, 1875-06-19

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in railroad ls4i>ii',e IN '-.s n abnormal
stimulAnt I. T., lr,Istrsl ) 1tluatrics Of
Great britt - IT },,a e, direct occa.
sion for all ,..'tsl de ( labor nt,d
coal TINT CO. j not !: snsta Coal went
up enor1nos rr{ J: hair III +9 or 80
ton at The 'a,ua:'l; II ~ double that
amount, am: cal !u:' 'nriv IT. = nption got
as high 81 10 ard d|i1anto II l0ndon,-
moro tl'an T. '*e- e.: rim Chit a. af u cIasses
Of labor bct y ID d ,anti at nc ";'so Of VIZ
ges In prt ''~:o:.. ,s,.an1 d. ..rr a.a|.i, lies.
perate 1t, ",;'o ipa',e', d,-drst
among til :<ts". lien satn tho
r"ddlers, = ii :'u's, tt. ven
tho agricul '.F'. crs inftc.... The
naanufae.ur -. az End steel k';Iks.' np, sup
rlying thct .z,,pr{""s w!,it.tfell short
Of tho actut t, oil tinn. II wes iust
after ens1nr -, I'd incident to the
strikes and - y. f. . cost 1T labor anti
material th' '..l.c.. pasia came, d..
stroying In '.ti1 ty o,e Of the largest
markets for -. lnF mts Ra;lroad build.
Ing and ext v}a-, c!'eets,l all over the
world. No titt7 ha ds,ue.l fall oil mn.
terribly mud II, :ul ollie: countries, moi
similarly M ri I. st.ikts, aal got In
position to NIB iron, ates; and locomo-
tives al low .''ce' thaL h. nglish manu-.
factu1ers Ct !: TN, ':1 lls closed in
nbout the ;r,er.a oD al Sides The
other manu- =: ,'.hf IL. ;resta we're affected
in the same =, ';n.. 4. ugh not TO the sanc
extent.
2. Anotht '-..! :<,. tcral cause Of the
present 6na . 49, he imitation Of capi.
tal mot Of curreney) in Great britain, wIicl.
Inns been going on for years as result Of it,
prosperity. Great Britain has been accumu-
hitting surplus capital at tho rato Of $780,
100000 o year in excess OF all homo de-
MINDS. We mean TINT, aftor supplying it,
own business with every extension and acces-
sorry made necessary by iss increase, Ii.
profits on Its trade aud commerce abroad hav,
amounted to thia vast sum annually seeking
investment during ton years OF rapid de-
velopment prior to tho Into American panic,
this surplus capital found IN outlet nbrond,
md largely i'll the United Statcs. II went TO-
to oil sorts Of foreign 1oana, especial
y municipal and State. Money was loaned to
all the borrowing gnauonso On tho earth, iucIu.l-
ing Turkey, Mexico, andtle States Of Central
aud Sotth Arnerica. When this outlet was FILL
cd, the surplus capital of Great Britain sought
Investment in bonds md stocks Of eyory de-
scriptiou in Europe and An,erica,-railroad.
mining, manufacturing, pnblio improve
meats, etc. Tho British capitalists etscount-
ed the American loans placed In Germany,
Holland, and Franco. Everywhere, In fact,
that money could DO invested with reasona-
bio prospect Of getting back tho principal, it
rushed forth from the h!onted English capt.
talists. The demand for this capital was cut
oil about tho time the demand for British
manufactures decreased. Tho surplus moneys
lay idle at home, and were loaned at very
low rates to tho manufacturers and specula-
tors going down hill. These loans have not
saved the manufacturers, but In their fall
they haYe carried banlls and capitalists with
them. The present panic is but general
settlement day, when the accounts aro ba1-
ancod, and when 1t Is found that the waste
Of capital incident to tue strikes, the e1or-
bltans prices paid for labor, and tho losses
from abroad, have croatsd q havoc even
among the giants Of the financial world.
There Is one comfort about q panic In
Great Britain which We did not hare in our
panic. There will be speedy recovery.
Tho troubles sre partly the result Of too
much capital, as VIC hare pointed out. The
loases can ba sustained without my bad
eHoct upon tho futuro Of the nation or the
penple at Ihrra Aftar aattlinn mn, Tim En-