind and happy conf
dcnce which habitually welcomes each new
period. that the new year may bring to this
country great and important changes? Des-
tiny has strangely shaped events, during years
of preparation, for this period OF important
changes, in the political, social, and business
life of the nation. Prolonged trials have re-
vIalcd greater strength Of endurance and recu-
peration in our industry and business than
had been suspected. Is it not possible that we
NAV soon witness the decisive triumph over
dificultics2 Remarkable emergencies have
subjected our people to Severe tests OF their
heroism in war and their Self-cOnuOl in peace,
such tests as no other sef-gOyeIning nation
has successfully met. May we not hope that
the peaceful triumph of order law, and JUS
tice which good citizens now anticipate, may
prove turning-poInt in our national history
and that great and happy changes are close
before lis


American industry has fingered long in in
fancy and pupilagc. The utter overthrow OF
fictitious values and rates, which the emcr-
gencies and the financial expcdicnts OF the
war had caused, brought severe and prolonged
disaster but 1t has taught some lessons OF
great value. Our industries begin to under
stand that, aided by the inventive genius of
the people and the general intelligence OF work
men, tlcv are able to compete with success III
many foreign fields from which they have long
been excluded. AT the same time, dire neccS-
sity has taught that we must push our coinre-
titon into foreign markets, If We are to give
full and steady employment to Our machinery
aud industry. Instead Of trying to restrict
production, so that the home market might
not be OVcrcTOwdcd. our workers in coal ana
iron, cotton ard leather, and many other
branches Of production, are seeking to push
their goods INTO foreign trade, and with en-
couaeing success. AS manufacture gradually
rcvives on the firm basis OF haIdpan prices, we
nav Justly expect that it will be found immcaS-
uraby stronger in foreign competition than
ever before. Greedy and shOrt-sighted combl-
nations, like the coal ring will have little
chance in that genuine revival of business ;
on all hands men are beginning to understand
that attempts to maintain unnatural prices by
conspiracies to restrict production are sei-dc-
fpating and fatal and the tendency of capital



will bc to encourage those enterprises which
are strong to sustain themselves against the
world. So we shall be not weaker but much
stronger when business no longer rests in part
upon crippled banks, rotten insurance COM
Danies and inflated railroads. Lei us be thank
full that the day, is near when each tub shall
stand on its own bottom in the business world
If the "wild bells" of New Years night will
hn g,ls l,n rho
Will bring us by long strides the nearer to that
better day of enduring prosperity, i'll which
honest labor shall not seek III vain for honest
wages, and fair interest shall reward wise and
legitimate investments of capital. There may
be some dark days Of ugly failure yet; there
must be, indeed. But all the signs indicate
that we are nearing the firm land.


We cannot aympathize with those who call
the political outlook gloomy. The very fact
that, III trial of Unprecedented severity pub
lie opinion is calm and confident, cOntcmptu-
ously indifferent to the vaporing and bombast
of mischicf-mallers coolly resolved to see that
right and law shall preyail-ths is surely a
magnificent bow of promise i'll the clouds. We
shall not get wrecked, so long as the people
meet every emergency so gIandly. Next to this
imposing calmnesS of conscious strength Is the



paticnt scrutiny with which the people exam
inc evidence and argument on both sides and
the royal common sense with which mere tricks
of law and traps to defeat justice by chicane-
ry are thrust aside. Immense efforts have
been and will be made to create excitement {;
to hurry people into premature expressions of
feeling; and especially, to alarm business men
and capitalists. But the price Of gold shows
that the alarm is not real, and the plain pco-
plc listen with ScOrn to the bluster Of poll
ticians and quietly await the facts. As long "a
the people meet such test in such temper
republican government is not about to perish
from the earth.


We look into the FIJI turc, too, with strong
hope that the Inauguration of Mr. Hayes,
which now seems the more probable as well
az the more just result, will bring a great
revolution in our political condition. Not be-
cause of any conceivable negotiation or bar
ter but as the consequence Of the spirit
shown in his letter Of acceptance, we hope to
see a speedy settlement of the Southern ques-
ticn This will involve new divisions, AMI
the questions leading TO such read, ,nStment
of parties are pressing. We cannot If we
would eyade some action on the currency
question. Commercial treaties with foreign
nations must be framed. and these will force