, 1879-08-11

but II may b well tn illustrate and define 1t so
a. 10 make more clear the ei0nihcanco VI The
fncts which VIC arc about 70 lay tetorr our rea'-
the exports Of british and lr!sh produces arN'
manufacture 10 the United R!ates were OF the
value of EAU, 10 900 sterling, without reckoning
tho freight. commissions, snd tnsurancs earned
II other words, 15X per cent, q nearly one
rixth Of al tho enot1a of native grnwth or
workmanship which We sold 10 tho. rest
Of tls world, including our colonies !.'
Cnied stascs. It Is easy to sec that serious
falling of1 Ia 80 vast fradc must very mate
rally affect MIR prosperity. And there wn an
extraordinary decrease OF American purchases
panic of 1879 vas such Tint factories MD
workshops of all kinds were closed Ail oycr the
Dn'on, and crowds ol ncn anl so1nen, unable
to find employment. wcrc suddenly LETT to
an tnmrlnte decrcaac In the Imports into the
Limited Stntes. Thtk wns 30 marked In !lM latt
three months Of 1871 lint the inporta Of that
ycar weru immensely less tltan Ia 1877, though
Increase: and every year slncc ffe dtm'nusion
hos gone on to ttie end of December last. In
~! the cxtorts fsou this country TO the Unttesi
ssa1cs :'t ,,., wetr ynlne, At 1lo 60 sT lss. yer
c5ea,e Of 42!, lsi.597. Or just 81 per csnti In
thu report of tic Commissioners Of Customs,
published last week. NC fnd I 1lst both ct
.ns quantities and y: values 81 tho eeo1s rood,
M aH.l 1878. In, 1874 the falling OF 1!atl
exports were t!an only 4.!s.334l. .os0, which
Is dsgsease from 1S7a Of almost El2 5o0 ooo, Or
ofer iu per cent. fst Il may bs north wa}tir tU
SHOW In detail some NJ tie dccrensea since 1874.
We find, shcn, In bcor mil ale fnltt,x oH 10
enc 9nantlty exported Of Go ger cent; Ia c1iton
soua. q M per cent; of Linen good; % Pr
per cent: of ptg iron. 81 per cent: OF cast or
wrought iFon, 81 per cent; ntltl Of railroad iron,
W nes cent. The FILLING OF In every cass Is IN
q'1snsfttcs, a,su It t!,rowB new light upon the
uepression through which Mo ase passing.
AMERICAS KCNEwEp PROSPERITY CONSIDERED.
rs own cure. The Idle crowds migrated from
stc towus to tho new States and Territories ri
ise Wcs, and settled down upon the land.
fortunately for them. however unfortunately
satne time in Western Europe and created an
unprecedented dcmauifor tic produce ot their
industry: And, furthermore, the war Into which
Russn plunged greatly diminished her compttt-
mntket Was founa In Europe for the corn and
cotton. the meat and huttcr which thc
sef'eu's1rt'ss sa1' r o. sl.e Uuited States lIad
uncxampled extent. It reduced the prices Of
machluery, Implements, ind manures. And,
above a!l, It. lowered the charges of railNays md
ttten,nsth'ps: te h1a Tiers been plenty Of traffic
following the Franeo.German war, thctt charges
would have continued proh!bltive. In 1872 allI
1873 farmers ~ Iowa found 1t ccouom!eal to
nEn ~ t,elr M snroas Of fndian corn I'ed to
paid for a pair OF boots, mud TINT the cost OF
conveying one busaca to New York Fas flye
bushels. Moreover the steamships were en-
pluyed In more remuueratiye traffic. 1t conse-
HlJpTt1r 1Vf5Y1A mt y3p3 n.
vessels into huge rcfr1@crators. But When the
| moro profitable business fc!f of railway COM
panies and s!iip-ownrra cultivated the grain,
| cattle, and meat trades, and the exportatlnn OF
to I'LL the ngricuturjsts Of the DID Worll with
alarm. These Academia. fayorfng circumstances
brought flood Of wealth int o the United States.
For three Years In succession the exports greatly
exceeded The Imports Is to say. The co,1n-
| try as whole sold mich moro than It bought:
and, Of course. the growers of cdr, cottun. anti
| tobacco, the fcoders of cattle and pIgs, tle
makers Of butter aud cheese. have l,ten growing
ricit. It was tncvtshe TINT they Should increase
thetr etrexpcndtt'1re. Masses Of mcn and women do
not voluntarily pinch and pare. Here and there
| m indiridnnl docs; but the great majority OF
! mankind iika to enjoy themselves, and they in
dulgc their liking when .hcy can afford Il.
/ Americans contracted. their purchaser bccAuso
| they could not hctp IT, because fiji fact they had
| not the means Of keeping them up. But their
new prospcrity gives ,l.e means, nr,l the5 arc
certain 10 Increase tl,eir expenditure. At first
the fartncra would naturally increase their home
| purchases. by doing 90 thcy would impart nc
tiyily to the industries patronizcd, and ns orders
poured in and the employers bcgau to be busy
tho work.pcopie would demand higher wages.
| In many cases tho competition OF employers
| would make tlsen conestc the. dcmand; IN
other cases there. would be strike. IN either
event prices would 20 up. Thus. necessarily.
American manufactured goods would become
tcarcr than british, In spite OF dztancc and rro
tccti,e tariffs. And then an active demand for
British manufactures would arise. This la the
couras events bare been taking. For nearly a
| year Sc have Ind esidences ol Improvement In
the United States themselves, or late the i'm
port Of British goods havr increased: Some
bit found II. moro economical to buy stcel
rails In Engaan1 than at home, and other rail-
way 1naguntes hare followed the example. Nur
arc the railway kings singular In this. Tho
Sfat;s, uuatyZlng the Board Of Trade returns for
Juno, extracted the principal articles exported
! to the United Htatca, and showed th1t there has
been stcndy lncEcase III them since Ncw-Year's
Day. For ttunc nlone the increase, compared
Ind the increase, both for tl.t month and l,c
SIX months, It, cotton, linen, lutc, and wooien
mnnufnctures,-in pfR-trun. wrouEht or cast
iron, ralrona 1ron and ulacllEncry--t!le very nr.
ttclcs, ,lRt IL. In Which the decrease in previous
years was most marked. Thus, II American
| prosperity goes Oh growing w0 may expect to
oco the cxpurts to the Uuitcd States growing
with It and nfnslng lifc into British trads and
industry.
IS THIS HEAL or IMAGINATIVE sHADowl
| So far as ono can Judge tie improvement In
the United States ID real. II Is basc.l. as We
have Just seen, IN an extension Of cultivation
md I'd exceptionally good ,returi Tor sueces.
sion OF years; md, alter all, az increase Of the
fruits Of tho cnrtl, Is the foundation Of all true
wealth. 1t must not he concealed, however,
tl!ut there arn ca,lses for uucasiness. Tile re-
sumption Of specie payments, Of which A1neri-
inaatton Of The currency. The green
bncks remain In circulation, and to tiless
| has been added a mass OF gold and
! silver. This has fostercd speculation, which by
| md by m4y 10 productive OF embarrassment,
Tie situation Il, therefore. not without its uau-
gers. But on tho other hand, the persistent
bad WEATHER, which Ia 10 disastrous to Europe,
| ..Ill .,n..r xns1fb intn tLG limited Etntrs