Year: 1876

An Eastern paper thinks it sees Daylight


The evidences that the tide has really turned
and that we are entering upon season OF


business prosperity, are too numerous ana
convincing to be longer neglected. The test
afforded by the amount OF clearings at the
banks in the great cities is, perhaps, the sur
est indication Of the aggregate amount OF
business transactions, and they show that
there has been actual increase in the quantity
Of goods bought and sold since the decrease
of clearings is a smaller percentage than is
the average decline in prices. What is thus
indirectly proved of the whole volume OF
trade is confirmed by the reports OF individ-
ual merchants and Of trade organizations in
various branches Of commerce. The demand
is better, prices are tirmer, sales are larger
than they have been before since the panic
Of 1878. There has been a general settlement
Of accounts, the weak houses have dropped
out or have been reorganiZed On better
basis, and the way has been prepared for q
really healthy trade. The promise Of the
future is all the better when we consider the
time at which the improvement begins. It's
quite unusual for business to be good in the
midst Of great political canvass, least Of all
during the most active period Of the Presi-
Dental campaign. We may, therefore, pre-
sumo that the sudden recovery is to be ac-
counted for by the best Of reasons, and that
it is decidedly likely to be lasting, when we
see it occur at the most unfavorable season,
on general principles, than has been since the
depression came upon US.


We have no expectation that the season OF
prosperity will be unbroken by temporary
periods Of slack trade Nor do we suppose
that the complete recovery which we all hope
for will restore wealth as rapidly as the panic
wiped it out. What the fire destroys in an
hour can only be rebuilt in months Or years
Of hard work The failure Of general conf
dence, to the influence of which SO many
evils have been attributed, is as disastrous to
wealth as a fire, and the restoration OF conf
dence only brings the opportunity to win
back or to recrcate that which has been alien
ated or annihilated We have now simply
| arrived at the time when honest industrymay
sight Of the merchant can be trusted without
the ordinary risks of going astray which exist
when consumption is capricious and prices
are accordingly unsettled and f1uctuating.
| This is peculiarly the time Wien men need to
| free themselves of all delusions and false
hopes. There is great danger that many mer-
chants will look too confidently for events
| that will never occur. If they expect speedy
return Of the flush times that preceded the
panic, they will assuredly be disappointed
II they speculate in hope of an advance in
prices at all to be compared with the decline
that has taken place, they will lose money.
Ii they resume the extravaganza of manage
ment that contributed so largely to the col
lapse that occurred three years ago this
month, they will only lay the foundation of
structure that will fall as did that which they
are now compelled to rebuild. But if they
recognize the urgent necessity for prudence,
lesson which the depression was calculated
TO impress upon them, if they practice the
economy that has been enforced during three
years OF hard times, if they can content them
selves with safe and profitable business, and
resist the temptations to wildly speculative
trade, they will have no reason to complain
that honest endeavOr to earn a living goes
unrewarded.


The change in the situation gives new in
terest to certain labor problems. Wages have
been very generally and very largely reduced
because the prices that have been obtainable
for goods did not warrant the payment
Of SO much. The cheapening of production
by the means of this reduction has, no doubt,
been one of the most important of the infu-
ences that have operated to bring about the
change we are all rejoicing over. Now the
question arises whether or not labor is to
share in the renewed bright prospects of
trade, and if SO, to what extent. There are
symptoms that, in some districts, the opera
tive class does not propose to wait long for
restoration of the old rates of wages. Un-
doubtedly the unemployed should have fair
share of the advantages of revival Of bust
ness. But just as they were not forced to
work for less than the old rates Immediately
upon manufacturing becoming Improbable,
SO now it is not unreasonable that they should
wait until it is evident that the revival is gen.
uine and lasting. Injudicious agitation at the
present time may spoil all that is hoped for,
while few months of waiting may demon
strate the permanence of the restoration of
activity in our business, and then any just
claim Of labor will receive the full support
Of the community. Adrertiser.


DEscHAMPs, the comedian, visited St.
Petersburg once, to play an engagement, He
arrived in midwinter. ''Holy Moses!" he
calculated, 'but it's cold!' Five minutes
LOT 6ax Irfa