The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-14


York 10 he tho Great Centre OF Cora-
nAesce.
One of the most significant and conclusive
indications Of the successful march Of this
country to commercial pre-. eminence and power,
is found in the existing condition Of things in
the two great money centres-New York and
London-and the flow of exchange between
them.
Advices received by the Persia state that
the rate Of interest in London had advanced
to four and half per cent, at which price
money was stringent. In Wall street to day
the rate of interest is five per cent with lax
demand and large over supply of money seek
ing employment. This is, in practical results,
an equalization Of the rate of interest in the
two great centres of financial operations and
flowing as it does from natural and indepen-
dent causes in both countries it can only be
looked upon as an indication of the increase of
accumulated capital here to an extent which
makes it equal, in its relations to the great
field Of employment to the accumulated CAPT
tai Of England.
The attainment of this point, to which we
have long been approaching, will soon begin
to produce other and very palpable effects upon
our relations to the industry and commerce of
the world. England, through the possession of
her abundant and cheaper capital, has had an
advantage over US in the broad field of enter
| prise, against which we have had to compete in
the march of commercial and industrial devel-
opement by the use of other advantages which
we hold, and which have enabled US to gain
upon her in the race. Before considering the
results which we may attain in this contest Of
peace, If the blind fanaticism which has seized
upon our Northern communities is defeated in
its present revolutionary and destructive de-
signs upon our bond Of union, it may be we'll
for us to review succinctly some Of the causes
which have enabled us to come up with England
in the great work of the creation and aceumu.
lation of wealth.
We must undoubtedly place in the first rank
among these causes the entire freedom of our
domestic trade from every impost, restriction
or artificial stimulus or restraint Of any kind,
and its extension, through the guaran-
tees of the constitution and the Union,
over an extent Of soil and a range Of climate
|
natural productions than are to be found in any
other one country in the civilized world. The
bare enumeration of these natural products
covers, with q surplus, with the sole exceptions
of sugar, coffee and tea, the entire range of the
staple requirements of civilized society for
food, raiment and use. Under the advantages
of free and untaxed exchange Of these natu-
raj productions throughout the wide extent of
the Union, every branch of industry has been
able to cooperate with its fellows in the work
of acknowledgment and the elevation Of the
social state Next in order we must place the
admirable character of our institutions. Here
individual enterprise and energy are free from
all the trammels of social classification. from
excessive exactions for costly systems of 60.
vernment, standing armies and vast public
debts, and from the restraints that dynastic
sympathies and hatreds place upon communi-
cation between communities.
In the secondary rank of causes for our rapid
commercial Developments we must class the
great surplus production Of staples. which we
have been able to attain under the benign in.
fiuences we have just cited. IF, instead Of hav.
produced only sufficient to supply our own
consumption, nothing would be left to us in
the shape Of accumulated wealth This is
abundantly evident in the contrast presented
in the crops of cotton and hay. IT has been
frequently asserted that the hay crop OF the
North exceeds in value those of cotton and
several other Southern staples together. But
the Northern hay crop is mostly consumed on
the spot where it is produced, for the susie.
nance Of cattle engaged in other labors or to
be used as food, while the cotton crop of the
present year has given surplus for exporta-
ton to foreign countries of nearly three mil
lions of bales, valued at one hundred and fifty
millions Of dollars. A portion of this returns
in form for consumption, but large portion
also comes back in the shape of accumulated ca.
! pital, to lower theprice Of money and strength.
, en- the hands of industry and enterprise. This
deduction is warranted by the fact, unusual at
this season OF the year, that the rate of exchange
on London and the other monetary centres Of
Europe rules at point that leaves no profit on
the transfer Of currency from New York to
Europe
Besides cotton, we may cite the great sur.
plus production which we exhibit Of the pre.
cious metals, the yield of the forest and the
fisheries, tobacco, naval stores and minerals.
These surplusages come to bear on the accu.
mutation of capital in the same way, although
not to the same extent, as does cotton. II is