The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-07-21
NEW YORK HERALD SUNDAY JULY 81 1s7a-TR1PLE SHEET


have been already made there is no reason
why it should not begin at once. 1t is alb
sslutely necessary for the proper growth OF
New York and the convenient accommoda-
ton of its commerce. Not until it is COM
pleted will our port be fitted to receive the
trade which must flow to it with any revival
of general industry.
VIII The present year has seen re-
markable development of the summer con-
veniences of the city. New York. to all its
other attractions, has added those of one of
the best summer resorts on the Continent
The cheaply reached, convenient and orderly
seaside places not only attract visitors from
distance I; they are a great boon to our
own population they will increase the
healthfulness of the city, and will make the
lives of many thousands pleasanter during
the summer heats. No city on this con-
tinent is SO thoroughly equipped against
hot weather as New York now is and CAPT.
tai having once discovered that there is
profit in orderly and we'll managed seaside
resorts near the city their number will be
still further increased.
TX. Finally, the country is really rich.
1t still feels poor, because great many
men have lost fortunes and good many
more are in debt. But the long and dreary
period of depression has taught the whole
nation economy and this, combined with
several years OF abundant crops, tells surely
and rapidly upon the general welfare. The
readiness with which the four per cent
bonds have been taken up the increase in
the savings banks deposits in many States
the revival Of building in many cities; the
considerable increase in the internal reve-
nue. receipts all show that we have sub
stantially recovered the losses Of the war
and the period OF depression since. The
excess Of our exports over the imports is a
great help to u.s. and the increase OF our
foreign commerce promises that this condi-
ton will continue. During the fiscal year
of 1867 the excess OF exports over imports
amounted to over one hundred and sixty
six million dollars; in the last year
it was considerably over two hun
dred millions, and for the year
just begun it can hardly be much less. for
all the crops promise well. and the cotton
crop will, it is believed, be the largest ever
raised in this country and considerably
greater than the largest crop ever grown
with slave labor. Political demagogues in
the West are crying out that there is a lack
Of money, but the fact is that there is more
money now in circulation, per capita, than
there was before the war, or than there was,
b host nj ha ayt
period of imitation; and with moderate
prices no more is needed. The defined and
firm policy of the Treasury begins to restore
general confidence and new enterprises are
cautiously beginning all over the country.
All these things help New York. The
business of the country centres here more
and moro our merchants and bankers con-
troll q large part of the transactions which
are carried on at other ports. New York is
for this country what London is for Eu-
rope-the general settling place-and
there can be no appreciable increase
in tho prosperity Of any part of the Union
which we shall not feel in benefit to our
selves. With wiser and more liberal laws
relating to foreign commerce the city would
see wealth pouring into its bay and every
branch Of our industries revived and slim
ulated. One of the most hopeful signs for
our future is that merchants and manufac-
turers have at last begun in earnest to Guilt
vate foreign markets. IfNew York languished
it was largely because Americans had ceased
for years to care about foreign trade, the
enormous encouragement in subsidies and
grants given to railroads having directed
all our attention to the internal commerce.
These are some of the reasons why we be-
lieve that New York stands at the beginning
Of an unexampled career of prosperity, and
needs only fair management and the exer-
else Of common skill and prudence to begin
very soon growth more rapid than any it
has known hitherto in all its history.