The National tribune., 1879-01-01


sank before the general tcrro old mere ne firms of un
doubted credit and countless lesser fell together
The Bank of England withheld its aid fearful perhaps
of Its soyency in of general demand moneys
the immense number OF depostors who suddenly called
for payment made impossible for the banks to satisfy
Them ten times the of the currency Of the country
was represented by its deposits and when the panic
there was not money enough to satisfy half the demand
Even the Bank of England it said must have stop
ped had its dcpcsors pressed for payment Had the panic
continued another day. every bank must have closed its
doors But passed away the great body depositors
recovered their confidence the crowd in Lombard
disappeared; and it fortunate trait of this peculiar
financial terror that it affected only slightly the industrial
classes that the factories remained open the mines pro-
ductve and that soon new period of prosperity dawned
upon the busy people.
None of these commercial disasters seem to approach
the present in severity in probable duration. 1t is
decay in the OF England decline in values that
affects every interest of the nation The rents of farms
it is sad have sunk onethird the farmer complains that
ne can no longer compete at high rent with the wheat
growers OF Russia and Amerca the manufacturer closes
his factory reduces the wages the trade of Eng
land seems almost dead There is general depreciation
OF property land food, that will probably be
repaired recent English writer when war with Rus
sia imminent, described with much enthusiasm the
enormous wealth of his country the amount It coud
waste in mad and useless contest The whole wealth of
England was estimated at gS 500, 000 000 than
$40 600 0O0 in 1915 had been only about $000o
000OOO The income since 1915 had increased
fourfold the potential taxation,' says Mr. Farrer.
secretrry of the Board of Trade might be indefinitely
raised except perhaps the tax spirits and tobacco
billion of dollars could easily be spared he thought
niict upon Russia and the Russians all the penalties due
to ambition and overbearing greed Mr. Shaw Iefevre
has recently repeated the attering record But later
writer IN less fancu language throws shade of doubt
on the brilliant picture Already few brief months of
panic have diminished the fancied wealth; the hoard
has been essened by at least oneeghth If not onesxh
The bankruptcy of nations has cost England billion: the
shrinkage in the value of real property great and
rs estimated to have lost fourth onesxh its value
OF five ago. The earnings of the working have
diminished it is asserted one hundred millions
ally The value of 6 British industries from five to
seven hundred millions. The capital of the country is
slowly wasting away and amidst a starving people and
fading resources England plunged into the
perils of war
between the two pictures there is doubt happy
mean England will recover itself and every American
farmer and trader personally interested in the welfare
OF the Industrious untring population that from London
TO Glasgow offers the best market for Amerern produc
tlons The prosperity Of the English working classes
means wealth TO the farmer of Georgia and Wisconsin, of
Texas and California They the greater part
the wheat food, cotton export but for their industry
and thrift the farms of Minnesota might long have
maned idle, and the cotton fields of Georgia useless
waste Every year nations becoming necessary
to each other useful England and America are
dissoubly Connected the English working
best customers, England most natural market Er-
rope has already begun to lean upon America for
essaries of fe the people of all lands already begin
ming to discover their mutual dependence. 1t is Slow
must at last The time must come when even
Russia and England shall discover that it is better to aid
than destroy each other Panic too have their lesson
it is the old of Josephto the years of plenty
for the pinching times come.