The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-07-14
Our Drop and Trade Prospeets-sum-
NOR Reflections for Future Action.

Our Drop and Trade Prospsets-sun-
mer Reductions Tor Future Action.
While large portion Of the business CON-
munity is seeking that rest and recuperation
during the heated term of Summer which an
active life and too generally an overstraining
Of mind and body call for, the crops are grow
ing and maturing and the millions of toilers
in the fields are preparing materials of wealth
for commerce and renewed activity in the Fall
and Winter. 1t is an appropriate time, there
fore, to review the situation of the country and
to look at the prospect before us. A great
railroad magnate, when approached at Sara
toga few Summers ago on business mat
ter, replied that he had left business behind
him and attended to none there; that, in fact,
he went to Saratoga to enjoy himself and to
attend to the ladies' This septuagenarian was
then counting his present wife, and was married
shortly after. Many others are in the habit
Of laying aside the cares of business
in Midsummer for health and pleasure. and to
attend upon the ladies, whether married or OK
pectng to be married. Still. our merchants,
tradesmen. stock spectators, as well as the
great railroad chiefs, are not apt to lose sight
entirely OF the main chance. In their leisure
they watch the current of events, contemplate
the prospect, discuss probabilities and prepare
for future work. The stock and gold specula-
tors are, to certain extent, an exceptional
class. They live in excitement and are not
happy out of it They are heard shouting as
Justify in Wall and Broad streets when the
thermometer stands over ninety in July as
when it approaches zero at the depth of Win
ter. The rise and fall of stocks and gold are
as exciting to them as horse racing is to the
professional turfmen. Yet some of these, even
when worn down-and theirs is fearfully
wearing business-seek the seashore, the noun
tains or the spas, though they may hold the
magnetic telegraph wires in their fingers to
keep en- rapport with the market
One of the remarkable things of this COM
paratively inactive period is the steady price
of gold. 1t has stood for some time at frac-
ton over fifteen per cent premium and fluc-
tuating very little from day to day. The price
of stocks, too, has been well kept up, taking the
list through-all tending to show the absence
of any great and general disturbing element in
the market. There appears to be no serious
perturbing cause at present or proximate to
affect the stock and money markets or the course
Of commerce The world is at peace, with the
exception of certain local disturbances abroad.
The great political changes that have recently
taken place in France and Spain, and those that
are fermenting at the base of society in all the
countries of Europe produce no alarming or
great influence upon the general currents of
commerce. They are barely felt in the inter-
course between America and Europe. Nor would
greater changes or more serious disturbances
abroad have more than temporary effect upon
the trade generally, values or we'll being of
the United States Close as commerce in this
age binds one nation to another this country
has such enormous and varied resources that
it is more independent than any other. War or
any other extraordinary event abroad might
disturb the market and values for time. but
not long or greatly, for both capital and emf
grafton seek q refuge in this prosperous and
happy country. But while gold and the
money market are comparatively steady un-
der the influence of general peace and we'll
established currents of commerce, how is it
that the gold premium has not declined?
How is it we have not approached nearer to
a specie basis and the general money STAN
dard Of the worldp At one time the gold
low, now it is over fifteen, and not long since
it was above eighteen. Looking at the wealth,
resources and prosperity of the country, and
at the credit and constantly available specie
means Of the government, this is puzzling
anomaly, and can be accounted for in no
other way than that the national finances
have been wretchedly managed. Look at
France, at her enormous debt before the war
with Prussia, at the cost and sacrifices of that
war and the war with the Commune, at the
indemnity Of thousand million of dollars
paid in about two years, at her loss of valuable
and revenue-producing territory, and at all
her troubles, and yet the suspension of specie
payments was scarcely more than nominal.
Eight years after our war gold is fifteen per
cent premium. The difference in the con-
dition of the two countries in this respect is
remarkable, and shows how much better they
understand financial management on the other
side the Atlantic.
It is more agreeable to look forward to than
back on the failures of our financial dabblers,
and we shall, therefore, notice the material
prospects of the country. First, then, as to
the cotton crop-the crop of that great staple
which goes far to pay for our luxuries to keep
the government we'll supplied with revenue
and to promote commerce and every branch
of industry 1t is generally admitted that the
crop will not be less than that of last year.
The average planted was greater, but reports