New-York tribune., 1874-09-21

of trade are not without redeeming features.
The circumstance that for the last eighteen
months there has been an unprecedented for-
eign demand for our breadstuffs has not been
without its good effects in relieving the inten-
sity of the crisis. 1t has enabled the farmers
TO keep on the safe side of the account IN
their dealings with the country merchants
This, in turn, enables tho retailers to settle
punctually with the wholesale dealers In
the great cities. 1t has also had another
effect, not less beneficial 1t has given the
growers of wheat and some other agricultural
products increased power to sustain the effects
of the lower range of prices which is
now established for breadstuffs. 1t is
idle to consider the crisis of 1873 as other
than q commercial catastrophe of the first
rank. vet the trade of the country, as meas
ured by the imports of foreign dry goods, has
not suffered so severe check as II dld IN
1857. This we consider to be the direct effect
of the moro favorable position of the agricul-
tural interest, which, it must not be forgotten,
forms far greater proportion OF the whole
nopulation of the United States than it does
of Great Britain. An extremely low price OF
wheat is doubtless benefit to English trade,
but low prices of wheat and cotton are un-
ouestionably cause of dull trade here, and
il must be admitted that their effects Will be
felt by trade during the coming months.
There is another fact which we consider OF
the highest Importance. The British export
trade for the last fifteen months has been de-
clining. Comparing month by month, 1874
with 1872, we find that six of the months show
decrease, and only two small increase.
Thus the English export movement Is no
greater now than it was thirty months ago.
But there are causes at work which are certain
70 revive British trade. There is an abundant
harvest throughout Europe, and the greater
cbeapness of food will leave more income to
be expended by the mass of consumers on
clothing. In 1869 England exported 2S69,OOo,oOo
Yards of cotton piece goods; in 1870 3,267
in 1871, 3.417 900 600, and in 1872, 3,53S,OOOOoo
Since 1872 there has been no increase. Now
the prospect of an increase is certain. But
what is that to us7 Everything, since we
furnish the raw material We also fur
nish wheat, corn, petroleum, TOBACCO
cheese, beef, pork, and provisions OF all kinds
TO the laboring population OF England Next
70 the state of the labOrer in our own country
il is of vital consequence to us that the
English laborer have work to do and good
nav for doing it. Tie mouths and backs OF
the laborng people of England, France, Ger
many, and Belgium are the destination Oh
tbree-fourths of our entire exports. we are
convinced that the prospects OF European
| labor. ON account of the greater cheapness OF
wheat (which is far heavier item OF expense
to an English mechanic than it ever is to an
American), are much brighter than they were
four or five months ago, and that we IN TINS
country will feel the effects before the WIN
ter is over in improved prices for cotton and
other staple articles of export, wheat perhaps
excepted.
III. So far as the progress of events anu
| available statistical information enable us 10
make comparison with the state of trade
| which prevailed in this country for two or
three years after the panics of 1887 and 1901,
and in England after 1887, 1S47, 1857 and 1866,
the result is remarkably favorable to the
present period. To begin with, very little
commercial rottenness has been developed III
Great Britain, our great customer and creditor.
The same remark may also be made of the
state of affairs here. On the whole our bank
ing system has been more prudenty handled
than it was in the years previous to 1887 and
1857. There have been great abuses, as some
recent failures show, and as indeed is apparent
from the official statistics, but after all the
banks bid fair to come out of their difficulties
in better shape than they did twenty and forty
years ago. The above observations apply
with still greater force to banking in Great
Britain. While, therefore, we do not shut ON
eyes to the features which are common to the
present depression and those which have pre-
ceded it on each side of the Atlantic, and
would earnestly recommend the history and
philosophy of such depressions to the careful
study of our merchants, manufacturers, and
bankers, we think the country will escape
from the consequences of 1873, having suffered
less distress than our ancestors did IN atonlng
for their excesses So far as panics are con-
cerned, there is nothing new under the sun.