The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1881-04-16 00:00:00

PRESIDENT HAYES' OFFICIAL
RECORD.

The Philadelphia Correspondent of The Times writes:—

President Hayes, although he has not had any great
events to deal with, leaves a record that he can well
afford to look back upon with pleasure. During his
four years' term the public debt was / educed by nearly
209 millions, more than half of the reduction being in
hislast year, the net debt, which was 2,C89 millions when
he went into office, beinr, down to 1,880 millions when
he went out. The revenues of the country swelled from
265 millions in his first year to 356 millions in his last
year, and aggregated 1,192 i millions in the four
years, of which the ordinary expenditure of the Go-
vernment absorbed 990 millions, leaving the re-
mainder for debt reduction. His Finance Minister
reduced the annual debt interest charge from 941
millions to 76:1 millions, thus saving by repayment
and refunding an amount equal to nearly one-fourth
of the present annual charge. When he went out of
office the Secretary left the magnificent sum of 173 mil-
lions in gold and 84 millions in silver in the Treasury, of
which together nearly 161 millions were available cash,
not subject to any chargu, and included the resump-
tion fund. Of course, this resulted from the prosperity
of the country, and how that grew is shown by a
comparison of the products of President Hayes's first
year and his last—the first year ending March 4, 1878,
and the last ending March 4, 1881. The cotton crop
then was 4,485,423 bales, and it has now increased to
5,761,252 bales. There were then raised 207 million
pounds of wool; now 264 million pounds. The 364
'ninon bushels of wheat then raised have increased to
481 millions, and the 1,342 million bushels of Indian
corn to 1,537 millions. The 2,066,594 tons of pig iron
and 54,308,250 tons of coal then produced have in-
creased now to 3,835,191 tons of pig iron and
69,200,934 tons of coal. In the four years the
country_ presents the grand total production of
20,131,471 bales of cotton, 9141 million pounds
of wool, 1,714 million bushels of wheat, 5,816 million
bushelseof Indian corn, 10,944,853 tons of pig iron,
and 241,448,166 tons of coal. This growth of product
naturally made a corresponding growth of foreign
trade. The live stock ex ported in President Hayes's
first year was valued at 4,205,893 dole., but that trade
had grown in his last year to 20,681,738 dols., and in the
four years its value was nearly 48,000,000 dole. Like-
wise the other food exports, which were 269 millions
the first year, had increased to 4564 millions in the last
year, and fo the four years were 1,4271 millions.
The foreign trade of the country in the first year
was 6291 millions of merchandise exports and 476
millions of imports, and this in the last year had be-
come 915 millions of exports and 703 millions of im-
ports. How we have grown rich is shown by the four
years' total of 3,048 millions of exports and 2,166 mil-
lions of imports, a balance of 882 millions in our
favour, to liquidate which 130 millions of specie
balance has moved in favour of the United States, all
within the last two years. No nation of the earth
can make such a showing for the past four years, and
the retiring President may well be proud of this
record that he leaves behind him.