The republic., 1851-03-14

BY comparing this with the statement given on
page IT, it will be seen that the average consump-
ton of foreign salt did not exceed that of 1884.
That Of sugar but siightly exceeded that Of the
year, being the last in which the tariff Of 1928
could be considered fully operative. The average
Of tea almost exactly the same as the consump-
tion Of that year. while that of coffee was but ten
per cent. greater than that of 1922, the frst in
which it was made free of duty, and consequently,
the population had considerably increased, the
consumption per head had actually diminished. 1t
is obvious that the power to maintain trade was
rapidly diminishing as the power OF production
diminished.
The effect of this state Of things upon the ship.
ping interest may now be examined. Outward
freights had declined. Tho only increase worthy
of notice that Of cotton, amounting TO between
one and two hundred thousand bales, while the ex-
port of food had diminished greatly. The inward
trade in bulky articles did not keep pace with the
growth of population, and immigration sta
tionary. As a matter of course, the demand for
ships not maintained, and ship building fell off,
The average tonnage built in 1892, '3S, and "a
Nine months of 1885 gave only. y............ 10000
The year 1885,. .1l3,00O
1881 -. .lZS,OOO
1913 only .llI,OOU
Deductng the losses from ago and from accident,
the amount of tonnage could have been little more
than maintained, notwithstanding the growth Of
population. = 200,
and 1888, nearly 33 ,OO000
The year 1885 gave IS millions, and
1896, 50 millions, but 1887 and 1888
gave together only 81 milliens, and the
average Of the whole was but. ........ $4,000 900
of which a large portion was for merchandise
paid for, and for the value of which we were to pay
interest to the extent of probably eight millions Of
dollars per annum.
II will not now bo difficult to determine why it
was that il had been necessary to incur this large
amount ofindcbtedness. The closing of the outlets
for capital in the production of COAL iron, cloth,
and other articles of manufacture, had driuen capi
tai to the making of roads and canals, and had
driven labor to the making Of roads and the crea-
tion of new farms; and the people who thus
employed in making machines had to be supported
while producing mono of the commodities required
for their support. Production decreased, and with
It the power TO maintain trade, and the credit Of
the country was first brought in to mako up the
deficiency, to be next followed by demand for
specie, compelling the banks to place themselves
in the gap, and to stop themselves IL they would
not see the universal ruin OF the trading portion of
the community, their debtors.
With 1889 the credit of the country disappeared,
and the road making mania at an end. The
banks now stopped payment for the second and
last time. The merchants followed, and next came
the States, to be followed by the Union, which was
after loans. somewhat after the fashion of ysrs,
my Didisr, in the once popular farce of Rasing the
Vind.
What were tho circumsta noes which lcd to this
melancholy state Of things we may examine.
For years tho whole energies Of the nation had
been directed TO the creation Of farms and new
plantations, and new roads upon which TO carry
their products-nachins -naking--while neglectinR
production, and mills and furnaces closed, as
new farms were cleared and new roads were open
ed. The farms and plantations were now ready 70
yield their products, and England had not ony ccas-
ed TO sell cloth and iron on credit but was clamo.
rous Tor payment of her claims. As matter OF