The morning star and Catholic messenger., 1876-12-03
conmsrcial and Industrial Independence Of II.
: West and South.
Ist. Louis Republican. j


The West is pulling upon the Easa,,
money chests with resoiuteness and nss "
sistency which is worrying many Of 4,
financial writer's of New York and Bostos 4
but particularly those of New York. Nsg
York city has enjoyed the honor OF beinp
ever since the history of our nation BEGAN
and by being custodian OF the money bar
has managed to dictate to some extenk n
sll Of the balance Of the country. hus mors
particularly to the West and South, Rnt
the West and South have developed cana
cities for commercial aud industrial iOde-
pendence lately which are quite inserestins
to contemplate. They have engaged yerT
largely in manufacturing. They make
boots and shoes, clothing, hard are, rnasle-
able iron gOods, stoves, agricultural imple.
mepts, wagons, carriages, huggies, cotton
and wooden goods, knit goods, willow and
wooden ware, harness and saddlery, cut.
lery, glass and qaeensware, furniture. rail.
road iron, machinery, engines, horse shoes,
naile, all manners of builders, hardware,
wines, liquors, cigars. tobacco, bags, bag.
ging, beer, ale. whips, buttons, wire musi.
cal instru ments, carpets, shawls, bOoke,
paper, stationary, pens, Ink, aud, in brief,
nearly all of the Thousand and one things
which q highly civilized and prosperous peo.
pie require. OF course they do not manu-
facture these articles in the quantity tho
trade requires, and therefore q good deal
must still be purchased from Eastern man
ufacturers. But every year the West and
South will buy less and less of the manl
fsctures of the East, and every year tho
goods they consume will be more and more
drawn from their homo products. But The
East must have Western products. The mil.
| lions of dollars worth of meat, grain, -four,
| cotton, wool, hides, furs aud dairy pro-
ducts which they annually consume or ex-
port to foreign countries must be drawn
from the West and must be paid for, too.
Once they could pay for all these products
| in goods, but now can only pay partially In
goods and NUT express cash TO pay for the
balance. -
Il is this position Of affairs which is w0r-
ryipg the financial writers of New York
city, and the queerest part Of it is that they
do not fully comprehend the feet that the
East is slowly declining as the money power,
for the reasons above given. Hence one
inn patient writer frsntically exclafms: "0ur
| banks have lost since the middle OF August
almost 10000, GOO of dollars OF their re-
seryes. AS the excess OF reserves In specie
and qreenhacks over legal requirementsi is
only 90 COG 375, and the grain ana cotton
crops are large, We suggest to our oankeis
that they should expedite the return Vi cur
rency as rapidly as possible"
But this bright financial writer failsb
show the banks how they are to expedfh
this 8. return of currency" which has gona
West aud South to be paid out for cotton
and grain, cattle and provisions, hides and
WOOL and the many other thlngs which the
Eaet buy of the West. Beyond doubts
good deal of it will return when the ninety
dave, four months and six months notes Of
Western merchants fall due for goods pur.
chased in the East during their visit to the
Centennial. They made very large pur.
cbases during the past fall, ioduced BY IN.
usually low freights to the West and their
desire to do something in the way of paying
expenses of their trip to the CentennI
But the return flow of currency eas!"su
will never be 60 large and certain as it hA
been in the past, because, as we have SAD, salo'
the West and South buy less and less fro9 I
the East each year and sell them more e anu sSa
more of their own products. No" .u0
East will export more and more eacN yess
to foreign countries, and buy fewer iore'g.
goods each year they will continue 10 "
prosperous, though they may lose 'neH
power over the West and South.