Daily Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1876-1884, 1878-06-27
4 Cemass.e word.

back over five years and q fraction
Of unexampled commercial pros
tration. 1t has not been confined to
any section of the globe. Calami-
Ties exceptional in the spread of
distress following upon them have
been noted from the Coromandel
and Gangss to the Rhine and Dan
ube. Germany, with a thousand
million dollars of French indem-
nifty, has been lamentably poor,
and she is poorer now than ever.
Russia Is so much of pauper that,
with victorious legions numbered
BY the half million. she has allowed
herself to be bullied by England.
Turkey is pauper. and the Eng
lishmen who have lent her money
are now repenting their liberality
In sack-cloth and ashes. The en-
terprising Khediv of Egypt has
borrowed and built and improved
until he, too, with all the resources
ofhis highly developed Nile valley
"A region whose fertility is coeval
with the worlds ascertained his
tory-is AZ poor as church mouse.
The new Kingdom of Italy, with
all its aspirations tinged from the
classic days away back to Romulus
and Remus, and with all it's new
born aspirations, is helpless
bankrupt. Not all the commerce
OF the Adriatic, nor all the resour-
Ger of diversified nationality
which counts up thlrty-five or
forty different languages aud
ldioms, have rescued Austria from
state which may justly be called
Bankruptcy. Spain, having no
credit, is practically out of the
count, but Spain has poured out
her last dollar, and sacrificed al
most her last attainable man, to
mold on to the leland of Cuba, which
she to-day, Notwithstanding heca.
tombs of slain, on one side and
the other, holds by u most UNI
certain tenure. England has inn
mense accumulated wealth, but
she Is confronted with the fact that
her Cornish mines are already at
depth which makes further labor
almost impossible, and the most
sanguine "calculators and econo-
mists," to employ the phrase Of
Edmund Burke, do not dare to adj
vance the practicability of her coal
supply much beyond the opening
OF the twentieth century, which
10 now only about twenty two
Years distant. England is further
menaced by the fact that Ameri-
can cutlery, in the past three
years, has undersold the English
staple in Birmingham itself, and
American cotton prints have un-
dersold the English in Manchester.
Sixty years accumulations Will
last the English some time, under
any circumstances, but the drift of
things is against the long contin-
ued supremacy of England in the
world.
The only nation in Europe which
has made a conspicuously gratify-
ing record in the past five years is
France. Notwithstanding the
Franco-Prussian' war, France has
paid her indemnity and has about
got it all back. She presents the
spectacle of the one aggressive,
prosperous nation in the world
during the period we have re.
viewed.
In face of these facts it certainly
becomes an interesting question as
to how the future looks for the
United States. We confess that
we think we have reached the end
of the lane and that the turn is
just at hand. The transition from
the flush times of the war to the
steady going pace OF peace has al
ready been almost accomplished.
We have guarantees for the future
which are almost conclusive. In
the single State of Pennsylvania
we have deposits of both
bituminous aud anthracite coal
which oversize all the as
certained coal measures of the
world put together. Tn addition,
the coal measures of Virginia, of
Ohio, of Indiana, Tennessee, ILL.,
nois, Missouri, and other States
and Territories, are almost mex
haustible. Our supply of all the
base metals, iron, copper, lead, etc.,
are ineonceivably large. Even on
the Pacific Coast our iron, coal and
copper measures are prodigious.
But, on the Pacific Coast, in addi-
ton to all these, we have deposits
OF silver aud gold which discount
any record heretofore established
ON earth, and which dwarf the sto-
ries told of the ancient Ophir.
These deposits in our time are
practically illim.table. Bonanza
after bonanza will be discovered,
and half dozen bonanzas at q
time will frequently be witnessed
contributing together their stores
Of solid c,in TO the arteries of com.
merce, in the next fifty years.
These facts, taken in connection
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