Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1857-01-22

tons by the several legislatures and by their own
private directors. The clearing houses Of York
/ and Boston the former established in Is5g Tho Ia,
/ Ter ia 1865. have wide influence. They ,n,y l..
considered The indispensable complement of the
| free banking system. To the salutary influence or
ercised by these Institutions, may be added that f
the guarantee, first demanded Of the banks b, Ia,
Of The New York Legislature, and since exaetrd ly
the Legislature Of other States of deposit N nh The
State to the redemption Of bank notes Til
latter regulation mast prevent the risks of paper
money aud the possibility OF such excessive Issues as
preceded the crisis OF 1887. The increasing propor-
ton of gold circulating medium since line ae-
QUESTION OF California the system Of specie do ytnents
adopted by the Government sin C 1870 aud the safe
rule for some time pursued by it of making no loans
whatever for any purpose, TO associations cities
counties, or States are additional securities for the
permance OF moneyed and commercial prosperity
1t u thought by many that the DEVELOPMENT of tie
of the United States depends chiefly on for
egn capital. The fallacy of this idea Is shown bg
progress since the investment Of foreign capital
among us checked three years ago by the pros-
pee aud subsequent actual existence of the Eastern
war. In that meour foreign commerce has grown from
S399,oOO,OOO TO S642 900 600, increase Of 80 per
cent. there has been reduction in the national debt
ISL 100000 or 1000 600 more than the present
debt from $40, 900, 900 to 10 900 900 at premiums
OF ten and hftecr per cent, have been paid on Euro
pean claims and 5000 900 for the purchase of the
Mesila valley which equals in extent the kingdom Of
Belgium our trade with Canada, under the new
treaty, has increased from $40 900 900 in 1853 TO
S50,00o,0o0 in 1885, our -ail roads, which in 1853
were hardly $4,000 miles long, are now, nlrcady
suited, over "a 900 in length; and the mines OF Cali
forna have supplieR us with about $4,000 900 in
gold, which has paid for foreign imports, and
furnished residue sufficient for domestic wants.
This residue is obtained by deductng from s 70 900,
600 the amount of gold received, $l29 900 900, the
amount Of specie exported, giving in three years
addition Of 81 ,0O0,0 900 to the circulating medium Of
the country.
Meanwhile, our tonnage has increased 200, 900
tons, or twenty-five per cent; cultivation Of
lands, judging by the sales Of public lands
extent of u 900 900 acres equal to the State of Ohio,
the kingdom Of the Two Sicilics, while the total
amount Of land sold and granted for various objects
has amountnd to y 800 900 acres, amost equal TO
new York Pennsy lvania aud Ohio or the British Is
lands and BELGIUM While the country has thus i'm
proved, villages have been transformed into cities,
and cities have grown by the construction Of bull
dings unequaIed by any built in former years. In
four years, the number of post offices has increased
twenty five per cent, or from 2O00l in 1882 to 80,
Bio in 1856, showing the creation of 4, Goa
tiers of population in that short period.
Thus, year by year, the United States advanc-
ing in material prosperity, and as natural result OF
the development of their bonndess resources becom-
ing in measure independent, of the aid of foreign
capital to which nothing but the desire to develop
with still more startling rapidity their great natural
advantages need now induce them to resort. vast,
beWildering estate of national wealth and glory Is be-
fore them which the great future offers to their eager
hands. May they not madly forfeit the noble prize
due To national virtuel Dsunon and anarchy would
snatch II from them the preservation of peace, union,
and republican liberty would insure to them its pos
session TO etcrnity-Wdsh. GioJc