Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-26
AMERICA IN ENGLAND.
Possibility OF Restoring Our Long Lost
PrOsperity-The Only Peril that
Threatens the FIXTURE of
American Trade.
L, J. Jennings In the New York World

| l.. j. Jennings In the New 4CrK world.
LONDON, June 81 generally endeavor
| about this time of the year to gather some in
formation respecting the harvest prospects In
| England tor the benefit of your agricultural
readers. If had written three or four weeks
| ago ON this subject l should have had to re-
! port that everything promised an unusually
| large yield of grain-the grass crops having
already been far beyond the average. But a
| long and obdurate spell Of cold and wet
crops, and now it is quite certain that our
harvest will be but poor one. This is un-
doubtedly a great misfortune for England,
and it comes at time when all branches OF
trade are stagnant. Perhaps some of your
readers may remember that nearly two years
ago | called attention to the declining condi-
ton of English cotton and iron manufactures.
At that time no one was willing to pay any
attention to the question here, or laughed at
the idea that American competition could ever
iniure Lancashire or Staffordshire. The ''polit-
zeal economists came forward In body and
proved by figures that England was import
ing far more than she was exporting, and con-
sequently must be growing richer. In other
words, they showed that the road to wealth
is to spend twice as much as you earn. |
have sometimes tined the experiment for
short period, but it did not lead to the result
predicted by the philosophers. Many months
have elapsed, and the figure mongers are ev-
identity beginning to have their eyes opened.
We no longer read in the Times city article
that England cannot possibly suffer from for
eign competition. American caiicoes are in
every dry goods store-American iron is be-
ing used on English railroads. The change
seems incredible, but | have looked very care
fully into the facts, and there cannot be a
moments doubt with regard to them. The
trade returns for May, which were only Is
sued yesterday, disclose startling state of
off n O Xuh IN
eye for facts, and attach more Importance to
them than to theories. The exports again
show falling off of over seven and half
per cent. In all departments of the cotton
and iron trade we sell less and less to former
customers. The writer of the Times city
article is now fairly scared. Speaking of
iron and steel manufactures he says: 'At
present it is a trade which must mean loss,
and perhaps ruin In the long run, to impor-
tant sections of the community, for it is q
trade carried on at an obvious loss" Now,
when this very result was foretold not long
ago in your columns, and those of one of
your London contemporaries, the Times, Mr..
Giffen and other politi cai writers treated it as
a mere display OF stupidity and ignorance.
| must say that | wish it had been that and
nothing more, for it is not pleasant to see
national trade falling into decay. 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 Eng
lands foreign customers, but is underselling
her at her own doors-In London, Liverpool
and every large town. While thus cutting
her commercial resources down, she (Ameri-
cal grows harvests which no other country is
able to produce, and which England is
obliged to buy. This year, ! understand,
you will have very fine harvest. | can only
say that it will be wanted in Europe. Rus
STA has not grown much more grain than she
wants, and the yield here will be compare
lively small. Europe must go across the
Atlantic for what she needs to make up
her deficient supply of food. And then
recollect that it is not for grain only that
England now comes with money in her hand
to United States ports. The sale Of Ameri-
can beef is simply enormous, considering that
even when l left New York in 1876 the trade
was almost, if not quite, unknown. And
now We pay something like twenty
million dollars a year for American
beef, and the business is constantly in
creasing. So that for the staff of life,'
and a large proportion of the meat
consumed this country must depend very
greatly on the United States. These are the
factS-draw from them what conclusion you
will. 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 the country, making up
in a large measure for the losses of the last
few years, and infusing new life and energy
in all the departments of trade. This is as
certain as that the sun will rise tomorrow.
The recovery of trade in America does not
now depend upon accident or artificial causes,