The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-04-11
The Rise In vaines and Change In sao
Financial Affairs Of the World.

tuer tcnuenCy 10 equdiAatioh ''Ao'o"
world. Ths discoveries of the age IN SCI
ence, the mechanical arts, the precious
metals and other treasures previously
| hidden In the bowels of the earth, and in
political economy and the true principles Of
government, are producing revolution in the
financial affairs and relations Of all nations.
And the mighty agent which is stimulating,
unfolding and utilizing those discoveries is the
press. Archimedes only wanted fulcrum
for lever to move the solid globe In the
press we have found both fucrum and lever
TO move the intellectual and moral
world. The magnetic telegraph, that most
potent and mysterious agent Of modern
progress. finds expression through the
press The intelligence conveyed by steam
power, as on the wings of the wind, is rapidly
dffused by the press through all the channels
OF society The effect is wonderful In all the
concerns of life, but in nothing is it more 80
than upon values generally and monetary
transactions.
| In former times the value OF things differed
greatly in different localities, aud generally
in proportion to the amount of specie or
money concentrated or held ut any place.
There is great difference still arising from
that cause, as we see from the value OF real
| estate, goods, living, labor and securities OF
every kind, and in the interest of money in
various countries and places. But great
change has been effected already through the
agencies we have mentioned. Where there
WAS difference Of hundred or several hnn-
dred per cent in value formerly, the difference
! now is not half as much, and the tendency
is more and more every year to comparative
| equalization. But ut The same time that this
equalizing Of values is going on there is rise
generally of the market price of everything.
This, too is indep of local or incidental
causes such as the war and debt Of the
United States and the temporary financial
eXigencies of other countries, and results
from general causes.
The enormous production which has
| resulted Of late years from the discoveries of
science and improvements in the mechanical
arts and the vast aggregation Of wealth have
not led to cheaper property and money as
some economists might have supposed they
| would. because the wants that have been GRE
ated have kept up with or have exceeded the
increase OF production and wealth. There
seems to be hardly any limit to the wants of
people in this progressive age. They seem to
augment fully as fast or faster than the power
of supply. Every new railroad put in opera
ton, each additional line Of steamships |
launched upon the ocean, and the |
starting OF any fresh manufacture |
ing or other enterprise create wants |
and call for more capital aud labor. The
nations of the civilized world cannot go back
to the state Of things that existed when the
cost OF living was only few cents day aud
a few dollars were sufficient to clothe u man.
The augmentation Of values keeps pace with
improv cment and the progress Of civilization.
This country has contributed more than any
other to the extraordinary material aud moral
developments OF the age. The cotton of our
Southern States frs gave the greatest impulse
to commerce and manufacturing enterprise.
The annexation Of California and discovery of
gold ia that country added immensely to the
stock Of bullion in the world, and rs u consc-
sequence increased the value of everything
II was the commencement Of new era in ma
terial development and trade, and led to
other discoveries Of the precious metal in
Australia. Then the rapid construction and
vast extent of our railroad system opened an
immense territory to immigrants and made
The United States the granary of the world.
These things, together with the Pacific Railroad
aud other gigantic improvements and projects,
the illmiabe resources that were developed
by the var and since in the payment OF
hundreds OF millions of debt, and the prestige
| that the republic has attained among the great
| civilized nations have directed the attention
| OF European capitalists, statesmen, economists,
/ aud of people OF all classes to this country
/ The magnitude Of the trade with Europe, The
\ short time il takes now to cross tho ocean and
the instant transmission OF intelligence by
| the Atlantic cable are eifectiug great change
in financial matters and ideas.
| Ii must be admitted that there has been an
! extraordinary rise in values and prices in the
United States since 1860 from the imitation of
| currency, taxation, aggregation of capital
and other causes growing out Of the war.
Still there would have been a rise in the
ordinary course of things aud from the prog
ress Of development. II the war deb. were
extnguished and the people were not taxed
over eighty or hundred millions year
for the current expenses Of government
there would be some reduction in prices and
the wages of labor but great as such boon
would be, and much as il would do to relieve
and stimulate industry, there would be little
change, comparatively, in the value OF
I property. Nor is ii likely that the resump-
! ton Of specie payments or the contraction of
I the currency, it that were practicable or adj
visable. would make much change in the value
! Of property. The decline Of gold ten, fifteen
or tw. uty per cent had bat little effect on the