The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1878-07-18
A Hopeful Business Prospect.

Mr.. Jennings writes form London to
the New York World that it is now
quite certain the commiug harvest in
England will be poor one, and conse-
quently they will have to rely upon
this country to supply tho deficiency.
He further says We no longer read in
the Times city article that England
cannot possibly suffer from foreign
competition. American calicoes are in
every dry goods store, American iron
is being used on English railroads
The change seems incredible, but I
have looked very carefully into the
facts, and there cannot be moments
doubt with regard to them. The trade
returns for May, which were only is
sued yesterday, disclose startling
s.ate Of affairs startling, that is, to all
who have an eye for facts and attach
more importance to them than to
theories. The exports again show at
falling off Of u per cent. In all de-
partments of the cotton and iron trade
we sell less and less to former custo.
mers. The writer of the Times city
article is now fairly scared. speak
ing of iron and steel manufactures, he
says: cat present it is trade which
must mean loss, and perhaps ruin in
the long run, to important sections Of
the community, for it is trade carried
on at an ohvions loss0
But what has all this got to do with
American readers? some one may say.
A good deal. In the first place, it is
America which is the most active and
most successful competitor of England
in her present markets. Then, again,
America not only takes away England's
foreign customers, but is underseliing
her at her own doors in London, Liv-
erpool any every large town. While
thus cutting her commercial resorces
down, America grows harvests which
no other country is able to produce and
which England, is obliged to buy.
This year you will have very fine
harvest can only say that it will be
needed in Europe. Russia has not
grown much more grain than she
wants, aud the yield here will be con.
paratively small And it is not for the
grain only that England now comes
with money in her hand to the United
States ports. The sale of American
beet is simply enormous, considering
that even in 1876 it was almost if not
quite unknown. And now We pay
something like s2O.OOO,000 year for
American beef, and the business is
| constantly increasing So that for the
''staff of lite,' and large portion OF
the meat consumed. this country must
now depend very greatly on the United
States. There is one conclusion which
should be disposed to draw, namely,
that this state Of affairs must inevitably
restore your long lost prosperity. 1t is
an i'll wind that blows no one any good
Foreign capital must necessarily pour
into your country, making up in q
large measure for the losses Of the last
few years, and infusing new life and
energy into all departments Of trade
| This is certain as that the sun will rise
tomorrow. The recovery OF trade in
| America does not now depend upon
accident or artificial causes, but is be-
ing produced by fixed laws-for there
are such things in connection with the
commercial as we'll as the physical
world, although they are not by any
means what the political economists
suppose them to be.