The Sun.
London, England, 1868-09-02 00:00:00

STORIES OF 711 E CANDIDATES.

The New York TVorll gives the following as
Grant's speech at St. Joseph, Missouri :—" General
Grant, accompanied by his poor relation, Dent, and
by General Sheridan, made an unimportant and
lengthy address upon national affairs. We give
the oration in full :
GRANT'S ANNUNCIATION OF HIS POLICY.

I return my sincere thanks for this hearty recep-

tion.

lIIS OPINION ON RECONSTRUCTION.

I have been travelling for two we3ks every (by.

WHAT HE THINKS OF FINANCE.

Anti most of the time at night, over mountain?.

CONCERNING NEGRO SUFFRAGE.

Visiting the Western country, which I am now
seeing for the first time.

TIIE GLORIOUS FUTURE OF OUR COUNTRY.
I am fatigued, weary, dusty, and unable to ad-
dress you.

A MAGNIFICENT PERORATION.

I thank you, but I cannot speak to you this even-
ing.

At this point the eloquent gentleman concluded
his exhaustive and convincing address, and the
audience dispersed with three tremendous cheers for
Seymour and Blair."
A denial had been extracted from Mr. Seymour's
Secretary that he is or ever has been a holder of
United States Bonds. If it had been proved that he
largely held such securities, his gold redemption
sentiments would have been ascribed to selfishness,
and he would have been shown up to the Western
green-back Democrats as one of the rich and
pampered gang who desire to live on the earnings
of hard-working men. The contrary being the case,
it is said that the nation in the hour of its extre-
mity appealed in vain to this wealthy man for pe-
cuniary help.

THE DECREASE IN NATIONAL WEALTH.

