The New York herald., 1871-11-01
n. BIRTHS. Pros. .. 80 r.Dnsr,a, con

y.
some Of which were published in our issue Of
Monday, on the probable financial consequences
of the Chicago fire. On the whole they do not
express much Fear, and take hopeful view Of
TIE ability Of the American people to overcome
soon the grea. dislstar. On Journal, re-
markablc Tor ;ts. SQUAD ina ciai reasoning,
estimates t,e total loss, snpposing there be no
material salvage from the FIRE, between hun
dred millions aud a hundred and fifty millions
of dollfrs. Others make even l,rscr es!i-
mate The impression Of such heavy loss
was givea, no doubt. by the drst exaggerated
estimates published in many of the newspapers
on this side the Atlantic. We have said all
along, after having made the most careful
Investigation asd comparison Of the value OF
tie property destroyed with the total value of
all the properly in Chicago, that the loss,
probably, would be under hundred millions.
!! AZ The best it is fearful destruction OF prop
erty and entails serious consequences. r+s1
AT first the shoak was seriously felt in the
money and stock markets of this country,
particularly in New York, which is the heart
or the comm rcial and financial system Of the
American Continent. There was considerable
alarm, and stocks fell rapidly. There was, In
fact, for short time some fear of crisis.
But as the facts became known and the worst
realized capitalists, stock operators, banks,
insurance companies and business men gener-
ally began to measure the resources at hand
with the disaster, and found there was no
Cause for a general regulsion. Beyond the
inevitable suspension Of few insurance COM
panies and few failures commercial and
financial affairs moved on az usual. Stocks
began to recover again from the first surprise,
and gold, which rose only two per cent or so,
has declined 10 the average market price pre-
vious to the fire. Oar British contemporaries,
in their usual cautious way, sounded o note of
warning to be prepared for the worst. 1t was
question, they said, how far New York would
be affected by the losses and the failure of
Chicago to pay this city for goods received, and,
again, how far Manchester, Leeds, Lyons and
other manufacturing towns in Europe might
be affected by the d1iculties here. They ap-
pretended drain upon England and an un-
usual overflow of securities to that country to
meet such difficulties But we suppose there
will b. better feeling in England as capital
lists and manufacturers there learn how tempo
rary and slight the effect has been here. By
this time, no doubt, the telegraph has difused
information of the state Of things here and al
layed apprehension. Happily this mighty
agent Of our modern civilization arrests finan-
cial disasters, equalizes the burdens Of any
catastrophe and brings speedily aid from one
commercial community to another.
The London Times in its comments con-
cl.ides by saying :-'sStill, in the midst of all
the confusion aud loss, 1t is necessary to bear
in mind the vigor and elasticity with which
the American people meet and repair every
adversely. The consequences Of the two fires
which within the last thirty five years have
devastated the business portions of New York
were encountered with q promptitude which
soon effaced their traces, and at later
period q like visitation at San Francisco
caused still greater development Of
indomitable energy. Hence it is some satis-
faction in the midst of the present disaster to
there will be nothing more astonishing in con-
nection with it than the way in which the suf-
ferers will effect the work Of restoration.
How fully this fattering but just picture of
the recuperative energy Of the American
people is exhibited to-day in the herculean
efforts now being made at Chicago to restore
that city, in the extraordinary subscriptions
from all parts for the Chicago sufferers and in
the elasticity of our financial and other
resources! Old Europe begins to understand
the facts of our situation, to learn that we
have vast Continent, productive in every
thing to sustain life and that commerce
demands, with real, substantial wealth, grow
ing beyond all precedent and faster than our
rapidly increasing population, and that no
people have ever been so distinguished for
energy, industry and enterprise. We have
attained the first position as nation, and 1t
will not be long before this country will
become the commercial aud money centre Of
the world.
This destiny, however, may be accelerated
or retarded by the legislation and policy Of the
government The way we are drifting along
at present, losing the commercial advantages
of the position which nature has given us, does
| not present as favorable prospect as might
| be desired. The great future of our country,
though inevitable, is seen only through the
hazy atmosphere of the present state Of things.
Eleven years ago we could claim to be the
rival of the first maritime nation in the world,
if. indeed, we were not the first. Now where
do we stand? See what strides England bas
made during that period and how far this
country has fallen behind. Her tonnage has
increased wonderfully, while ours has de-
creased in greater ratio. Worse than that:
we are going more and more behind in time Of
peace, and while the nation is fast recovering
from all the other disastrous consequences of