New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-07

| D4WNING PROSPERITY.
| The condition of the country ut this time Is
peculiarly encouraging. 1t ought TO have M
| important effect upon the political contests OF
| this Fail, for there is no room 70 deny that
| the course of the Republican party has con-
tibuted greatly to The revival of industry and
trade. Circumstances have favored, without
doubt. So remarkably have they favored that
one is led to remember the remark Of the
| venerable and devout clergyman. who sad,
| early in the year, when some doubts as to
! the stability OF resumption were expressed
- This is the only Nation that has ever
honestly tried to keep its promise TO
! "ply legll-tender notes, and tho Almighty
God viii surely take care OF u.s." Crops OF
extraordinary abundance have now been gath
| cred at the West. The latest news from MN
nsaota promises II yield of 100000 busnel
of wheat for that State. and the great success
Of the crop elsewhere WAS assured by previous
udings Everything indicates, too, that the
foreign demand for wheat will be unusually
large But large crops aud large sales would
nave been OF small avail, If this country had
still been running into debt to foreign nations,
80 that It's surplus products were needed To
pay interest on ito debt.
The first shipment OF specie from Europe to
New York, during the present season, was an
nounced on Tuesday. The amount, only
$500 900, was not large but there is a grow
Ing belief that the movement will rapidly in
crease. This shipment was from Paris, and
the most eminent industrial statistician OF
France, IN AN elaborate review OF the COM
parative failure Of the crop, in that country,
expresses his belief that France will
be obliged to purchase at least S125-
600 600 worth of wheat alone, even #
the great demand does not cause a
material advance of price. The recent
severe storm in Great Britain has put the
finishing touch to the disasters of the grain
growers, ana it is now believed that England
will require Al least %: much of foreign
wheat as France. H. short, exports from TINS
country are going 10 be enormous and, IN
one form or another, foreign money must
come hlther to pay for orr products pun
chased. 1t is no longer possible for England
and Germany 10 pay this country by srndlng
5000, 100000 of bonds, rs has been done
ia recent years. Nor are American railroad Sc
cunties of the kind that can be advantageous
sold here, lightly esteemed by foreign holders.
Probably settlement Will be made IN three
ways: by some abatement in the prices of
foreign products, 10 induce larger purchases
By some sales OF American railroad and other
corporate and municipal securities; and by
some shipments of specie. Happily the Bank
of England nov holds an unprecedented stock
OF coin, and it is the feeling among the ablest
fnano.ers of that country that considerable
eyDorts of specie would not now be a mistOr-
tune In the absence of special eXertlOns to
prevent such a movement, 1t seems likely 10
grow large.
But money is not lacking here. The last
debt statement shows that called bonds
amounting to about $50, 200, 900 were still
outstanding August l. On all of these
bonds the last quarters interest was still un-
paid, the bonds having not been surrendered.
and the latest call matured on the DIST nit,
so that one-tlird of a months interest had
already been lost on all of the bonds out
standing, one-half months interest on much
the greater part. aud nearly or quite
| full months interest on several nil
! hons OF course it is obvious that the
| holders are still looking for opportunities to
use their money advantageOusly, either in
/ purchase of Government 0r other bonds or
socks, or in connection with manufacturing,
commerce or mining. But the purchase of
bonds or stocks will only dIslodge other
money, which other holders now have COM
fortaby invested, without essentially diminish
ing the aggregate amount seeking employ
mcnt. An enormous buying OF securities is in
progress daily, and vet, rs every one can see.
the amount of money to be employed in buy
ing or otherwise Is not 1T all diminished. but
only changed from old to new bonds.
The necessary Inference is one which all
who are interested In the material prosperity of
the country may well consider. An immense
amount of capital Is waiting to find employ
ment in manufactures, commerce, mining and
agriculture, and in the further development
of the Nations resources. Evidence of the
tact will be seen in the starting of mills long
idle, in the opening of new mines, factories.
farms and railroads, and IN the increasing de-
mand for labor. The prosperity of the coun-
try. now vislbly and rapidly growing, Will
afford employment not only for all the capital
aisengaged by the splendid success of refund
ing operations. but Tor all that our excess of
exports may bring from other lands.
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DIPLOHAIIC LXPkNSES.
1t seems to be taken for granted that our Minister
- Il