Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-08-09
From the New York Tribune
Dawning Prosperity.

The condition of the country at this time is
peculiarly encouraging. 1t ought to have an
important effect upon the political contests of
this fall. for there is no room to deny that
the course of the republican party has con-
tributed 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
said, early in the year, when some doubts as
to the stability of resumption were expressed ::
"This is the only Nation that has ever hon
''estly tried to keep its promise to pay legal
'tender notes, and the Almighty God will
surely take care of us" Crops of extraor
binary abundance have now been gathered at
the West. The latest news from Minnesota
promises a yield of 40,000,000 bushels of
wheat for that State, and the great success of
the crop elsewhere was assured by previous
tidings. Everything indicates, too, that the
foreign demand for wheat will be unusually
large. But large crops and large sales would
have been of small avail, if this country had
still been running into debt to foreign nations
that its surplus products were needed to
pay interest on its 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 grow
ing belief that the movement will rapidly in
crease. This shipment was from Paris, and
Al. 4 q
France, in an elaborate review of the com
parativc failure of the crops in that country.
expresses his belief that France will be
obliged to purchase at least 1925, 900, 200
worth of wheat alone, even if the great de-
mand does not cause a material advance of
price. The recent severe storm in Great
Britain has put the finishing touch to the dis
asters of the grain-growers, and it is now he
lievcd that England will require at least as
much of foreign wheat as France. In short.
exports from this country are going to be
enormous, and, in one form or another, for
egn money must come hither to pay for our
products purchased. 1t is no longer possible
for England and Germany to pay this country
by sending $500, 900, 900 of bonds. as has been
done in recent years. Nor are American
railroad securities, of the kind that can
be advantagcously sold here, lightly
esteemed by foreign holders. Prob
ably settlement will be made in three
ways by some abatement in the prices of
foreign products, to 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 now holds an Unprecedented stock
of coin, and it is the feeling among the ablest
iinanciers of that country that considerable
exports of specie would not now be misfor-
tune. In the absence of special exertions to
revent such movement, it seems likely to
grow large.
But money is not lacking here. The last
debt statement shows that called bonds
amounting to about S7j, 100000 were still
outstanding August |. On all of these bonds
the last quarters interest was still unpaid
the bonds having not been surrendered, and
the latest call matured on the 2lst ult. so
that one-third of months interest had al
ready been lost on all of the bonds outstand-
ing, onc-half months interest on much the
greater part, and nearly or quite full months
interest on several millions. OF course it is
obvious that the holders are still looking for
opportunities to use their money advantage
ously. either in purchase of government or
other bonds or stocks. or in connection with
manufacturing commerce or mining. But
the purchase of bonds or stocks will only dis
lodge other money which other holders have
comfortably invested, without essentially d.
minishing the aggregate amount seeking en-
ployment. An enormous buying of sccuri-
ties is in progress daily, and yet as every one
can see, the amount of money to be employed