The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-01-10

From the above table it will De that the water
route has reduced the cost of transportation per ton
from Chicago to New York from average OF 80 %
in average OF SO U7 i'll 1878. and that the
average of freight in 1878 from Chicago to New
York by water. bushe of wheat, was 921 cents
while the tolls alone the Erie Canal nine years
ago Gal cents per bushel. This reduction in
ra e nas forced tha aI routes sm
lar reduction during the Of navigation.
During the months when navigation is closed
the rail routes advance frcights and a necessary
consequence check business. Iii January and Febru-
airy. 1878. the rail rates were advanced to point
where shipments practically suspended In
March the rates lowered, and largely increased
movement was the result. The constantly varying
rates of freight are injurious to business as it is inn
possible for the shipper to tell at what moment
freights may be advanced to point where trade is
paraiyzed 1t can be understood how. from natural
causes, freights in winter should be higher than in
summer, but it becomes serious business when
they advanced SO high that shipments are
NEW YoRK's GRAIN TRADE.
1t may be said that the rail routes will not for any
length time maintain freights ut point destruc
tive to their own business Int the policy is to keep
them at point where they receive the greatest
amount of revenue from the smallest amount OF
freight.
In the first eleven months of 1877 there
was received at Baltimore Philadelphia
and Boston OF all kinds OF grain, includ-
ing -four an meal, in bushels 71.9l9 1913
New York received in bushels. ....... 95,l56.693
Total at four ports .............. l67, 100 892
In 1875 for the same period. the three
cities received, i'll bushels. 1OG, 674 2i9
New York received. in bushels. la 46S .6l9
Total at four ports ACKNOWLEDGEMENT. 25l l42. 1868
ceived SO $40 per cent of the total receipts ut tho
four seaboard ports, and in the first eleven months
in 1878 New York's proportion 57ts per cent.
With increase of receipts amounting to "a O36 916
bushels New York, with its two railroads and canal.
ceived at New York in the eleven months the rail.
roads carried 500 and the water route carried
66,6460G3 Leaving out -four and meal, OF which the
railroads nne-tents, and combining ourselves
grain the railroads carried in 1878, New York
in bushels s7S and the water route carried in
bushels, "a. lOs, U97
or the eleven months in which these receipts are
had the water route is available but 1t will
thus be seen that the water route is Of immense inn
portance to New York, not only as the means OF
bringing through our State more than Onehalf OF
New YORK eitys grain receipts but because. as has
tion upon every buslel that reaches the sesboard
BY its reduction in the cost OF transportation equal
ing sixty-six and two-thirds per cent IN seventeen
years. and the consequent effect upon railroad rates.
1t has been of vast service to the countrys pros
perity.
The most prominent incident i'll our finances the
past year is the fact that we have exported OF our
rious products of our soil and our industries
S250.0oO.00O worth more than We have imported
how much of this result is attributable to the
water route, but there can be no doubt but that
it was a most important factor. 1t is said
that the increased tonnage the canals in 1877
caused the loading OF 1000 vessels ut the port of New
York and az the average amount expended by sea-
going vessel while in port is $4,000 the increased
canal traffic caused $4,000 900 to be expended by
going vessels alone. is also estimated that the
total gain to the State $l2 900, due wholly
the increased business of 1877. Our State needs all
the business that the enterprise Of its citizens
need it to employ our aborcrs We need il to help
us bear the onerous burdens of taxation. There
against New York; there must be speedy end to
special rates which tend to concentrate business in
the hands OF the few to the injury OF the many;
there must be end to the excessive port and ter.
ninaf charges. should these aud other abuses be
continued you will be asked to the power Of
| the State to end them.
RETURN OF SPECIE PAYMENTS.
There is natural diversity OF opinion among our
citizens to the results OF placing the finances Of
commencement OF new era OF prosperity, and
many look upon it with misgivngs. The United
States government owns Sl40.OvOOOO Of coin, which
is equal to than forty cent Of its entire
issue OF legal tender notes; and when it is remem-
bered that the banks hold about one-third Of the
legal tenders il seems IL specie payments can be
maintained, provided that the balance Of trade re-
mains in favor. 1t is intmated that exports
for the past year amounted to S65OO000 Oo and that
| they are greater than our imports by about
$3.50 100000. This state of trade makes resumption
practicable and continuance of il, in u lesser
degree, must render 1t permanent. not one of
those who believe that specie payments will ncces-
real prosperity win result in PERMANENT specie pay
ments. Real prosperity is not the result of progse
expenditures OF public money nor is it the result
unlimited issues OF irrcdecnable paper. These are
the curses of true prosperity they the weapons
of the demagogue. Thrift and economy are the cor
stones ofprosperty by the help of reduced tax
alton and cheapeped transportation this country
practically feed and ciothe the world Capital Tor its
returns and labor for its employment look for
other help. without them resumption will not avail
| on the one hand nor will expansion the other.
Labor looks upon resumption with suspicion. fear
ing that capital will be unduy benefited BY 1t. Cap
ital looks upon expansion with fear knowing that IL
can only result in evil. Unemployed capital results
in unemployed labor and unemployed labor equally
results In unemployed capital Let capital and labor
bend their energies and power toward cheaper gov
ernnent and cheaper transportation and both win be
i employed and true prosperity will be assured.
| f. l.. OLCOTr, Comptroller.