Savannah morning news. [volume] (Savannah) 1868-1887, 1881-08-16
0ur National PROSPERITY.

The gloomy vaccinations of MIR. John
Thompson, President Of the Chase
National Bank of New York city,ylwith
reference to the business outlook, before
the Bankers Convention at Niagara
Falls. while they merit attention and
may serve a good purpose. are Offset by
many reassuring facts that are eloquent
in REPUTATION of the argument he builds
At the present time the country IS en-
Toying what appears to be a solid pres
neritv There is no complaint or evil
depee-ef-e4eF-PFodsetiea.--Thefe
is an abundance of raw material, and
vas, stores of capital seek investment at
low rates of interest. True, from changed
conditions in Europe, it is likely that we
will export less grain than in any OF the
past four years, but it does not appear
that the falling off will turn the balance
of trade, which has long been in our
favor. to so great an extent that, notwith-
standing enormous impOrtatlons, we have
made good our obligations by exports.
The accumulation of wealth in this
country is simply marvellous. 1t has
been shown that the annual increase OF
capital in Germany is $500. 0OO,0 900; in
Great Britain 1926. 200. 900; in France
1915, OOO. 900: in the United States $685.
600 600. Our mines in gold and silver
last wear produced $162, 100000. 1t is
calculated, too, that immigration has
enriched us during the past ten years
to the amount of $1,5O0.OOO In this
connection it is well to note that immi-
grafton for the past year exceeded all
precedent.
VIM. wv 10 ella TIA. Ss7e. nnn 600 of
bonds are eagerly sought at 81 per cent &,
that deposits in savings banks increased
800. 600. 900 in the last year, that the
deposits Of banks amount to over two
and a half billions. when the net gains
of our railroads are increasing, when
our cotton. iron and silk industries are
in a most healthy condition, while one
may heed the warnings of capable
prophecy he Will be slow TO read these
wOnted signs of prosperity as omens of
disaster.
There is a periodicity in the occur
renee of panics that would not permit
one to ignore warnings, and it is only
from the conditions that precede them
that the merits of their predictions can
be Judged. The conditions that pre-
ceded the great panic Of 1873, or the
other disasters of the century, are absent
now, and are not likely to present them
selves in the near future. Mr.. Thomp-
son defers the storm until 1888. 1t may
be that he can be prevailed upon to re-
wise his data and postpone it while
longer.
True, to some, the wild folly of the
stock gamblers appears to pOrtend evil,
but when one looks at the condition Of
the savings banks he finds the truest
criterion of national prosperity. From
the figures exhibited by Comptroller
Knox it would appear that these institu-
tions actually have deposits thrust upon
them. The average deposits Of the saw
ings banks for the year ended May 80,
1881, were 1881 900, 900, which proba
bly, represents a total of two and half
millions Of depositors. 1t is estimated
that the national and State banks and
private bankers now hold at least s., 62S, e
900, 600 Of deposits, and as portions of
these deposits are frequently transferred
from one depOsitOr to another, Comp
troller Knox calculates that a number of
persons at least equal to one-hslf the
population of the country are directly or
indirectly interested in the deposits of its
national and other banks and bankers.
View the outlook from the standpoint
of facts, and it is altogether and every
where cheering Mr. Thompson and
his fellow prophets of i'll, while they can
not beget alarm, may, however, accom-
pllsh good in reminding the people that
they cannot be too cautious in bringing
on an era of over production, over trad
ing and over trusting These are the
harbingers of disaster, and, of the.three,
the last is the most certain.