The new Northwest. [volume] (Portland, Or.) 1871-1887, 1880-11-25

NEW YORK November 6, 1850.
The belt of earth within which the great grain
harvests are gathered in the months of July,
August and September, is so completely encircled
with electric wires that we are able TO receive the
general statistics of the crops in single day. The
stupendous figures given below not only promise
abundant food for the mouth, but afford flood for
reflection" as they foreshadow the international
balances for all the world for the present year.
The crops for the leading countries are estimated
as follows Surplus-Russia, -, 100000 bushels
Austro-Hungary, 100000; Chile 100000;
Canada and Manitoba, l3,Oo0OOO; British India,
100000; Egypt, 2,0O0,0O0; Australia S,0O0,OOO;
and the United States, lSO,0OO,O0O. Deficiency
Switzerland, Spain and Portugal, S,O00,00O BUSH
els; Italy, 12,0O0,OOO; Germany, Holland and
Belgium, 100000; England, lS7,OOOOoO; and
France, 55,O0OOOO. This makes a surplus over
deficiency of 32,OO0OOO.
1t will be seen from these figures that, while
the aggregate supply is largely increased, the de-
ficiency of England comes pretty well up to the
surplus in the United States; and as "A large part
of the English demand for breadstufs will be
drawn from America, and as our general exports
To Great Britain vastly exceed our imports from
that country, the balance i'm our favor at the
end of the current fiscal year must be very heavy.
Already the golden stream Is flowing steadily
from London to New York, and the Secretary Of
the Treasury estimates that the amount Of gold
which America will draw from England this year
will reach S200OOO,OO0 This, added to our native
production of the precious metals, will soon make
the United States the richest country i'm coin in
the world. Our great staples of cotton, corn to-
bacco, sugar cheese, butter, meat, etc, i'm de
mand all over the world, and still the supply
keeps ahead of the demand. 1t is feared that "a
portion of the American corn crop this year will
have to be burned for fuel for lack Of a market.
If these bountiful harvests continue TO bless our
farmers, and our gold and silver mines continue
TO ''pan out' for the next ten years they have
for the past ten we shall be the richest people on
the earth. and, instead Of wanting to borrow
money in Europe, we shall soon become what
England has long boasted Of being, the creditor
nation Of the world
More than thirty years ago, the elder Bennett,
Of the Hero1d, predicted, and daily reiterated the
prophecy that New York was destined to become
the financial center of the world. He was often
laughed at for his boastful declaration; but the
time is near at hand wheA the great fact foreseen
by that sagacious journalist will be realized.
Threadneede street viii soon be subordinate to
Wall street i'm money matters and New York will
roll up huge balances i'm London. How to employ
all this surplus capital is the great American
problem Of the future. The people at home will
greedily absorb every dollar Of the public debt,
and then there will be cry for more bonds or
Government promises to pay, a safe invest
ment How shall these be furnished? Perhaps
Congress will vote two or three hundred millions
TO wipe out State debts and few hundred millions
more for the acquisition Of the railroads and the
telegraphs.
The election news from New York has reached
you by telegraph ere this. AUGUST.