Year: 1870

Dull TIMES.


There ia general complaint of dullness in
trade, which official returns would seem to con-
tradict Oar weekly Imports, as indicated by
the returns of revenue collected, show no ma
terial reduction when compared with those of
former and of preceding years nor do we hear
of many furnaces blown out or factories stop
ping work. On the other hand, new stacks,
new mills, are almost daily set to work; our
farmers are all busy, and are employing more
labor at the South, and not less i'll other
quarters, than in former years; so that, If
there be no change for the worse hereafter the
aggregate product of our National Industry III
1870 will exceed that of any former year.


And yet, the complaint of Dull Times has
foundation. Our Currency has signally appre-
cated within the past year consequently, as
measured by legal money, almost everything Is
low w-priced. The manufacturer who bought his
stock six to eight months ago, cannot sell his
product for so many dollars as it has cost him;
hence he reports that he is losing money. The
farmer, who hired labor wherewith to produce
his last crop when Gold was 40 and sold that
crop when Gold was but 10, has lost money
on his Wheat, his Corn, his Pork; and
so with many Others The speculator, who
bought lots at prices governed by an inflated
currency, cannot now sell them for so many
dollars as he paid (or agreed to pay for them
each dollar being worth twenty to thirty per
cent more than it was n year ago: so he
swells the chorus of Dull Times. And we see
no prospect of flush times until the process of
Currency assimilation To specie values shall
have been perfected. Had that been done (as
we think it might and should have BEEN in
1865, we should have gone down to the bed
rock at once, and been the better FOR it
ever since.


One of the worst effects of or present anOm-
alou5 position is an almost inevitable conflict
between Labor and Capital inaccurately so des-
ignated. Those who bought Labor last year
on the basis of Gold at 40 and sold its proceeds
when Gold was 11OG115, very naturally insist
on a general reduction of wages; those who
have only labor to sell, and as naturally want
to make the most of it, do not assent to any
such reduction. The former urge the great re-
ductiOns which have been made in the Currency
prices of Flour, of Coal and of many other
necessaries of life; the latter reply that Beef,
Rents, and many other elements of living, cost
nearly orquite as much as they did one yearOrt two
years ago. In other words, the payers of Wages
demand concessions which the receivers will
not make hence strikes and paralysis
in certain departments of Industry We con-
slider the employers generally moderate and
reasonable in their requirements, and advise
the w0rkmen to assent to them; we regard
most of their strikes as likely to result in
failure but they have a perfect right to con-
slider us mistaken, or Gf they please swayed
I,
persist in defying our counsel, on the reason
able assumption that they understand their
own business far better than we do.


Were the Senates Funding bill this day
law, we believe all would be changed for the
better. We should resume our march to Specie
Payments, and Herewith the steady appreca-
ton of our Paper Currency. The authorization
of the Secretary of the Treasury to fund, at
his discretion, the Greenbacks in the new Four
per Cent. bonds, is, in our view, one of the
most important and salutaTy provisions of the
bill, rendering future Black Fridays impossible.
1t is high time that the Grcenbacks should
cease to be a National lie. "The United States
"will pay five dollars to bearer is a fraudulent
promise unless they are to be paid at some
time in something or other. Let us have an
authentic exposition of this promise, with prac-
tice to match, and our Currency will rest on
somewhat like, ifnOt exactly on, the granite rock
of Specie Redemption. Pass the Senate hill,
and the Currency premium on Coin can hardly
be forced above ten per cent, and, if put
above that point, cannot be kept there.


Until we make some effective provision for
funding our National Debt-ultmaely the
whole of tive shall have ample complaint of
Dull Times. We live in a state of uncertainty
of expectatOn-of course, from hand to mouth
Few make heavy contracts for goods, appre-
hending an appreciation of Currency and
consequent reduction Of prices. Labor refuses
to adopt its wages to Specie standard, not
believing that standard about to be attained;
Capital is reluctant TO employ Labor at Paper
prices, believing that Paper may soon be as
simulated to Gold: Hence hiatus, chasm,
an nterregnum, which it is the general interest
to terminate so soon as is practicable


Meantime, we note with satisfaction liberal
eillux of population from our City. There are
more houses and stores TO rent in this City to-
day than there were on any former 18th of
April; and they cannot all be taken this year
at least not before September Many lifelong
rcsidents-wcary of uncertainty in business
and the multform anXieties of City life-are
finding OF making homes in tLo broad. free