Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1879-06-27
Business of the World.

y
presents some remarkable phases;
phases peculiar to itself, since, in
many respects, it is totally different
from anything that ever occurred
before throughout the pale of the
civilized and enlightened world. It's
greatest popularity is its far reach
ing extent. Every year has, here
tofore, had its season of stagnation,
but these seasons were more or less
exclusive and prescribed in their
extent. Every merchant of but
few years experience, can doubtless
call to mind those years remarkable
for business thrift in the United
States, while, at the same time, the
mechanical and agricultural interests
abroad we're passing through the Or
deal of either a spasmodic or long
continued depression. But the pre-
sent stagnation is limited only by
the commercial boundaries of the
world. In the early days of the
electrical telegraph, it was predicted
that, in proportion as the wires ap-
preached the condition of a net
work over the surface of the earth,
the business world would become,
so to speak, nervous and SO suscep-
tib!e of financial changes that the
operations of cause and effect would
be relatively simultaneous. Not
only has the prediction been veri-
fed, but its consummation has COM
pletely solved the problem of the
worlds present hard times. Eng
land, Germany and France are init
mately associated, financially, with
the United States and each other,
through and by means of the almost
interminable traffic in bonds, bills OF
exchange, drafts, etc. Thus, no
sooner is there the failure of noted
bank on one side of the ocean than
a thousand pockets feel the effects
OF it on the other side. A few hours,
at the longest, suffice for the unwel-
come news to permeate the avenues
of trade in hundred cities. Thus
it will be seen that whatever effects
the commercial veal or woe of one
country must Immediately effect ell
other countries holding business rela-
tons with it. Afamine occasioned by
failure of the food products in India,
China or Egypt, is known immedi-
ately in Europe and America, and
as legitimate consequence the lead
ing grain markets are agitated and
convulsed by the discussion of the
all-absorbing question, and not I'M
frequently, the price of cerals in re-
mote districts are advanced to an
exorbitant figure in a few hours.
Like the links in chain, the excite
ment in one town reaches to that of
the next. until the whole country is
awake on account of either a panic
or prosperous turn of events. It
is plain that the world can never
retrograde in this respect. Its ner-
vousness and susceptibility will new
err be less, but, on the contrary, it
will continue to increase with the
onward progress of it's commercial
facilities and news-conveying APP
pliances. Our great transportation
lines are now SO perfected and oper-
ated with such celebrity and dispatch
that the farmer of the Pacific coast
knows not whether he is raising
wheat to bread the millions of Eu-
rope, Asia, Africa or South America.
On the completion of the Darien
ship-canal, SO far as the commerce
of the Western Hemisphere is con-
'cerned, old things will pass away
and all things will become new.
Commerce will be diverted into en-
tirely new channels, necessitsting
the establishment of new entrepots
and the building up of new metrop-
olises.
In word, the point that we
are striving to make is simply
the fact that the great events which
agitate and distract are growing less
and less liable to be isolated. We
believe the day is rapidly approach
ing when all great events, especial
ly those relating to financial and |
interests, will lose their
and become common