Year: 1873

Tae HAT contained in this cable despatch is
worth attentive consideration, for this rras6n n
for no other: that Il l. well To survey a diieuli
situation On all sides with a view to gain clearer
understanding of its possibilities. Full examina
ton can be no impediment to wise decision aud
may prove an important help To be sure a re.
connoitrlng expedition may prove that projected
military enterprise is impracticablc but active
minded commanders constantly send them out to
feel OF the enemy, discover his position aud test
his strength, even when nothing il expected be
yond more complets knowledge OF the situation
Ii there IS a tide Ia the affairs of 6naCce which
taken at the proper stage, leads on ) resumption
would DC misfortune to miss il We beg to
ca' atleatlon to some OF the circumstances OF the
present distressing position which are favorable
to immediate resumption.


We can never expect again such a remarkable
combination and concurrence Of circumstances ia
Voraole to resumption as exist in this distressing
conlunetuTe. The high prices of the great staples
OF England, the cOHnlry with which we chiefly
trade, obstruets and curtails impOTtatona while
on the other hand, We have an abundant grain cror
colnciding viii short haPvssts in many parts ol
Europe, and abuporlAtiVe cotton crop encouraQ.
ing foreign buyers to lay in largo stocks against
the contingency OF possible scarcity of cotton
next year. Large expOrtations Of commodities
accompanied by mOdsTSt importatiOns, is the very
state Of trade which all good judges have insisted
was was tne naeesaaIy condition prerequisite Of sPe-
cie payments. That condition exists now as per
tsctly es u ts ever likely to exist in our time and
Synehrouzss (ghich Il may never do again) with
sach an enormous contraction of our available
circulating medium that an expansion reaching
the amount Of currency which would be used on
speele hasi6s would be n great and eomSoFtina
renet from the present depression.


The condition and immediate future outlook
OF the o91atry are favorable to resumption
In another Important respect. We take itthai
all wild ana VenturesOme railroad enterprises
nave come to stand, and that none of them
Will be resumed for at least a wear Or two tO
come. The same will prove true Of all doubt
ful enterprises Of every kind. New ones will
not DC started, nor old ones revived. For
awhile, spirit of sobriety, caution, and even
timidity Is likely tn prevail. Money will be
wanted only for safe and legitimate business
conducted on q safe, conservative scale. This
IS what alWays takes place for the first year
or TWO after great financial crisis, and it Is
reasonable to count upon It now. We are not
therefore likely to have, for ten years to come
period when so little money will be wanted
for speculative enterprises as in the period fol-
lowing this great panic. Things are now at
Such pass that We should rise to specie paw
nents, not fall TO them. The contraction IS al
ready much greater than is required for that
purpose, ana expansion to the volume of a
normal currency resting on specie would be a
relief. We are not likely to see another com
Dlnatlon OF circumstances so favorable to I'M
mediate resumption as exists in this cOniuDc-
ture. The seYeTest calamitles sometimes prove
TO be what plOus minds recognize as blessings
in disguise.