The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1873-08-14

No~ Ms Nsss York Tribune.

I'M AAsSoS PAo~HVASNo - ~ ViAAouAs w s0Ns
Il seems to as, however, that the out.
look for business In the United States
is more favorable than 1t was tour
months ago. Speculation has sub.
mitted to check, and great deal Of
indebtedness, foreign and domestic,
has been liquidated, The New York
banks are stronger than they were
. year ago, and there ia : prospect that
tho pressure on them and the coose.
quent stripgeney in the money market
will not be so great as it vas in the
fall Of 1879. The prices Of speculative
stocks have generally fallen, aud the
Wall street gamblers follow their game
with less a, Tor. The Alabama iudem.
nifty Of SIS, 100000 Is to DO paid 10
September, when $4,000 900 in gold
will be paid out Of the Treasury 10 re.
demption of the bonds. At no time of
the year could such a disbursement
be made with more salutary effect.
We do not attach very much I'm.
portance to the change which has
taken place in the relation OF our OK.
ports to our imports as an indication OF
future prosperity. We have been ex.
porting vast quantities Of bresdstuffs
and provisions to Europe, but We have
been selling them at low prices. The
farmers have reaped % great profits,
and the consequence is that the agri-
cultural interests are depressed. The
embarrassment Of so numerous and i'm.
portant body as the farmers has, in
the natural course Of things, eommuui.
Gated itself to other classes, In this
general decline Of business, We have
the true explanation of the falling off !
in our imports from abroad. High |
prices in England are not the sole or |
the principal reason Why We have
bought less of her products than We
were buying year ago. Other coun-
tries besides ours are customers of
England, but no country has diminish.
cd its purchases of British mauufaotur.
60 10 anything like the proportion that
ws have. And this falling of in the
American demand for English prodaots
coexists with an English demand for
American products such as never hos
been surpassed before.
Then, too, the prospects of trade and
manufactures in England are anything
but brilliant Owing to labor troubles
and the enormously high price of coal
the exports Of British manufactures
are on the descending path. For two
years the English harvest has been
bad, and that Of the present year can
at best hardly reach the average. So
intimate are the com meroial relations
between England and America that
any disturbance in the one country is
quickly felt in the other. The de.
preston Of our western farmers has
helped to check the British export
trade, and the misiortunes of the Brit.
ish manufacturer will, by another year,
react on our export trade. We have
been very fortunate in marketing the
full cotton crop Of last year at excel.
lent prices. IF our crop Of this year be
NO larger than that Of 1872, We can
hardly expect, in the present state of
business in England, to get last years
prices for it. 10 short, the bad state
Of agriculture in the United States and
of manufacturing in England are evil
omens. 1t does not help the matter to
know that the small profits of the farm.
er are owing to the fact that too much
wheat and corn have been produced,
and that the over.production would
have been moro serious matter had
it not been for the large export de-
mand caused by the comparative fail
ure Of the English crops: The fact re-
mains that the farmers are poor, and
that no healthy condition of bust.
ness can be expected until the profits
of agriculture are once more on a level ,,
with those Of trade and manufactures. :
No one who carefully studies the /
progress Of the ooustry can have fsiled
to remark that the necessary remedial
changes, for our evils at least, are be. :
coming rapidly developed. There has
been within the last three years an i'm.
nense Influx Of capital into manufac-
turing, aud tho consequence is that the
prices Of manufactured goods are al.
ready declining. There was last year !;
an increase of about one-6fth in. the
consumption of anthracite coal, and the
quantity mined in TIE seven months
which have elapsed of the current :
year 10 still in excess of the production 9
Of 1872, There are oDmistakablc q
signs of the revival Of ship.buildiug in a
this country and We have already con.
straoted on the Delaware half dozen
iron ocean steamers which would make
. good appearance alongside Of the best
ships that come to this port from the
Clyde. With the restoration OF good
government in the South, and some
limit to the much abused debt creating
power Of cities, towns and counties in
the North with steady, persistent pro.
gress toward that much desired con.
summation, currency convertible into
gold at the will of the holder, and with
the present tariff aud tax laws left Just
u they are, this country may easily
escape from its present troubles and I
enter upon an era of prosperity sur
passing anything 1t has experienced