The New York herald., 1878-12-31

CROWN OF our cOmmcrco VIC Muse Duy ~
most as largely as we sell. AS We do not
give away the productions which we export
we must receive equivalent commodities in
return. The unexampled harvest of the
year is one reason why our exports
are SO large. The excess of our ex-
ports for the last three years has
brought home the greater part of our
government bonds held abroad, and it is
always good policy to call in our debts.
But, except the payment OF debts, we must
buy in proportion as we sell, and tho recent
heavy balances are in their nature tempo
rary. The ravages of the yellow fever in
our Southwestern cities, although one of
the most prominent events of the year, is
Of that exceptional character which leads
to no permanent consequences. This con-
cludes the list of really memorable events
in the United States.
Among our neghbors on sthe Western
Continent nothing very noteworthy has oc-
CURED, except in the Dominion of Canada.
The parliamentary elections, which have
brought the protectionist party into power,
between the United States and the British
Provinces. The appointment Of Lord Lorne,
the husband Of a royal princess, as Gov
ernor General, is an interesting event,
which may or may not answer the
expectations which are founded upon
it. It is intended to strengthen the
ties of loyalty which bind Canada to the
British throne. 1t is hazardous expert
ment. If Lord Lorne and the Princess
prove on trial to be popular the sentiment
of loyalty will be strengthened; but if, on
the other hand, they should by excessive
on the affection of the Canadians it would
be serious blow to the loyal attachment Of
the Canadians to the reigning family. Moth
ing very noteworthy has happened in the
American nations to the south Of us, the
assassination of an ex-President Of Peru
being merely personal event.
We have no room left to 60 into any de-
tail of the events of the year in Europe and
Asia. The success of Russia in it's war
against Turkey, the Berlin Congress, the
'speace with honor" which Lord Beacons-
field boosted that he brought back from
irony by the Afghan war, are topics of ex-
cited discussion in England. Far more
important in it's bearing on the future Of
England is the severe commercial
distress which has followed the ex-
plosion of the Glasgow Bank. 1t has
...:I Io1. Io1, 4n1
whether the commercial prosperity
of Great Britain has not passed the point
Of elimination and is not verging toward
permanent decline. In France the events
of the year have consolidated the Republic
and dispelled all Immediate fears of its
permanence. Germany is still struggling
with financial difficulties. Italy has been
the theatre Of important events. The death
of King Victor Emmanuel in January and
of Pope Plus TX. in February put new
ruler both in the Vatican and the Quirinal,
and the relations of the Papacy with Italy
and with Germany seem to be undergoing
. gradual change in the direction of amity.
The most portentous thing in the European
history of the year is the growing strength
. Of the nihilists in Russia and of their
brethren, the socialists, in other countries.
The attempts on the life of the Emperor of
Germany and the King of Italy have created
an uneasy sense of the desperation existing
among the dangerous classes, which tends
to soften international differences in view
of alarming domestic perils.
The neurology Of the year is not very re-
markable. With the exception Of Plus IX.
and Victor Emmanuel, already alluded to.
there have been no deaths in 1878 which
make any change in the ordinary current Of
affairs. The death of personages like the
ex-Queen of Spain and the young
Queen Of the same country, and Of
the Princess Alice, have only social
significance. In the list Of American
dead we may mention Gideon Welles,
Benjamin F. Wade, William G. Bryant,
Joseph Henry and Bayard Taylor. There
has been large mortality among European
scientists, DR.. Petermann being one OF the
most conspicuous and George Henry
Lewss better known in letters than in
science, one Of the most recent. All the
prominent statesmen both Of Europe and
America who were active at the beginning
OF the year have been spared to its close,
with the exception of Victor Emmanuel.