, 1877-09-24
pn,ineY Does Not Revive Because Our
Commerce Is Confined Within
Too Small Limits.
A nsrket Must he Found Abroad. for
tic OrerpIus Of 0nr Mannfac'
turing Capacity.
And That Market Can Be- Obtained Only
by Striking OF Or Lowering Pro-
tectige Duties.
fhis CapntrJ Too Large for crsttttian. and It,
Resources Will Soon Burst Their Artt.
ltIal Barriers.

doubte,!ly be pscdicalcl upun the commercial
md Industrial condition Of our eoontry, which
xe all know ID that Of depression, discourage
mcut, anu even dlsmay. During tho past four
vrafs tic catalogue Of bankruptcy !,as bccn
drawn out IN long lines of lieaAtcr. The in
dustrscs OF tho country were never, in tho mem
orr Of this generation, 60 ssniltcn With parnly-
t|s, Our irt,n and coal trades are nt the iast
easp, as regards profitable employment to the
jabor aud capital invested IN them. Knilwny-
defaults have multiplied beyond all precedent,
MD tho stockholdors Of these corporut!ois have.
aecu p,nchctl as they never were before. Our
lake, and river, and coasawisc carrying trades
arc III no better plight. Tho same dis
trcss prevails In the WOODEN trade,
,be lun,tcr trades, tho building
trades, and Tic lesser branches Of
manufacturing industry. Tlscro las been d 81.
rsnttc rcyo!t uf lahortng men In tho Middle and
Western, States, accompanied by bloodshcu,
p,ilage, aud inccndiarisni; and
THE rHAMr,
who was known five years ayo only a. phc-
pomcnon Of distant lands, llko the gypsy md
tho brlgaud, has buco1ne OF tho most dread
cd Institutions Of tho country. 1scal estate in
cities and towns hns fallen In price to such mn
, extent that mortgages Of Avo years. duration
most commonly take tho wh0fe property and
leave the, mortgnReor III debt. Tho inyarinbte
tpnconitant OF this state Of tllings Is an ex-
Ircmely low rnte Of interest for money Ono
snd lIalf anil per cent has frequently been
the highest rnto pbtaiuahls on call-loanA III tho
City of Nuw Yusk, whtlo mercantile papcr hos
rugged considerably under o; and latcly tho
spectacle NILS presented to us Of Government
loan being effected III our midst Of per cent, to
: tue extent Of sJs,00o, ,000 utter fow tnys' nd
yrftlsnE ID the newspapers. Such plethora
and surplus Of uuuscl capital was nevur before
dreamed OF in this virgin continent, ao-callcd.
Agriculture, and tho tratlcs most closely con-
nectcl With It, nre perhaps rocelvng fair re-
turns for the cnpttat a,lll skill Invested III
them. Thcae, and suMlry branches Of tho ex-
,post ten.!c, ure thu only features in the dark
landscape VI uur iMlustry upon which tho cyc
rests with any satisfaction. All else Ii a weary
and arhlnY mnss Of unemployed or half-etn-
poyel calM.af, ni!sdrcctod talent, and under-
pAll labor, to which eou'tncrrc Eiycs the &C.
ncric pame OF giut. After two centuries anil
half of continuous immigration tru'n foreign
Lands, cycn that source Ut gail has lnIcl us,
und SUMO hundreds of our own nloro cutter
pr!stng artlsann hayc migrated within a
year to Australia ana Tho ~, British Isl.
unds IN scarrh Ut employment. Thu condition
of things abroad Ia
AKIN TO Our OWN. ,
Tho scrtsts which commenced III 1873, after 4
long period ot reckless speculation and inflated
prices, visited EMganh. Germany. and the Aus.
tro-ltungarlan Empirn With severe titstrcas, and
a psx eung xaKsa sss IL Ss' .o 'e ears va
Ing, non.spcculatiyc habits Of her. people,
seemed fof q scason to hpYe escaped entirely
from tornado Thlcl, Favatetl tic I,rentcr mart
Of tho commercial wortL But, stll the gradual
inp1vcrIsanalt uf l,rr customers. abe has been
Restricted IL narrnHer laatkct Tor her pFud-
urts. and compelled to acccpt lower prices for
tle dln'InIsl.cl quantlty; Iicnce We liear cum
ni Fly ,ss ss'Y Ya II tNs NtSsr 81 sat Earaa t
.,'or tlcrnlan.y has given any ,coslsldsrs-
1udgs iron Nno personal observation.
Sa ft9n t,. ths M ssatsents 81 trade1ournals On
The nominal rate Ut wages there md here. thcru
arc 'Nnrc people cut III employment IN this
country, who uro willing to work, tiiap IN Fly
lan'l aud tler.nany addei togethcr, AZ all
'..n ,a,s Is tle country iii which there Is work aud
Let ua first take q bricf survey Of the COM
mIrrial crisis In which wa have 'iIeen Wullowing
stace 18Th. Although much has boon wr!ttcu
~ tl.o subject u conmsErial el;es. and thsir
Frvncl', and uc'rnan publ.slsts, there Is per-
haps no other department Ut political eeon1lny
90 obscasc xnu ST little understood: Why
~ ihat !oF SONS years thc whtha en.l.
,Na. ,,,sasia. "o!lu ID III etai9 o. oo4maine
ntpspe.aJ' aa'i taea sulashiy punges
,.1 n..1 =. ~ auJss y! unnRlutteY' msetsf,
u,.n ..n.a., n,Isstcas, .1, Tlthont aW pe1eeptlo!e,
t"erMa, ,a, eause' II u commonly supposed, ai'a
y t,a. aa&1os@"'eo oy aoa'e eeohotnlsts o9 hote'
.asI
.,,;, in, ,,s!s WAsIn ov CAPITAL. ,,r.,.,
n1vcans ~ gn investments ~ !nlways paS,!e I'M
t1n. .n,,sn "aIs, etc., w ti'e rGspsl9!c atn
M" lnsms,.s " w pest.uieal collal'sG VI lFau9
fnrrr"nmar. Ia Ahese are, Nlucca, 1hc USUAL
1nsr'ssi III. s H.. .aesnpanheilts ot se co'fl'
cu,l,trv rano, ~ .%vsy .ney eant'ot 10 tAo cause
r,lus ii, new saiwar. ps sa,s tuaa ns ahnuat auf
.,1s rtc. so, mn ~ % %.aStotles, ihlhss, onill,
sipIus il va. sy u sn,,,a' oso @ tnat its ANNA
thss nart of ths annna1 'uas snI 70 nieant
nsIs slter fcrd.nT. ciotb;n, UT, W!aem r.
lis inl,abitants. Truu s,,n,.,.,, ~" 'na'al va
rnwnI, Jrn anr,,a,i fur.",h Gsals s,.s may 10 boE-
borrowed In,rttun Il really ~. oat ts
tLn lending rt,l,utry. tsmHsr,.s1 .1usatient ..a y!
~ o's."'I''o'i t ncea borrowing cUun.
tnrv .t,iEn tho icniins couniria. ~, !haeeu,
ti,rv xtriE.. fx,I}, fmtntrtinJIr ti.fns wv
ta a!l,nitttI "a mathcattrails IN. ia. 'naas
country caunot posstbly inyest in I. eJ a,sit