The New York herald., 1879-08-08


the United States since the beginning of the present
year. The Importance of the United States a Gus
toner need not be proved. but it may be well to
illustrate and define it SO to make more clear the
significance of the which about to lay be-
fore readers. In the year before the Jay Cooke
failure the exports of British and Irish produce and
manufacture to the United States of the value
OF f4O.75o.000 sterling. without reckoning the
freight. commissions ana insurance earned by our
shipowners. agents and underwriters. In other
words fifteen and half per cent. nearly one-sixth
of all the goods of native growth or workmanship
which sold to the rest of the world including our
colonies and dependencies. were bought by the
United States. 1t is easy to that serious falling
of in vast trade must very materially affect our
prosperity. And there extraordinary de-
crease in American purchases from The de-
struction Of credit by the panic Of 1873 was such
that factories and workshops of all kinds were closed
all over the Union. and crowds of men and women,
unable to find employment. were suddenly left to
starve in every city and town. The result was an
immediate decrease in the imports into the United
States This marked in the last three months
of 1873 that the imports OF that year were i'm
mensely less than in 1872. though in the first nine
months there had been great increase; and every
year since the diminution has gone on to the end OF
December last. In 1872 the exports from this coun-
try to the United States were valued ut f40
last year their value only f14.522 .000 This is
a decrease Of f26.1s4 .597 or just "a per cent!
In the report of the Commissioners of Customs,
published last week. we find list both OF the guam
titles and the values Of the goods exported to
the United States in 1874 aud 1878. In 1874
the falling off had already proceeded considerable
way. The exports then only f2s 241 0s0, which
over 30 per cent. Yet it may be worth while to
show in detail some of the decreases since 1874
We a then IN peer DC 30 nna & ale Il rang on IN 'os o
50 u per cent?, OF linen goods, 80 per cent; OF
woollen manufacturers from 81 to So per cent? Of pig
iron, 20 per cent; of cast wrought iron. "a per
cent and railroad iron, % per cent. The falling
off in every is in quantities, and it throws
light upon the depression through which we are
passing.
The depression IN the United States worked its
own cure. The idle crowds migrated from the
towns the States ana Territories of the West
and settled down upon the land. Fortunately for
them however unfortunately for series OF bad
haryests set in ut the time in Western Europe
and created unprecedented demand for the
produce Of their industry. And. furthermore, the
war into which Russia plunged greatly diminished
her competition. 1t was not only, however, that
ready market found in Europe for the corn and
cotton the meat and butter which the agrcultursts
of the United States had to sell. The very depres-
sion itself favored them. 1t cheapened labor to an
unaxampled extent. It reduced the prices of ma
chinery, implements and manures. And, above all,
it lowered the charges OF railways and steamships.
imitation period Immediately following the Franco
| German war, their charges would have continued
prohbtive. In 1872 and 1873 farmers in Iowa found
It economical to burn their surplus Indian corn 1t
used to be said that cart load in those days had to
he paid for pair of boots and that the cost of con-
| veying one bushei to New York was five bushels.
| Moreover the steamships were fully employed in
| more remunerative traffic. 1t consequently would
not have paid to have converted vessels into huge
| refrigerators. But when the more profitable busi-
ness fell of railway companies and ship owners cul-
tivaed the grain cattle and meat trades, and the
portation these commodities reached such dimen-
| sions as to hll the agriculturists OF the
World n ranot neSe ooa Of Wealth m
into the United States For three years in succession
the exports greatly exceeded the mpors-that is to
| say the country q whole sold much more than it
bought; and Of course. the growers OF corn cotton
| and tobacco, the feeders Of cattle and pigs the
| makers OF butter and cheese have been growing
rich 1t was inevitable that they should increase
| their expenditure Masses of men and women do
not voluntarily pinch and pare. Here and there an
| kind like to enjoy themselves, and they indulge
their liking when they can afford it. Americans con-
! help it, because in fact they had not the
OF keeping them up. But their new prosperity
Expenditure At first the farmers would naturally
increase their home purchases BY doing so they
would impart activity to the industries patronized
ana as orders poured In and the employers began to
| be busy tho work people would demand higher
wages IN many cases une 1 naa o. es
there would ho strike In either event prices
would go up. Thus necessarily American manufac-
spite of distance and protective tariffs. And then
active demand for British manufactures would arise
| This Is the course events have been taking For
| nearly year we have had evidences of improvement
in the United States themselves or late the import
Of British goods has increased. Some months
ago it was announced that Mr.. Vanderbilt
| found 1t economical to buy steel
rails in England than s, at at nome: s, @ and and other
are the railway kings singular in this The Tdtist,
analyzng the Board of Trade returns for June. ex.
tracted principal articles exported to the United
States, and showed that there has been steady in
crease in them since New Years Day. For June
was forty per cent. We find the increase, both
for the month and the six months in cotton. linen,
or east iron. railroad iron and machinery-the very
articles, that is in which the decrease In previous
years was most marked Thus, If American pros
perrty goes on growing may expect to see the
ports to the United growing with 1t and infus
ing life into British trade and industry.
REAL OR IMAGINATIvE SHADOW?
SO far ~ one can judge the Improvement in the
United States is real. 1t Is based, we have just
seen on an extension of cultivation and excep-
tionally good return for succession of years and
after ALL increase of the fruits or the earth Is the
foundation OF all true wealth. 1t must not be con-
cealed. however, that there causes for uneasi-
ness. The resumption Of specie payments. of which
Americans boast much, is in reality imitation Of
the currency. The grcenbacks remain in circulation
and to these has been added mass of gold and
silver. This has fostered speculation. which by and
by may be productive of embarrassment. The stu-
alton s therefore. not without its dangers. But.
the other hand, the persistent bad weather which is
Ss States Accodna TO the last report or
tho Agricultural Bureau tho acreage under
grain is larger than IL has ever before been;
and although at the end of June the condition
was not as favorable twelve months ago. the de-
teroraton was not considerable. and there was
abundance OF time for improvement 1t Is enough,
however, il there is serious widespread damage.
1t is unfortunately only too certain that the de-
mand Tor American produce during the next year
throughout Western Europe will be enormous It
is probable, therefore, that the Americans will dis
pose of their food supplies at enhanced prices.
aud thus that the year will for them be cxcep-
tionally prosperous one. II il 49, may expect
great Increase of exports to the United States
OF course do not hold out this prospect y
pensation for the bad harvest likely to have
at home. Agriculture is still the greatest of British
industries, and increased demand for some of
manufactures would but i'll make up for its
tinued depression. STILL IL we to suffer depres-
SION IL is something that should have reasona-
BILE probability OF that increased demand
TILT CDEAT WLJEA71 CDnD