The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-07-21


only in good conditioA>now but has before
it a revival of solid prosperity which cannot
be much longer delayed.
l. In the first place the commerce of New
York is so immensely greater than that OF
all its so called rivals that rivalry is in fact
out of the question. During the year end
ing June 80, 1877, New York imported to
the value of $3.50, 900 and exported
S318, 900, 600 the total commercial TRANSACT
tions of our port reached therefore the sum
Of S64S 100000. Philadelphia in the same
year imported $40, 100000, and exported
S46,000,0O0 Boston imported 81, OOO,OO
and exported s44, 900; Baltimore inn
ported S22, 900, 600, and exported S29, 600, 600.
The combined commerce of the three cities
amounted therefore to s202, 900, 900, against
SEAS, 900, 600 for New York. Not only are we
thus far ahead of all the principal Atlantic
seaports together, but it has been pointed
out that our exports and imports more
nearly balance each other than those OF
Philadelphia and Baltimore, which is an
extremely important advantage i'll cheaper
ing both inland and sea transportation to
and from this port, because it means that
our transactions are of such nature that
they insure freights for cars and ships both
ways, and thus enable carriers to work
probably at lower rates than they can af-
ford in the two other ports we have named.
H. With so great preponderance Sc
cured it is evident that we must be the
earliest to feel sensibly the stimulus of in
creased production and exchange and re-
vived industry in the country. OF that in
crease SO far as it falls to the four seaports,
we are reasonably certain to receive in the
proportion of more than three to one for the
other three cities. If the commerce Of the
four great ports should double in the next
ten years, which is not an impossible sup
position, that of New York would reach
more than 81, 800, OOO, 900; that of the other
three combined would only reach little
over $4OO, 900, OOO
Ill Our railroad connections are con-
stantly improving. Mr.. Vanderbilt appears
to have sound ideas and firm grasp OF the
situation. He looks to careful and econom-
ical management Of the roads he controls
and influences to enable them to earn fair
dividends at low rates of freight; and the
show that his management, combined with
our natural and acquired advantages, will
prevent any injurious competition by other
ports, unless we foolishly throw
away our position. We need still free
ships, so that the millions Of freight money
now earned by foreign shipowners shall
accrue to our own merchants. If the sea
freight on our $64S,000,0O0 of commerce
amounts to only five per cent, here are
$50, OOU, 900, the most of which is now paid
to English and other foreign shipowners,
and which, with free ships, We could put
into the pockets of our own people. But the
loss is much greater than this.
w. Rents and prices in the city are once
more low and reasonable. This distresses
few who built and speculated during the
imitation period but it is an undoubted
benefit to the great mass Of our people and
to the future Of the city. High rents OF
stores, warehouses and dwellings and high
prices of living for time seriously injured
New York, because our merchants could
not do business as cheaply as those of other
places. The completion of the elevated
railroads, on which public opinion ought
rigidly to insist, will greatly extend the
available house room in New York, give
better accommodations to its people and
stop the drain to the suburbs which has
been going on for years. When mechanic
or clerk can live in comfort in the upper
end of the island and cheapE and quickly
reach his business down town, one great
bar to the healthful and rapid growth of
New York will disappear. There will be
less complaint Of low wages and salaries,
and in the building up Of upper New York our
mechanics will find employment for years to
come.
V. It is great gain that we have at last q
settled financial policy for the city. We
have mastered our debt and are slowly de-
creasing it the plundering and waste of
rings have been stopped, and, while there is
still room Tor greater economy, we are in
this respect, at least, on solid basis, and it
would not be difficult to show that even our
great debt is not so great in proportion to
population and Is less IN proportion 10
business than that of several American and
European cities.
VI A comparison Of the official valuations
of the city during term of years shows no
loss, but on the contrary great gain. The
valuation of real estate for the city was in
1865 in round numbers S427, 0O0 900, in 1866
s470, 900. 600, in 1S77it was 1896, 900, 900, and
that of the present year is a trife over
5000. 0OO 900. The assessors claim in their
report to the Mayor that "no other county
in the State is assessed in nearer proper
ton to actual values than this city," Now
look for moment at what this means. In
1865 the valuation of s427, OO0,OO was made
on q greenback basis, while greenbacki
were denrecinted ut lenst forty per