The New York Nation, broadly asserting the
decrease of wealth in the United States, has pub-
lished a series of articles maintaining the position,
and refuting the objections of those who disputed
it. No other American paper carries the same
weight in England, and its facts have found here
ready credence and circulation. In a former num-
ber we adverted to the first article,. and we now
propose to summarize the subject as the Nation
deals with it. A nation consists of a multitude of
households, each, having the same requirements as
the whole. These are, mainly—food, shelter,
clothing, warmth, light, and entertainment ; the
quantity, depending upon the wealth, social posi-
tion, education, and taste, vary accordingly. The
households may be divided into classes, each having
as nearly as possible the same wants.' Statistics
setting forth the similarity of requirements would
surprise society, and it may broadly be said
that in the average American household one-
half the income goes in food, one-fourth in
rent, and one-fourth in all other wants. This
is strikingly borne out by the census returns,
for though imperfect, and not giving a correct esti-
mate of the-employment .of labour, they show that
one-half the capital consists of farm stock and imple-
ments to produce food, while nearly one-fourth consists
of city and town dwellings, with household furni-
ture constituting the item of house rent. The con-
clusion is that wealth, national as well as individual,
consists of what satisfies the wants, of which food
stands first, and to show a diminution in that is, to
show that the most important half of the national
wealth is diminished. It is well known that food
and house rent have risen so exorbitantly that
although more is spent upon them less is procured,
and of inferior quality. But though poorer in the
essentials of national wealth than six years ago the
Republic is richer in railroal3, in iron mines and
foundries, iu coal mines an 1 cotton spindles,
in lambs' wool and paper money. The reason
is that the war, protection, and paper money
have disturbed the national course of industry,
changing productions from those essential, to those
for the moment most profitable to the individual.
The war requirements, aided by the tariff, increase 1
the iron, coal, &c., but brought about a decrease in
the production of food. The disturbance produced by
the inconvertible paper currency prevented the evils
from being readily seen, but they are now felt in
the strikes of workmen, the stoppage of mills, and
the disorganization of labour. Mechanics who can-
not pay for their food and rent, at the present rate of
wages, high as they are, strike for an increase.
Employers, who cannot manufacture at a profit on
account of the high wages, combine to lower the
scale, and, failing, shut up their works. The hands
thrown out of employment fall back on the farm,
and the mill remains idle, the coal mine closed, and
both, at least for the time, valueless. The Nation
foretels, from a simple observation of the laws of
trade, that before next March one-fourth the spindles
of New England and one-third the hammers of
Pennsylvania will be idle. A gentleman from
Illinois forwarded to the paper the stock statistics
of the State to controvert these and the startling
statements of the preceding article. In seven
years, according to him, every hundred Illinois citi-
zens had gained 31 horses, half a mule, and 26
sheep, and lost 12 cattle and 7 hogs, and he
balances the one against the other. During this
period an immense amount of private indebtedness
was paid off, and although without the figures to
show how much, he states that each citizen could
assume his share of the national debt, and be
in a better condition than in 18G0. In reply
the editor expresses surprise at such returns
from Illinois, for if asked to single out one
State that could show a large increase in wealth
despite the war he would have named Illinois.
If the most prosperous agricultural State in the
Union, untouched by war, has barely held its own,
what was to be expected from Arkansas, Missouri,
Kentucky, Tennessee, and the whole South stripped
of every moving thing during years of war In
the number of August 6 the Nation makes a para-
graph from this letter the text for a further article,
desiring to show wherein lies the fallacy and the
danger of the fallacy that there is any similarity
between private indebtedness and national debts.
'le payment of a debt does not necessarily prove
increased wealth. A man owning a farm worth
$lO,OOO, with stock and crops worth $5,000 more,
mortgaged for $5,000, is worth neither more nor less
than $lO,OOO ; for if he sells the stock and crop for
$5,000 and pays off the mortgage, he is no richer.
But he is richer if he saves money and effects
this without selling his stock and crop. Now
what the Nation believes is that the Illinois
farmer has discharged his private indebtedness by
the sale of his stock, induced to do so by the high
prices resulting from the war, and having paid his
debts he is in the former, not the latter position.
Passing such questions as the means of escape for
the mortgagee furnished by the Legal-Tender Act,
which enormously reduced the farmer's liability to
the Eastern creditor, the Nation proceeds to discuss
whether the private indebtedness of Illinois or of the
States generally is less in 1868 than it was in 1860.
It asserts that the form only is changed, the credi-
tors now being the Eastern Banks instead of the
manufacturers. During the last three years private
indebtedness to the banks has increased nearly
$160,000,000 over 30 per cent., a share of which
falls to the lot of Illinois. But turning from
private indebtedness, a subject extremely difficult to
investigate, the general wealth of the State is shown
to have decreased. The taxable valuation of its
total property in 1860 was equal to $214 in gold
per head of the total population. In 1866 the
latest figures, the return gives only, in spite of in-
flation and high prices, per head $lB3 in currency.
The State debt amounted in 1860 to $6 per in-
habitant ; in 1866 to $4, but the diminution is more
apparent than real, for the debts of local organiza-
tions, cities, and townships have increased enor-
I mously. Estimating the population of the United

