The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-05-07

Cotton In 1877 tho largest crop snco 1900
Coa-y OOO, QUO tons mined IN 1870 and A. 900, 900
tons III 1877.
Mr. Burchard, OF Illinois, who some days ngo
brought out these 1sures IN q speech tho Bank
rupt law, remarked that shorty per cent OF all
tho aborers In tho country farmers arc busy
In tho 1ed aud not bowling about the condition tho
country" and no added, very scnsibiy is true
thcrc are individuals In distress. Always in the HIS
tory OF all countries there Increased faures upon
q falling market We have had In this country within
thirty years Ihroe periods OF tho imitation decline
OF prices presenting similar phenomena and financial
results risc IN prices until 1887, fall u7tl 1861,
again rise from 1861 70 1865, and from the latter
year until 1869 decline. Again advance up 10
1872 and down again 10 tho present period. Wncn
thero was advance In prices thought they
were making money II thcy held thor property
during all tho period from tho rise TO tho fall thcy
found themselves financially just whcro they were
when thoy started but during that period they DIS
posed their property at the high prices they gained
OF By tho advance. Tho purchaser must bv tho
decline lose all tho seller has made and his In
vostmcnt may and often docs involve him Ia liabil.
ties that the property itself viii not succ to dis
charge Loss and failures are the inevitable result OF
q falling market, and they will be tho heavier and
frequent when the imitation Of prices the
usual ratios has boon tho greatest Tho country is In
this condition to-day IL has returned from tho spec
ulative unhealthy and fictitious prices Of 1872
values and prices such ruled prior TO 1900 II
tho necessary and unavoid isic road TO sound busi
prosperity, and failures must attend speculative
purchases and visionary schemes. and oven vol
crpriscs DO rendered prof.
Nlsss by decline Ia prices
The HRRALbs letters on tho condition OF Now RAg.
land manufactures attract tho attention OF
hcrc showing that IN tho midst OF distress tho
But ono thought frequently expressed hcrc tina. the
country has sInoo 1902, been cncou raging sub
siazlng aud fostering by immense grants tho means
for internal transport and exchange OF products and
has IN the time by extremely high Tariffs als-
courngcd foreign commerce. IL has cono every.
thing that could be dono by Tho most lavish
expenditures 10 expedite and cheaper tho
transport Of surplus products 10 tho scaboard
and thore has left them. Foreign commerce so Tar
from beng encouraged icstcrod, has boon pcrsis
tentiy crushed TOR fifteen long years, and tho pre-
mium offered BY tho government In subsidies aud
land giants for perfccting tho mach nory OF interior
transport and exchange has drawn capital and enter
prise constantly away from foreign trade. so that
our consuls complain everywhere that Amer-
can merchants aud manufacturers have Tor
gotten even how 10 adapt themselves TO
foreign markets; tho old racc Of foreign
merchants who did much by their capital and enter.
prise tor tho commerce and industry oil tho country
has either died out been driven TO other pursuits
by high tariffs impeding tho exchange OF our surplus
products abroad aud by the contempt with which on.
gross has for 90 many years treated al,
their pleas and Representations Our foreign
commerce has consequently to be rccrcatcd: the
country suffers for It's long neglect OF this vitality
important brancn OF industry It suffers because II
has so long pursued Chinese policy and wages arc
low aud great bodies OF men are unemployed hero in
tho midst Of the greatest abundance for the same
that wages arc low aud people China
because wc have discouraged ana crushed foreign
mcrcs aud put legal Chinese wall about tho country
THE TOBACCO AND INCOME TAX.
Mr. Tucker tried to-day to pass hts bill reducing tho
tax on tobacco aud imposing income tax aud iailei
tho House refusing to suspend tho rules. which re.
qures twc-thirds vote. Tho vote as recorded stood
l2v TO IFS. and those voting would have madc the
vote an actual majority against ths bill Tho friends