Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-02-03

the exports have exceeded the imports by
$500, 100000. The exports for the year
ending June 80, 1873, amounted to $725,-
O0O, 600, or more than double the amount
of any year before the war; the increase in
exports Of grain alone amounted to $llO,-
600 900, and of provisions to $3.50, 600, 900
rs compared with 1868. Economy has
taken the place of extravaganza in public
administration and private expenditure
the principal of the public debt has been
greatly reduced, the rate of interest less
ened, and greater part of the debt
brought into the hands of American hold
ers; while the agricultural resources of
the country are being rapidly developed,
as is shown by the immense area of land
lately taken up for settlement. The ac-
cumulation of capital in America is now
likely to 60 on at an unprecedented rate,
and the other conditions of material pros
perity-labor and thrft--also exist. The
writer argues that all gain of real wealth
in America must be of advantage to Eng
land, and insists that it will be the first
sign of impending decsdence if the bust
ness men of England, instead of putting
their shoulders to the wheel to carry their
chariot over all distractions, cherish a vim
dictive feeling to rivals.
Some of the writer's other conclusions
are curious, and induce belief that he
writes what he would like to believe rath-
er than what he feels sure of. He has an
idea that the present condition of affairs
in America will have tendency to
strengthen the free trade sentiment here,
but he does not make it quite clear
how that result is to come about. He says
of the English ut is very certain that if
we are kept out of markets for our
we cannot spend i the same
amount of money on raw products
which is to say, by inference. that unless
America admits English goods free of
duty. she cannot sell to England so many
of her own commodities. But the chief
things in our export trade, as his own fig
ures show, are breadstuffs, provisions, ETC.,
which England cannot well do without.
He says also: There can be little doubt
that If the consumers choose to pay more
for inferior goods of native manufacture
America is capable of producing almost
all that her inhabitants require. And this
is especially true of iron and cotton goods.
How long will the West and South con-
sent to this ?" But is it especially true of
iron and cotton goods that we are paying
higher prices for inferior goods of native
manufacture As to cotton goods at least,
il is only few days since we published
the statements of thoughtful and we'll
informed English writer, showing that
American cotton goods are actually COM
peting with the English on equal terms in
the English markets. If they are more
costly to make, and of inferior quality in
to the bargain, they would scarcely be
shipped to England and sold there in d.
rect competition with goods of English
manufacture. Indeed. at one point it
seems to have occurred to the writer that
the actual state of affairs in the two ma
tons does not favor the change which he
desires, for he says: 1T may be surmised
that the protectionists in America will
shortly be drawing striking parallel be-
tween their own regained prosperity. if it
lasts. and the existing state of things in
Great Britain under free trade. than which
nothing could VOL be more deplorable."
As matter of fact, there has been vast
ly greater change Of sentiment in England
toward protection. during the last few
months, than in the United States toward
free trade.-BostOn Journal.