States in 1866 at thirty-five millions, and the debt
at twenty-five hundred million., each citizen's bur-
den is over seventy-one dollars. Supposing, as the
Illinois gentleman suggested, that each should per-
sonally assume his share, then, instead of being
worth $2OB in coin, as in 1860, each inhabitant of
Illinois is but worth in 1866 $lOB in currency.
Other States show similar results : the property de-
clined in value in lowa per head, being from $294
to $285, increase of debt from 50c. to $1 ; Michigan
from $395 to $383, increase of debt from $5 to $7 ;
Wisconsin from $237 to $lB6, increase of debt
from 15c. to $3 ; giving an average o; reduction
from $285 in gold in 1860 to $259 in currency in
1866, with an increase in the State indebtedness
from $3 to $l. These four States, removed from
the theatre of war, producing the articles which
have mainly risen in price during the last six years,
arc selected ; and the result is the more astonishing
when the fact is stated that not a cent. of the local
debts of cities or counties is counted, nor a dollar
of the national burden. The Nation appears to
have been very busy gathering its statistics
during the period it has been making these remark-
able statements. Of all the statistics it was able to
obtain only New York and Minnesota showed an
increase of wealth, and Minnesota alone, that,
coupled with a diminution of State Debt, the wealth
having increased from $207 to $229, and the State
Debt decreased from $l5 to $lO per head. The
increase in New York is from $372 to $433 of
average wealth ; but the State Debt is increased
from $BB to $135. With the exception of Cali-
fornia, and perhaps of Ohio, Pennsylvania, and
some of the New England States, could complete
statistics be obtained, they would all undoubtedly
show far more unfavourable results. Connecticut,
Massachusetts, Missouri, New Hampshire, New
Jersey, Tennessee, and Virginia have largely in-
creased their State Debts, while the reduction in pro-
perty value in the Southern States is all but
fabulous-70 per cent. in Arkansas, 30 in Ken'
tucky, 45 in Louisiana, 7 in Missouri, 90 in South
Carolina, and 50 in Texas and Virginia. The
Nation sees in these undeniable facts, not to be
ridiculed by ignorant pertness, but to be taken into
account by serious men, the cause of strikes, del
trade, restiveness under taxation, and the daily in-
creasing talk about repudiation. The obiect of the
writer is evident, for he tacks his moral as the
sequel to all his able and exhaustive arguments. Ile
maintains that a fatal delusion fostered by a paper
currency has taken possession of the national mind,
which should be removed—a delusive wealth, which
covers real impoverishment, and leads not merely to
boasting, but to idleness and extravagance, which
would instantly be corrected if the nation werealive
to its true position. One of the national fallacies
most widely current is that the diminution of indi-
vidual indebtedness is a set-off to the increase of
national or State debt. There is this difference,
that individual debt, when honestly contracted,
represents existing property, while national debt
rarely represents other than property destroyed ()r
not in existence. A merchant buys from a manu-
facturer, giving his note for the amount which re:
presents the goods, or if sold the money received
or due for them. When the merchant ascertains
what he is worth, he counts his goods, his money 111
hand, and that due, deducting therefrom what he
owes, and if he pays, or if he does not pay, thee°
debts, he is worth the same amount, and that only
So with the manufacturer ; but with the nation the
case is different. The Government has bought from
New England manufacturers and Western fanners
an immense quantity of goods on credit, giving
notes which are represented by the pay, the fee',.
the clothes, all spent on the soldiers ; by the horses
destroyed, by the ammunition expended. rrii?,,
notes remain, but the property they representd°
gone for ever. The people owe these notes, but
the people, when taking stock, deduct the amount
of these notes from their total property ? In esti-
mating his wealth, who deducts his share of th
national debt? The holders count them as part of
.
their property, but the givers do not deduct theol
from theirs. Tlie more then issued, the greater _
seeming wealth, for all who hold count them as
part of their riches, while none deduct them las
.
part of their debts; and this evident delusion leno
the country into the belief that it is richer by Ore
amount of the National Debt. The evil of the self:
deception in this belief which disguises the nations
improvement is, that it encourages the boastful, reek-
less extravagance which the Nation says is rzpidil
sapping the very foundation of the national re:
ductiveneas. If the debt were distributed to each
individual, taking four as the family attached ,
every male adult, it would burden the head of each
household with a liability of $355. Were this drat-
bated in accordance with wealth, and the country
as rich as in 1860, then every property holder
would be sixteen per cent. poorer, or at the esti
mated ratio of positive decline iu wealth his sha re
would now represent a tax of more than 20 per ceot,
~,o,
These facts and figures have attracted atteetibvat
They have been generally called in question,
nowhere authoritatively contradicted. The Pe°l3leio..
un willing to believe in the impoverishment, hay.° the
cepted the pleasant gloss of delusion thrown over ar
actual state of affairs by the inconvertible 133 p i 4
currency ; but the Nation, convinced that theN_o
no cure except in tearing away this covering
laying bare the truth, has done so with no ge.„o
hand, and thus concludes these able articles be
t
all the people of the United States were to treat„ja
national debt as they treat their private debta,:tot
were to deduct each one his share from the an
113 y
of their supposed individual wealth, how
people who are now at Newport would orctof
back to town in spite of the heat, hew 01
gilded equipages would be discarded, hovi wiat
idlers return to labour, how quickly the eighv era
movement would be stopped and the brickill
resume their work, bow carefully the reckless er
• 1
penditures of city and county and national go°higb
ments would be scanned and scrutinized, 110 W loft
financial ability would rise in public esteem, t. 0,0,
much honesty would advance in value, and j,,1710
resolutely, above all, a whole awakened P:i0g10
would sternly vow never to permit one to
dollar to be added, on any pretence whatsoevei'o'ol
that most injurious of all delusions—the Data
debt !"

