Year: 1871

Business opens this spring with much


more promising aspect than it did year


ago. There is more general feeling of


security and confidence. Our national


finances are in better condition, taxes


are lighter, our credit is stronger, and


there is less tendency to speculative in


vestments. We are getting more nearly


down to the stable level of healthy busi-
| ness before the war. Business men from


all sections of the country have been for


some time making their purchases in our


larger cities and preparing for the com


ing seasons operations. The representa-


ton is general, and although their pur-


chases are not quite so heavy as during


the last few years, the indications are


that at least an average business will be


done on safe basis Prospects may


not be SO large, but risks will be less,


and business will be healthy.


Such is the condition which we have at
last reached under the good management
of President Grants administration The
approach has been gradual, and at times
our people have been inclined to complain
because stability did not come sooner.
But. when they reflect, they will see that
the transition from a speculative state of
business, produced by tremendous civil
war, to a sound and trustworthy one, has

been very rapid. Less than six years is
but short time in which to get rid of the
principal financial evils of such contest
as that from which we are now recovering.
They could not have been safely overcome
in shorter time, and to have attempted
more rapid change from speculative to real
prices would have produced most disas-
trous consequences.


Money is now easy, and there is nothing
which looks like an approaching crisis
such as the Democrats have long prophe-
sled and fondly wished. 1t is probable
that the demand.for money with which to
make the usual spring settlement, may
produce little stringency. But there |
will be nothing which it will not be within
the power of the treasury to remedy by |
the increased purchase of bonds, if needed.
After this point is passed, there will be no
extra demand for money until the fall
crops are ready to move.


Contrary to expectation, neither the
opening nor close of the European war has
caused an extra demand for American
grain, and the hitherto speculative move
ment is subsiding. But, if there is no
extra demand for grain, our shipments OF
cotton bid fair to be considerably increased.
The German market especially demands
IN increased supply Of cotton. Our ex-
ports of this staple have for some time
been light, but the advance in price has
made our money receipts from this source
luite up to the full average.


Certainly, no business man, who looks
,anly and without bias over the financial
md commercial condition and prospects OF
'ur country, can conscientiously say that
he policy of President Grants administra-
ion has not proved successful and satis-
actory. IT has wrought no miracles--un-
ess it be in demonstrating the perfect
nanageableness of the public debt, no part
f which the Democrats said could be paid
While a large portion of them favored re.
'udiation-but it has reached practical re-
ults in plain, common sense, business
Ike way, and placed the finances and bu-
mess of the country where an easy solu-
ion of all difficulties is possible and like
y soon to be realized