Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-01-27
GROWTH OF THE UNITED SLATER


home commerce, the construction and working of
railroads, the growth and establishment OF cities,
have al wonderfully increased, aud, by adding
largely TO the capital Of the country have given
such impulse and activity to business of all kinds
that It has far surpassed the best results of any
! preceding year. This growth OF prosperity is but
partially shown by the published statements of the
Secretary OF the Treasury, inasmuch as the fiscal
! year OF the Government closes with the 30.h Of
June, and, while the results of those statements
embrace and are largely affected by the business Of
the latter half Of lo55 they do not include that of
/ the latter half Of 1856. An approximate idea of
tue business Of the year can be formed by exam
! ming tables of the commerce and finances of New
| York in 1856. The transactions of the New York
clearing house for 1856 show an increase of 81
7OOO0OOOO or thirty per per cent on those of 1885,
making the total for the year amount to the enOr-
nous sum of S7,300,000000. The transactions OF
| the London clearing Eouse in 1889 amounted to
! ,772OO000O. They amount low, probably, to
triple that sum- If So the business OF New York
is equal to half that of London. In the imports
ana exports Of New York, there has been an in.
crease Of thirty-thres per- cent on those of 1866.
The increase in railroad traffic has been from TWEEN
ty TO thirty per cent
| The increase IN the cultivation of new lands
| one of the chief elements Of our prosperity, is
| shown by the large sales of those lands and by
the grants of the public domain, amounting to
seventeen million six hundred thousand acres near
| ly four times the extent of Massachusetts, or more
than Belgium and Holland united Besides these
large appropriations, Congress has granted during
the year to railroads. States that will sooner
later partially make similar disposition ofthem,
| about twenty one million seven hundred thousand
acres; making total of sales and grants in single
year of thirty-nine million three hundred thousand
acres, equal in extent to Virginia, or to almost
third OF France. Notwithstanding the great de-
! a.
public lands yet remaining unsOld II the Terrific
ries are equal in extent to the present thirtyone
States, or more than all Europe, except Russia -
Farming and industrial production has kept pace
with other departments. Its approximate value
as estimated by the Secretary of the Treasury from
the returns of the census Of 1910 and that OF 1850
was, during the year 1856 about 81, 600 900 900,
or triple that Of 1880.
The Secretary estimates the value of the entire
property Of the Uni ed States taxed and not taxed
at Sll,3l7 100000 exclusive of the public domain.
He estimates the population at 26964 3l2.
At the close of 1855, there were q O69 miles of
| railroad. There are now more than $4,000 miles
The telegraph, which does so much to diminish the
loss Of interest on capital, and to quicken business
by anuihllsting, as it were, the magnificent dis
tances' of our territory, now extends in almost eV-
cry direction throughout the States 1t s estima-
ted that the aggregate length of our electric tele-
| graph is from forty to fifty thousand miles.
l
Our merchant marine mas made great progress
during the year. There have been constructed
two hundred and twenty-one steamers, and seven
teen hundred and three sail vessels, with an sggre-
gate tonnage of469 1874 tons. Notwithstanding this
large addition, the Official lists show decrease the
tonnage Of tbs merchant marine on that Of 1855,
| caused By more careful examination of the old
lists the effect Of which has been to drop from the
account a large number Of vessels sold abroad lost
or long since condemned.
During the year, the Federal Government has
reduced Its debt twenty-five per cent. 1t now
amounts to S3O,O0OOOO, with a residue in the
Treasury of $22 100000 after the payment of all
demands. The President states that tus debt can
be entirely extinguished for the second time, Ct
having BE entirely hquidsted in 1856 by the
beginning Of 1858, and he recommends that Con-
gres5 take measures to prevent the injurious effects
that would necessarily be produced by too great an
acc mutation Of specie IN the Treasury. The state-
ments of the financial affairs of the various States
show every where q high degree OF prosperity.
Tbs different cities counties, and railroads through
out the Union, are IN q like Furnishing couduoD.
The banks, except few in the Eastern States are
also generally prosperous IL consequence OF the
prudent restrictions put upon their transactions BY
several Legislatures, and Dy their own private di-
rectOTs. The clearing houses OF New York and
Boston, the former established in 1853 the l4tter
IN 1855. have a wide Influence They may be con-
Tree banking system. To the salutlry influence
exercised by lh-se Institutions, may be added that
OF the gua5aHtee f. st demanded of the banks BY q
law OF tue New YORK legislature and since *
acted by the gslatures OF other States Of de-
post WIJh gHe state to secure tie redemption Of
bank notes. THIS latter regulation must prevent
3 the risks Of paper money, and the possibility OF
such excessive issues as preceded the crisis of 1881.
The Increasing proport on Of gold as circulau. 2
medium the acquisition OF California, the
system vi specie payments adopted by the GJV-ln.
melg since 1910, and the safe rule IOr s)us tins
pursued by 1t Ui making lOaIs whsteVC. Tor aly
purpose 10 associations, cities COUNTIES, or Stat, g
are additional securities Tor ID, permaLence OF our
moned and commercial prosperity.
Il is thought by many that the deveiopment of
the resources Of the Unitel States depends cnrthy
: on foreign capital. The fslacy OF this IDEA is
shown b. our progress since the InVesmeG OF for
elgn capital among US was checked, three years
ago by lLs prospect and subsequent actual e1is
teucs Of the Eastern war. In mat time our t.r-
eign commerce has grown from S499 000,UOJ 10
SG52 900 900, an Increase of Ihrty Per cent there
has been reduction in the national debt OF SAL
100000, or 100000 more than the present
debt; from SlOOOO,OO0 TO Sl5, 100000, at premI-
uns of ten and fifteen per cent, have been paid on
European claims, ami Sl0,COOOO0, for the pur-
chase of MessIl.a valley, which equals in extent
tue kingdom OF Belgium; cur trade with Canada,
under tie new treaty, has luCTGSs ed from SZU OUU
900 10 1853, to 100000 n 1856; our railroads.
which in 1853 were hardly 10000 miles long, are
now, as already stated, over $4,000 in length, and
the mines OF California have supplied Us with
about Sl70O0O,0OO in gold, which has paid fJr
| foreign imports aud furnished a residue sufficient
for sur domestic wants This residue is obtained
By deducting from $4,000 600, the amount Of
specie received Sl29OOOOOO, the amount of spe-
Gle exported, giving il three years 40 addition Of
S4l,O00,O0O, TO the circulating meiium Of the
country.
Meanwhile, our tonnage has increased I,2OO,-
900 tons, or twenty-five per cent; the cultivation
of new lands, judging by thesales Of public lands,
covers an extent of p 100000 ACRES, equal 10 the
State Of Ohio, or the kingdom Of the Two Sicies,
while the total amount of land sold and granted
for various objects has amounted to 81 100000
acres, almost equal to New York. Pennsy lvaus,
and Ohio, or to the BRUSH Islands and Belgium.
While the country has thus improved, villages
have grown by the construction Of buildings IN
equslled by any built in former years. In four
years the number Of post offices mas increased
twentysh per cent or from 2090l 10 1852, to
70 90 Ia 1866, showing the creation of 4664 new
center5 Of population in that short period.
Thus, year by year, are the Uniei States adj
VRncing IN material prosperity, and, az a natural
! result Of the development Of their boundless re-
sources, becoming, IN measure, Independent Ct
the aid Of foreign capital, 20 which nothing but
the desire to deveope with still more startling
duce them to resort. A vast, beWildering estate
49, Ill l. IL Il