Year: 1879

current gold coin of the world" says news
despatch.


The change is one which was inevitable.
1t has been coming for good while.
Nearly twenty years ago the London Times
wrote, England totters at the apex OF her
greatness" and if our civil war had not in
terrupted our career of prosperity we
should have by this time beaten England IN
every market the world over. But the
war only delayed what was sure to
come; and as soon as our false cur
rency system was rectitied our vast
resources began at once to tell In our favor.
That American gold coin should begin 10
take the place of all other coins as the
standard Of the world was natural result
as soon as we ourselves returned to the use
of gold The world accepts as u matter OF
course that coin in which it settles its bal
ances-that is it's most convenient and its
cheapest medium for such settlements; and
the fact that American gold is taking the
place of English gold denotes that America
is the creditor nation once more Euro
pean nations are using our coins to pay us
what they owe us.


The Spanish dollar was long the coin of
the world; the English sovereign drove it
out, because England became the predom-
nant commercial nation. and precisely in
the degree and to the extent that we re-
cover and enlarge our foreign trade Ameri-
can gold will take the place of English.
But the natural advantages of the United
States are so great, SO Overwhelmingly
great, if they are compared with
those of any European country, that our
predominance is only a question of time
and reasonably good management. We
have almost limitless unused natural
wealth. The last two years have opened up
agricultural and mineral lands whose un-
suspected richness has astonished the world,
and this is but the beginning of develop
ment which will 60 on for years. Northern
Texas alone, for instance. has an area, at
present almost unsettled, of fertile land, on
which, within carrying distance of rail-
road now projected and partly built, q
sufficient population could raise wheat
crop equal to the whole Of our present
crop, and alongside of it cotton crop
|
the United States. It will not be many
years before this greht and rich area is
filled up with thrifty European and Ameri-
can farmers; and yet this is but one of
several great unused or almost unused
areas of fertile soil which we possess.
We have no vast and costly standing
armies or iron-clad fleets to maintain. We





Peace and security against invasion are
ours so long as we remain united people.
We have the most ingenious and inventive
race of artisans in the world, quick to con-
trive and adopt every labor saving and
cost cheapening machine. We have, in
fact, SO many advantages on our side in
the race for industrial and CONNER
cial supremacy that we are more and
more compelling the labor Of Europe
as well as its capital to this side. Emigra-
ton from Europe has again set in, and the
tide which has thus begun to flow in this
direction will constantly increase in force
and volume.


But, as we have often shown, whatever
enriches the country at large increases also
the wealth and greatness of New York. Our
city has as yet scarcely begun to feel the
stimulus of the new prosperity. Before
very long it will awaken to its destiny
New York is becoming more and
more the centre of the worlds traf-
fc, and nothing can prevent it
presently taking the place of London and
Liverpool as the centre of the worlds
exchanges, the settling place for all COM
mercial transactions For unately for us
our elevated railroad system has prepared
US to degree for taking advantage of our
opportunities. The elevated roads have
for the first time opened the island to set
,lement by bringing the homes and busi-
ness places of the city close together in point
of time. But our merchants, capitalists
| and railroad magnates already see that this
| is not sufficient. Before long tunnels
| under the Hudson River will bring trains
| to the city without transshipment. Every
year the delay, loss and friction in the
handling of products ut our port are les
sened and the access to its waters cheap
ened. The Harlem River improvement,
which ought to be pushed with more vigor,
will presently add an entirely new and
very important water front to the
city. and relieve the lower part of the
island Of the coastwise and canal COM
merce which now overcrowds and obstructs
it's wharves and piers. The success of the
elevated railroad system already shows that
it must be extended SO as to afford new
line running along the entire water front
and capable of being used for the trans
port of goods and products as we'll as of
passengers. Such line is inevitable, and
those who build 1t will not only reap a
great financial reward, but will add i'm
mensely to the necessary conveniences of
the port.


Everything, in fact, points to great and
ranid growth of the com aroial IN metrnnolis q