The New York herald., 1873-12-10
Country-Our Resources in Peace or
War.

| COuntry-Our Resources Im Peaee or
! War.
The rapid recovery Of the country from the
commercial crisis which came so suddenly
upon US in the early fall and the manner in
which our banks and great business houses,
with few exceptions stood up sturdily before
the storm, are gratifying evidences of the solid
wealth and prosperity Of the United States.
Few nations in the world-not even England,
with all her wealth-could have passed through
a similar ordeal with such comparatively
tritiing damage. There was heavy decline
in certain values, it is true; but this was due
in a great measure to the fact that specula-
| ton had been too recklessly indulged in
without sufficient capital to back 1t,
| and that our railroad enterprises had
overrun the demands of traffic. In
country like the United States the latter
evil can only be of temporary duration; for
our large immigration develops our resources
with marvellous rapidity and adds, year after
year, to the demand for railroad facilities.
The better class Of securities did not after
all, suffer so great depression IS might have
been expected. Indeed, it is possible that
stocks generally would not have fallen nearly
so low but for the stoppage of the Union
Trust Company, which at once created
panic. The failures were mainly confined to
those buchu houses, which found their rank
growth in the corruptions of the war; and it
is noticeable that in nearly every instance of
bankruptcy outside such concerns the causes
-, had
of the country, not to poverty among the
people, not to unusual depression of trade,
but to reckless, incompetent or dishonest
management.
Still, the commercial crisis was severe while
it lasted, and, as we have said, the little dam
age it has left behind and the speedy restora-
ton of business activity are so many proofs of
our national wealth and strength, which will
be regarded by foreigners with almost as great
astonishment as was excited by our rapid re-
cuperation after the civil war. So far as our
own people are concerned, the lesson of the
crisis has been useful, and its value to the
country is likely to more than compensate for
the injury inflicted on individuals. 1t has
taught us greater prudence both in the man
agement of business and in our style of living,
the benefit of which already makes itself appar-
ent. According to the statement just published
by the Bureau of Statistics regarding our
commerce and navigation it appears that for
the seven months from January l to July 81
the importations in the present year were
$19, ,597 175 less than for the corresponding
period of 1872. The figures are, imports,
1872, $412 S64, S41, and 1873, 1898, 267, ,666.
At the same time the exports were much
greater-that is, for 1872, 1922, 956, 157, and
for 1873, 1851, 944, ,255, or difference in
favor of 1873 of s3S, 9S8, O9S. Taking, then,
the reduced imports and increased exports
together, the auspicious state of trade was in
our favor to the amount of $58, ,585, 273 in
the first seven months of 1873 over the cor
responding period of 1872. But that is not
all We exported less specie and bullion
in 1873 by $26, ,490,2 212. The amount
was in 1872, $66 121, ,Os8, and in
1873, s39, ,63O,s76. Since July last our
situation has been improving. The i'm
ports have been comparatively small and the
exports large. and we have actually imported
specie to the amount of ten or twelve millions
of dollars over the exports. We are really
in much better condition now as regards
our foreign trade than we were in July The
stock of foreign commodities on hand last
July was only ST. 715, 515, against $112, $780, 691
OF the same period in 1872. We are, in fact,
beginning to understand the wisdom of de-
pending upon ourselves, and to learn that,
with
balance OF trade may be always in our favor.
1t must inevitably be SO at not distant future
day, in view of the settlement of our Western
acres by the importing emigrants from the
Old World, the vast increase of produce the
improved facilities for transportation, the
revival of our shipping interests and the de-
velopment of our mineral resources. But we
can hasten the time if we will moderate our
wants, be contented with less luxurious living,
leave our splendid internal improvements to
grow up into remunerativeness, and patiently
await our customers from less favored lands,
who must perforce come to US for the necessa-
ries of life and commerce.
With wealth and prosperity at our doors,
and with prospects before us more brilliant
than the most hopeful would venture to pre-
dict, it is wise on the part of our government
to preserve peace with foreign nations if it
can be done consistently with our own inter-
ests and honor. The reaction from the COM
mercial crisis has set in values are rising rap
idly, and business is experiencing revival
which should be fostered rather than checked.
Through the paths of peace, beyond doubt.
lies our true road to that commercial supremacy
which we must eventually hold over all the
nations of the earth. This is no empty boast,
for with the onward stride Of civilization and
the settlement of the whole country between
the Atlantic and Pacific oceans, we are des-