h°P
The Rev. B. Spalding, brother to Arch-bls 9,34
Spalding, of Baltimore, lost his life at Louisville% ida
tucky, on the 4th August, by his mosquito netting "I'
fire from the gas burner.
A pillto
LADTERTISEMENT.I—HoIIoway's Ointment am- uniqw
Order and Ease —These remarkable remedies,,,geir se'
every other medicine for general family use. ,-11 °let;
tion is alterative, anodyne, tonic, and healing. -`,„°/ o/ li
mont has only to be perseveringly rubbed twice A soo7,
any afflicted organ to penetrate to it, regulate, 01'0,11018a
it. Its tonic properties are obtained through tile 0110
some influence it exerts when rubbed over the stoill,e'ets, #0
liver, on both of which it produces the happiest 01'1009
making their secretion abundant and natural. 11'4,v, ell;
purifying pills should be simultaneously taken. over B.`"
bined action of these safe yet potent remedies
es is ite.
mach, liver, bowels, kidneys, muscles, and nso:„Lastiell
mediate, beneficial, and lasting. Holloway's Prur
restore order, ease, strength, and happiness

Births.
ac
BUPTON—On the 31st ult., at 30, Hanoveter $
r so,
gent's-park, the wife of H. E. Buxton, Escl., t.
CORBET—On the 31st ult., the wife of E• C°l.be Ap
~
of Adderley, Shropshire, of twins, stillborn• he fittw
SAUNBERSON—On the 31st ult at KingstoWn, t"

Rachel Saunderson, of a son.
BROWNING—CORNER—On
fourthn son of Chas. Browning, Esq.' GP
Marriages. 11013:
IN NUN G— -ORNEE —On tho Ist inst at Ar ~ 109 Cp 44
AL ' 6
_ l'cloailndear-hill,-tEenrr-taileve,, opnrliystdola.ughter of
~ fe,
I'ARKER—G RAVES 011 the 28th ult ,at •St. 01:4 'fitro,.);
!lags, Edward C. Parker, youngest son of W. I', of il'"
Esq., to Georgina Alice Graves, second daughte`
Hon. Henry Graves.
Deaths. ndVril:
BRACKENIMRY —On the 30th tilt., at l3oulognel- late
Robert Brackenbury, Esq., second son of 1"6e5 ,
Brackenbury, Esq., of Brighton, Sussex, age' 'pittel'''
CALCOTT —On the 28th ult., at St. Johns lions°,
heath, Major Berkeley Cleotf, aged 82. lige
HARE - On the 30th tilt• at Vino Cottage, 19, P3ric?rj
0;4 r
East, Regent's-park, the Rev. Dr. Hare. °ea
~
Ross—On the 30th ult at Kilrasaek House, ,-,
wood-hill, Surrey, Major Boss, aged 74. I el'
i, ioel -
SMITH -On the 31st ult at Malcolm Lodge, ."°l-•
~ Of
James Smith, Ezq., aged 7G.
Timonty—On the 31st u., lt David TinothY,
Camden rood Villas, Holloway, aged 66.
o,oi
----------------- - AND 11'!
l•
London : Printed and Published by WiLLIA.. go 1 a
of No. 112, Strand, Printer, at THIC SON
010+,204 "
in tae '
Strand, in the Precinct of the Ss veY,
Middlesex.—Wedueaday, September '2, 10S,
.

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