, 1875-07-25

| at IS cents, and how much he will lose OF
them should greenbacks be forced down TO-
| 20, or 30 cents less.
| TIE BUSINESS OUTLOOK.
The trifing panic in England is over. 4
few weak firms gave up the ghost, but the
| sweeping disaster SO confidently predicted by
American victims of Anglophobia has moi
come. A country which, thanks to its IN.
shackled trade, sells its wares all over the
! world, and which does business on the solid
basis Of gold, is not as easily swept into a
panic as one which invites hard times by
using shinplasters and ruins its industries by
pretending to t1protect them The London
crisis, in fact, was not half Us bad as the ca
Diagrams made it out to be. There were sew
eral heavy failures, but it is probable That the
creditors of the banrupts got IN average of
at least from ~ to Is shillings on
the pound sterling. Failures Like those
Of JAR CookE, Iowa ALLEN, and the
Freedmen's Bank, rarely occur in En-
gland. When they do, the bankupb
nre apt to mediate over their mistake inside
q cell. The London money market has fully
recovered from the furry. 1t is reported as
extremely easy, with money chenp and
abundant. The fact cannot fail to exert a
favorable influence upon our financial future.
The unemployed wealth of England will seek
investment. The recent disclosures made by
the Committee of Foreign Bondholders, By
the Investigating Committee Of the House of
Commons, and by several notable trials in
the English courts, will do much to prevent
wildly speculative Investments Sound en-
terprises will, therefore, stand better
chance. They will not be elbowed out Of the
market BY fraudulent but alluring schemes.
The capital which the patient economy Of the
American people has created since 1878 will
therefore be reinforced by English capital.
We may expect to see the wheels Of trade
work with fresh force under the pressure Of
this new wealth. The prophecy is already
beginning to receive its verifcation. Our
five per-cents are selling more rapidly in Eu-
rope than ever before. Their continued
sale means the withdrawal of the Government
5-20's, bearing per cent rate of interest, the
consequent reduction of national e1pendi-
LUieB, AbuLeE LaAes, huu LntIe4oIe tAe Ieluof-
al Of part of the burdens of industry and
trade,
Our business future, viewed from foreign
standpoint, thus seems to be quite rose
colored The home prospects are also en-
couraging. The cotton and cereal crops will
both be large. The first is credibly estimated
at 4,5o0,o0o bales-the largest since
the War. The second will be excep-
tional1y large, and the proportion Of it
available for export is greater than
usual, because goodly share of last years
product is still on hand, having been held
back for the sake of higher prices, and be-
cause the South, for the first time, will be
an exporter, instead Of importer, of bread
stufs We shall therefore export large
quantity, and, from present appearances, we
shall get fair prices for it. A note in the last
number Of the Nation summarizes the crop
prospects Of Europe. It shows state Of
things very good for the American farmer, if
not so good for Europe: The French grain
fields have been seriously injured by the re-
cent rains and floods. North Germany and
England will yield less wheat than usual, on
account Of too heavy rains- Extreme heat
has played havoc with the Hungary crop.
The section which oompotes more. than
any other with the United States-the Black
Sea provinces OF Russia-has suffered from
both heat and locusts. The two together,
according to the Nation, "have seriously
diminished the spring and winter yield Of
wheat. As far Us can be judged now, the
cash value of our grain exports will be
greater than ever before. In other words,
the wealth produced during the current year
will be very great Now, the only way to
recover from a commercial crisis is to pro-
duce new wealth to take the place of that
the destruction of which caused the crisis
1t is evident, then, that We are On the high
road to recovery. The country, it is true, is
handicapped by the weight Of the excessive
tariff and injured by an irredeemable cur
rency; but the naturally strong constitution
Of the American public is pulling them
through the trouble. The near future looks
bright
Mr.. PLMso11, Member of Parliament, is
prepared to make martyr of himself and