New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-07-29
PROSPERITY OF THE COUyTPy

PROSPERITY OF THE COUNTRY
Both abroad and at home panic mongers
have labored to create grave apprehensions
| regarding the future prosperity of this coun-
try. The article in The Pan Mall Gazette,
mentioned recently, was doubtless prepared
| and telegraphed for purely speculative pur-
pose, but Others of similar tenor have appeared
in other foreign journals. In this and several
other cities on this side of the ocean many
Journals are continually engaged in publishing
solemn warnings" The country is on the
verge of tremendous financial and CONNER
cial precipice, they say, and horrible cOnse-
quences can hardly be averted The specula-
tive purpose of these repeated warnings" is
| obvious, but prophets of evil arc never 80
much in earnest and so positive as when they
have much to gain by public disaster, and the
exceeding earnestness of these predictions i'm
presses many with anxiety. People are care
fully reminded, too, that "great commercial
disasters usually come in times of great appa-
rent prosperity" and ask themselves whether
there may not be good reason for appre-
hcnsion. There is a possibility that some real
harm to the public credit and TO legitimate
business interests may be done by the panic
mongers, whose only aim is to make money by
speculation in stocks. Whether one set of
gamblers or another makes money in Wall
Street, whether stocks have a temporary rise
or fall. does not matter to many people. But
it is important that tho progress of homes in
dustry and legitimate business shall not be re-
tarded by groundless apprehensions.
1t is said that the President is going to die.
that crops are going to fail, that the railroads
are going to ruin each other by reckless COM
petition and that a desperate struggle be-
nj 1oh "a
famous falsehoods have been circulated about
the condition Of the President. But all tho
surgeons in attendance and all the friends
about the President agree that the published
bulletins have been accurate that the symp-
toms of blood-poisoning do not yet exist, and
| that there Is every reason to indulge the hopes
which the surgeons in charge have constantly
encouraged. Rational persons will place conf
dence III the statements of the physicians
| in attendance, and give no credence whatever
| to the assertions of speculative panic
mongers, or surgeons who are moved by per-
sonal Jealousy or spite, and have never seen
the patient of whose case they speak. The
| chances arc strongly in favor of the Presidents
| recovery. But if he should not recover no
harm to business interests would result.
Tho only important crop that seems likely
to be at all deficient is the wheat crop, and
that yields but small part of the yearly
profits OF agriculture. The cotton crop now
promises to exceed even the unprecedented
yield OF last year. In most localities and on
the whole, the prospect is good for a larger
yield of corn than the country has ever been
able to use with advantage Other products
of agriculture are promised in abundance. But
the Agricultural Bureau estimates that the
yield of wheat will be II per cent less than
that OF last year. If So it will exceed
4OO,OOO,OOO bushels, and only three years ago
that would have been the largest crop ever
known. The country is not going to be ruined
because one out Of many crops falls back to n
point 30 recently the best ever attained. In
reality, it is not yet clear that the decrease in
yield OF wheat will be more than half as great
as the Bureau estimated.
Inc railroad war Is matter which concerns
PRINCIPALLY, and almost exclusively, the specu-
lators Ill railway stocks. The business of The
country, considered as whole, cannot be af-
fected for better OF worse by any such contest.
IL the railroads transport grain for less than
1alr rate, either producers or consumers pocket
just what the railroads lose, and at this time
the exports Of grain would in anv case ba
small But the truth is that this so-caIled war
can be settled at any time, when it suits one
OF TWO men who are among the largest holders
In the country OF railway stocks and bonds. and
1t Is certain to be settled as soon as thew ac.
complsh their speculative objects These men
are not going to engage permanently in anv
eleemosynaiy business, and they arc certain to
advance rates whenever it suits their spccula-
tons to do so.
There is not the slightest sign of any serious
conflict between employer and employed in anv
important branch of industry. In truth. il has
rarely happened that there has been as little fric
ton between capital and labor as there is now.
Labor is well paid and fully employed in
almost every branch, and capital is too well
remunerated to court a contest in which
neither could gain anything. Labor will not
seek any strife until the profits of capital are
greatly increased by advance of prices, OF
until the wages of labor have been materially
reduced.
In word, there is not cloud on the bori-
zOn. except in epecnlatiya circlas yUbo+ Lo