The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-09-12

Presidential Contests.
| In each recurring period of a Presidential
campaign the American people are awakened
to discussion of the issues upon which rests
the prosperity of the country This is whole
some in the main, although working some
interruption of business, as through the agita-
ton of thought thus occasioned American
citizens are educated in the principles OF
political economy. It is largely because OF
this distraction from the cares of business to
the cares of State once in every four years that
our Republic exists with such promise OF
vitality. Our people, in their knowledge and
interest in the welfare of tho country, are not
sovereigns merely in name. but intelligent
rulers. In the present campaign the condi-
ton of our finances has assumed a prominence
greater than almost any of the other points at
issue between the two parties. This is to
some extent unfortunate, as, owing to the
reckless antagonism Of party organs, many
misstatements are made and circulated, to
the direct injury of legitimate business in
terests. We propose here to correct some
of these false impressions that have gained
credence through an imperfect knowledge Of
the conditions which influence trade and
finance. 1t is true, the country has suffered
from mistaken as well as partisan legislation
on the part of Congress, much OF which,
through persistent ignorance, scarcely to be
accounted for, of the commonest principles
which govern commercial movements has
been detrimental Mr.. Boutwell's numerous
plumbers have also been hurtful; but neither
his experimental efforts at political economy,
nor the usual cry Of politicians that we are on
the verge of ruin, have been sufficient to arrest
the onward march of the country to COM
mercial greatness. Further, whether Grant
or Greeley be President during the next
four years, or whatever may be the chances
of one or the other during the canvass,
is an item which only affects spectators.
The credit of the United States rests on
more secure basis than the accidental
occupant of the White House. Mr. Boutwell,
may endeavor to demonstrate Adam Smith to
be call wrong" or Mr.. Greeley may apply his
knowledge of farming to the Treasury Depart
ment and try some deep-soil ploughing in q
financial way; but the country exists, and
neither Mr.. Boutwell,, Mr.. Grant nor Mr.
Greeley can hurt it much
In all civilized nations the foreign COM
MERGE of country is the method by which its
commercial standing is measured. In this
respect Great Britain is, and has been, pre-
eminently the first nation. Her foreign COM
MERGE has steadily increased, until the enor-
nous figure of three thousand millions of
dollars has been reached. This result has
been accomplished by wise craftsmanship and
the most liberal support by the government OF
all enterprise looking to the extension OF
British commerce. Besides, the Chancellor
of the Exchequer is in constant and daily
communication with the leading trades people
and representative commercial men, attentive
to their wants and suggestions, open to
instruction and never attempts to force
policy upon the country against the
protest of the commercial body. France in
point of foreign commerce is the second ma
ton of the world, the annual value of her
foreign commerce being now about one thou
sand five hundred millions of dollars.
The United States has made rapid strides in
foreign commerce during the last two de-
cades, notwithstanding the interruption
caused by the rebellion, and our improvement
in this respect is remarkable. Our total for
eien commerce in 1852 was four hundred and
twenty-five millions of dollars, which was in
creased in 1860, OF the outbreak Of the rebel
lion, to seven hundred and sixty-two millions.
From that period to the close of the war our
foreign commerce passed through many vicis-
STUDIES, and one year ran down as low as
four hundred and thirty-ive millions. After
the close OF the rebellion there was q rapid
improvement, until, for the fiscal year ending
June go 1871, our foreign commerce reached
total of eleven hundred millions. For the
fiscal year which closed last June
the official figures have not yet been made out,
but it is estimated the total will reach twelve
| hundred millions-the largest in the history Of
the country When We consider that this this 81
suit has been accomplished in the face OF viz
tually hostile legislation, it presents an evil
dence of commercial progress and greatness Of
which any people may be proud. 1t shows,
also, the remarkable recuperative qualities Of
the country which from the ashes Of such dire
destruction which our civil war brought upon
us could so soon raise such magnificent mon
ument Of financial strength.
But another and still stronger indication OF
countrys prosperity is its internal commerce;
and no country in the world can present such
astriking increase in this respect as the United
States. This rapid growth in internal COM
merce is the natural result of the extension OF
our system of internal improvements, more
especially railroads 1t is interesting in this
connection to note the steady increase OF
railroad mileage here. In 1880 there
were twenty-three miles of railroad in
| ornrofior, In tho limited States In 124E