Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1879-02-01
DISTRESS IN ENGLAND.

occasion to point out the cause OF the
failure, as attributable to the badness OF
the system of finance. England has
never been skillful in her financial legis-
lation, and the announcement OF the
failure of the Cornish Bank, with the
heavy intervening failures, have only
verified the predictions then made. Nor
is this all for the failure of the Cornish
Bank is probably antecedent to the fail
ure of other provincial banks, and the
aggravation OF the present paralyzed
condition of her industries. While pei
haps the present condition of the coun-
try is not entirely attributable to the
defective system of finance of that coun-
try, yet the commercial distress would
be greatly lessened were the system OF
such character as to break more easily
the shock TO credit occasioned by these
repeated failures. The English papers
are themselves too well aware, and too
plainly announce, that the causes at
work are of such nature as to forbid
the hope that England can ever again
recover her former status of the leader
of commerce and manufacturer of the
world. When we turned the current
and began sending abroad more than
we imported, and the balance of trade
began to run in our favor, We not only
deprived England of a customer for her
manufactures in our own country, but
we began to occupy her markets abroad.
This was a serious blow, for we have
ever been her best customer. AS our
exports increased it was found that we
even invaded her home markets, so that
all the vast capital employed in her iron
works, mines, cotton mills, ship yards,
and other industries, having been inves
ted, under the stimulation of consump-
ton in this country Of from $3OO,0OO,-
900 to 81 ,OOO,OOO,OOO per anuum, when
deprived of that demand, was excessive
for the immediate consumption at home,
and required foreign markets, which,
when sought, was to be divided by 9TH
er nations.
Large accommodations of manufactures
of all kinds resulted, particularly in cot
ton goods, and to find a market, meet
ing the competition of skilled labor and
improved machinery, necessitated the
reduction of wages, which were already
at very low point, as we'll as restric-
ton in the hours of labor. Great desti-
tuition has been created among the la
boring classes from these causes, and
little wonder is occasioned at the histo-
ry of strikes and the demand of the un-
employed for relief from the public
charities, which forms the staple of
news of the English papers of late.
This restitution is not confined to the
laboring classes alone, but is affecting
the better classes, cutting down incomes
and in some cases producing a complete
cessation of revenue from investments.
That England cannot recover her for
mer prosperity, is apparent when VIC
consider that she not only does not pro-
duce the raw materials of her manufac-
lures, but does not produce the food
necessary for the consumption of her
present population. The harmony ex-
listing between commerce, manufacture
and agriculture, cannot be disturbed,
without sooner or later resulting in dis
tress to the nation so violating, and
in England commerce and manufactures
have been stimulated at the expense of
agriculture. In this country the balance
having adjusted itself, we not only pro
duce all we need for our own cousump-
ton, but have large surplus TO dispose
of, which finds ready markets, land which
from the diversity of our manufactures
and products of our soil, so completely
answers all our demands, that the only
article of exchange which other nations
are able TO offer is money, This attrac-
ton of capital TO our country stimu-
lates our industries by seeking new av-
enues of investment, and encourages en-
migration, thereby affording consumers
at home for the increased productions.
Capital Is not patriotic, and readily
seeks that country where its investment
is safest and return greatest. Already
has this movement begun in the estab-
lishment at New York of an agency of
the celebrated Netherland Trading So
ciety with paid capital of $l4,oOO,OOO.
This society is the agent of the Dutch
Government in the sale and transporta-
ton of the produce of the colonies, and
has been in operation since 1924. The
King names the managers, stockholders
and director. Its agencies are to be
found not in the Dutch possessions
alone, but in China, Japan, the Philli-
pine Islands, Ceylon, and British India