New-York tribune., 1879-03-29
.,urn1r. N THE EYES OF EUROPE.

ssrns YOURS Editor American Art Journal
x.,, fork. March &c, 1879.
AMERICA IN TIE EYES OF EUROPE
- morn rRIs COUNTRY WHICH ARE BEGIN
MING TO IMPRESS THE OLD "oHLD-fNoihO-
r1oS. cEEDIT AND RANKING.
IN, Editor or The Trtoune.
S,p Never before to the eyes OF Europe did
-. United States have the position and presuge
rho.,odsy This is owing TO variety OF reasons OF
a,oro, character which need not now be speclneo'
pt there are special causes which are potentially
.ra,ive AT this time in drawing the attention OF the
IL :, the Old World TO that massive, vrile, energetic
Eton beyond the Atlantic which furnishing tangible
and stirring evidences OF practical sense, growth
oa,tb and power These salient facts are your imam
ioI credit your National banking system and the i'm
,Dense growth Of your manufactures. The vast sums
b,cb Won have paid during the last sixteen years to
void together your nationality, the successful return TO
spece payments grand scale, and the ability TO
Goat your per cent bonds the par OF gOd while you
are eItingushDg your National Indebtedness by mill
ions each month"; resisting all schemes Of reputation
and nfaon-these lessons Of patriotic resolution
and financial strength which speaking on this side
as never before This ability do at home on such
gigantic scale at the time that you are sending
abroad three hundred millions of dollars OF your pro-
ducts Of your imports in single year, Is lead
ing business men well those in high official posi-
tons 70 think that the Americans not so wanting In
clear appreciation Of their own interests as the
yauDted teachers Of particular theory OF political
economy have been vocfeTously procsimng these re-
cent years. They may think, perhaps justly enough,
that the doctrines OF the Golden Club may be well
suited to the purposes Of England, which, having the
coal iron capital and labor and wishing 20 bring TO
her the raw material make her own resources avail
able and the food feed her operatives be-
cause she has mott in other terms, they begin TO
comprehend that America has become wise enough TO
supply her markets and compel Others to come to
her to buy not only the material bat the products
of labor aud skill of her rapidly increasing brains and
hands.
But to none is the lesson so telling and significant
20 the OF Great Britain. Under the taking title OF
free trade they thought they had adopted system ex
acy adapted TO her real position, TO the varied nccess
ties Of future nerests-a system believed TO be
as distncyey protective in its practical consequences
asany ever devised The object OF this vaunted sys
tenn was and is 10 compel all her colonies. the indies,
the United States and South America 10 bring to her
coal aud ron the material and return II to those
countries manufactured goods To this end she taxes
her people to enable her TO pay millions TO suDsidlze
steam lines 10 all quarters of the world TO bring the raw
material 10 her ports the manufactured pro-
ducts To omaintan this system OF protection she taxes
the tea and OF her labOrng forces her In
da opium China. keeps up vastly expensive navy
and an enormously expensive foreign policy. This
form OF "paternal government" seemingly SO admir-
ably well fitted to Engsnds condition and nsula posi-
non, certainly worked successfully twenty or thry
and Europe begins TO see lt-that the Oneu otates'
through her financial necessities. has secured pro
tective policy not exactly elaborated by doctTnaires
but none the less potential reality having hrm gllstle
tOughened by experience which is pushing forward ana
dons sae carving the reputation Of American inven
tiOn and mechanical skill arOundh globe tits eeeOm
protection America is quite wise for her as the
English protection is Tor Great Brltaln: II VII P0He
lsh the financial force OF the Nation 10
establish continuous steam lines to South America
tremists may about tie prevalence or SOUND views or
political economy in Europe more than on your SIDE OF
The Atlantic 1t is becoming and obvious to
European practical thinkers that the absolute free trade
which the thirty-nine states OF the Union nave among
themselves is more real free trade than Europe now
has than even Great Britain can claim TO enjoy. 49,.
The other salient act which is receiving special aen-
this SIDE at the present time is the American
National banking system. 1t s exciting universal com
mendatOn among those who give II attention. me
success OF specie resumption ana tie nimhess MlIn
which the National banks have wthsOOd the CONNER
cal storms of the last five years have led to careful
consideration of the United states banking system
tined with the faith Of the Nation which IS 80 edy
REGARDED the bills at IRe sDS Cl gSa
otherwise than strongly impress foreign observers.
The absolute of the bhoders as the result OF
the deposit Of the bonds in the Government chest by
each bank-these striking features strongly enlist the
attention OF foreign financial and business men ana
secure their marked cornmendalon 1t is admitted that
from earliest annals of banking in Europe nothing
has bsen devised superior TO the American National
banking system The only wonder that there can be
party a sembamce Of party, Whchcan be III Ia
YOr OF abandoning system 20 D!e, 80 ~
firmly ulTenched IN the Nations integrity, aud 70 strong
be willing TO launch on the wild uncertain Of
money, whose amount shall De gauSeu ny Noto
Of Congress.
to the prospects OF extending the sale OF American
goods III foreign countries they cannot De othetWlso
than auSpiciOus. Prejudice against them is giving
away. aud there strong indications OF their taking
the lead OF others as 10 'ner qualy me tccv"t "a .
tiOna EXpUstioDs have told powerfully ln then FAVOR
Let American manufac ulers and merchants observe
scrupulOus care as TO the character their gOOdsbe
allow OF no shams-be true 10 their opportunities
splendid prestige which their country is AS
suming and they cannot fail to win. Now Is the time
forget the significance of that magic wordpusA!
StOekhOiR Feb. IA, 1879 A. b. c.