The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-05-21

for an Immediate and great increase In the
general trade of this city. 1t Is to DO re-
membered that when once city has ac-
quired an established character as the
great commercial emporium OF a country.
whether from local advantages or fortui-
tous circumstances the course Of trade
becomes settled by flowing regularly In
the same channel. Permanent invest
ments of capital are made. and the foreign
as we'll rs the domestic commerce OF the
country takes a direction, which nothing
but the development OF extraordinary adj
vantages Of position In some other place
can change.
All this has happened here in New York,
and no efforts on the part OF our would-be
rivals, Philadelphia and Baltimore, can
change tho course OF trade. The statis-
tics of the commerce OF Bal timore
and Philadelphia, as compared with that
of New York, show that Notwithstanding
they have made great progress during the
last eight years, the aggregate export and
import movement of both cities combined
is Insignificant alongside OF the export and
import trade OF this city. We have seen
previous periods OF stagnation and deprcs-
sion in New York which fully oqualled
anything we now witness. The city has
always recovered from them, and kept on
In the full tide OF her successful career.
The sceptre OF commercial supremacy has
never yet fallen from her hand
The opening Of the Erie Canal in 1925,
the early progress of railroads from 1880
70 1887, and the discovery OF gold In Cali
fornia in 1S48, inaugurated three eras Of
great material progress and commercial
activity throughout the land. The build
ing of railroads and the rapid develop
ment OF our agricultural, industrial, aud
manufacturing interests, helped give an
impulse TO the great speculative move
ment which swept like a whirlwind over
| the country, and eliminated in the finan-
clal catastrophe of 1897. New York was
the financial centre OF all those enterprises (;
she more than any other city grew in
wealth, size, and Importance during those
halcyon DAYS, ana when the crisis came,
her losses and her exhaustion were COR
respondingly great. In 1888 and 1889 II
was almost impossible to give real estate
away in this city. And yet in point Of fact
the real growth of New York, her great
| importance rs the commercial capital of
| the United States, and the rank she now
claims among the chief cities Of the world
may be said to date from the period OF
utter stagnation which followed the crisis
of 1887. We are now about emerging from
an era OF depression, brought about by
over-trading over-production, and specu.
lation, which In their turn were the result
OF the immense issues of paper money
made necessary by the war. The crast
came In the fall OF 1873, since which time
values OF all kinds have steadily declined
and thousands have been ruined, Will,
every one has directly or indirectly sui
fered severe losses.
Where whole community has beel
more or loss impoverished, 1t is not sur
prising that many despair OF the futur
and take those gloomy views we have re
ferred to. II such shortsiGhted and faint
hearted people live but for few year
longer, we confidently believe they will SCI
New York embarked OH fresh career o
material prosperity, to which no limits ca
be assigned. New York rs q coinmercia
city is almost without restriction OF an
sort. She has the character of a genera
market, which natural facilities hav
enabled her to establish, and which tn
same facilities will enable her to maintain
The country which requires the aid Of he
commercial industry is, by means Of nat
ural advantages and powers, increasing
with degree OF force of which no fore
sight can venture TO estimate the results
IL Is fair 10 infer that the growth Of tn
city will be in some degree relative TO tn
growth of the country, with which, as W
have seen, she is inseparably connected.