The Republican. [volume] (Oakland, Md.) 1877-current, 1878-12-14
Paralyzed Industries.

Lord Beacon5field said in Parlia- |
ment on Thursday evening that he |
believed the worst of the commercial
depression in England was passed,
and he also intimated his opinion
that the revival of industry in this
country would react favorably upon
England. However much the Pre-
mier may have felt himself obliged
to say something that would have a
tendency to revive the dropping spir.
its of Englishmen, it is at least GER
tain that his ssnguine views are not
shared by the British press. nor are
they reflected in the letters of Amer
lean correspor dents abroad. From
these two sources come repeated and
increasing announcements of business
disasters, reduced wages for working
men, the closing up Of mills and fac
tories, and the mutterings of a dis
contented and suffering people. The
writers do not look upon American
prosperity as having any good effect
upon England they rather complain
that the manufactures of the United
States are supplanting those of Eng
land in foreign markets, and even
entering into competition with them
in the home marts. A recent number
Of the London Week has an article
upon "Our Vanishing Trade" foun-
ded on a communication from a cor
respondent, who writes that Ameri-
can cottons, pianos and cutlery are
being sold in England, and that they
are all better and cheaper than the
domestic article. The list of business
failures lengthens day by day. They
have grown so common that the
London newspapers dismiss with a
few lines of mention those that
amount to less than half a million
dollars. The London correspondent
of the New York Su1 found the
bankruptcies Of two days to figure
up nearly four and quarter million
dollars and the assets bare million.
A large proportion of the working
| classes are in extreme straits. While
/ they are either being entirely thrown
out of employment or continuing on
/ half time and reduced wages the
prices of food are increasing. In
Back burn, a centre of the cotton in
pustry, 10, GOO operatives out of
population of $4,000 souls are idle,
and this is but a sample. In the coal
and iron trade affairs are scarcely any
brighter. One circumstance alone
throws flood of light on the situa-
ton. 1t is that the only persons who
are not complaining of hard times
are the local firms in Sheffield who
import American and German pro-
auctions.
Even the immense reserve capital
of England seems pOwerless to stay
the disasters falling thick and fast.
1t is stagnant and finds no employ
ment. Whether or not Lord Bea-
consfeld's prophecy of a recovery
within a year is realized, it is not
doubtful that there is now an open
ing for vast extension of the mar
ket for American products and man
ufactures, and we should be enter
prising enough to avail ourselves
it. Especially the opportunity of
regaining a great proportion of the
carrying trade ought not to be lost.
We have chance now to re-estabish
American commerce that may not
soon occur again. For years past and
at present by far the larger share of
breadstutfS, provisions and manufac-
tured articles transported across the
Atlantic has been carried in foreign
bottoms and has paid toll to foreign
ship owners. The aggregate of earn
ings derived from this source is enor.
nous. But with" the United States
once more asserting its rightful place
uPoh the oedS, auolHeE eleLneuG OF
national prosperity would be added
to those we now have. 1t is exceed
ingly probable that home capital will
shortly be turned into this profitable
channel. and that first class mer-
chant steamer, with the American
flag at her masthead, will no longer
be rarity upon the ocean highway.
Ships can now be built here yearly as
cheapIy as on the Clyde. and we may
soon look to see them put into the
water on equal terms. -BaCto. Amer
can.