The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-03-27

70 rHs Hprros or TIE HERALD.

inoooteone by reason OF the recent ciamof q tnoee
who are attacking ~ public credit let me ask his atsn
ton TO some Of the Of the country which may
be confidently relied npon The debt Of the nation Ii 70
be paid BY the people, who have their own and local debts
TO pay besides Il paid by taxation mainly upon what
they possess what they consume, consequently the
more they have or the more means they can get the
easier and sooner viii 1t be paid The questions how,
wnen and oy whom II TO paid admit OF one answer,
viz las soon and q easily as possible
The sources Of our wealth three-Frs the charsc
ter, skill and industry Of our people; second the
natural advantages Of the country nhabit such a
third the productive capseity which can convert the
foregoing into valuable commodities for our and the
worlds markets In the first Of these particulars we are
foremost among nations. Half century OF unexamped
progress shows that thrifty energetic and that
we are capable OF sustaining powerful independence
anu unity In the second element Of wealth no country
under heaven possesses such bouneous provisions Of
nature, none such fertility and variety OF produce
hardly less precious iron and coal none an equal dstri
button OF the natural highways or such reserve OF
natural forces Inc last element, which includes
agrcuiture mahufacu mining and the distribution
of these products through the channels of trade is
equally our righuul boast In agricultural products we
have no equal; in manufactures and mining we have
but just begun 10 develop our resources which NAV
fairly challenge the whole the world besides at no
Such is the solvency of the nation and eouav or the
people, that !. is difficult TO limits to the EXPANSION
ana accumulation o. wealth under the genius Of
century has been spent In building the dwellings clean
ing and fencing the lands erecting the store houses
which already rank among the first In the world What
unparalleled progress Great is is only the germ
Of greater things follow the seed corn of great
over tract half large as Europe and reclaimed il
from wilderness. will, In another fifty years reap
the results Of which the past fifty are the founda
tions In 1860 the entire real and personal property
the country not including the government lands and
property Sl2 100 600 600: and its product
So $50 600 900, Of which half agricultural and
the other manufactures, mining, nc This is very
well for a people who had build, besides its local
roads, thirty thousand miles OF railroad, five thousand
miles oil canals, eighty thousand miles OF telegraph,
besides mills, shipping and the Ike The value OF
the pronery cannot bas. deprecated during the past
years notwithstanding four years Of war; for while
third OF the country was checked IN It's career the
other txo-thirds still advancing, that the
national debt is less than tentn of the aggregate value
of the real and personal property Of the people day.
Now. there Two ways OF pay ing OIL the debt; re-
trenchment aud economy of the revenue we have, and
multiplying our productive capacity. 10 paw with what
now have or TO go 10 work diligently and get more
to pay with. Paw we must honestly and honorably:
first because II is just and right that We should and
second, because il safer and profitable IN tho
long run to do So Credit capital faith Of the
nation must be kept alike from reasons Of conscience
Il is our blessed fortune to be producers Of three
things which are in universal demand and which We
can furnish either easier cheaper than any other
ton. These are cotton, breadsnIfs and the precious
metals The fibre which the world 0qn best be clothed,
the food il eats, and the articles which DO savage
civilized have come To regard the standards Of all
value The two agricultural products We produce n
OverStOCk
markets; that is 10 say we can raise so much cotton
grain that II will chculen ITSELF Europe takes from IS
more grain than needs a. prices fixed by the
scant or plenty OF her nearer harvests. Cniil some
cheaper Of transport he devised. must be
to build up own market for breadsuGs
at home The case is little differ with cotton the
being no danger that for at years to come
shall anticipate the growing demands OF tho wor'
This Of less consequence since W. may expect 70 real
ize nearly much from crop O. two and half M J.
lions in 1857 as did from four millions in 1850. We
in this instance dictate the price. Moreover RAJ
vo1@s~
for increased trxn9uity. Europe will be glad 10
both when our poacai skies shall seem brighter to mr.
Z WITH our minerals the case is quite different The
market precious metals h practically ncxhnush.e
nappeasabs = Both the ioling millions Of Europe and
still vastcr millions OF Asia h0ld out their hands
gold and silver crying gave give" II is magical
property OF these metals, that iough intrinsicay Of
little value hcy have the quality Of paving debts
oil the world They cost labor get and thus far
the supply has been quite inadequate to the demand.
Now We possess ocks un in the western third Of our
continent among the hills and valleys of two hundred
thousand square miles, gold and silver which in amount
is practically unlimited The most dstrustful traveller
who returned thence dared TO set limits
the supply
Siusulary enough we have both labor and capital
enough increase the production OF gold and silver
tenfold All that rs needed the of ex-
tacAg IL and all that Is needed 10 do this TO cheaper
them at greater profit This Is the burden of every
story that reaches from those regions. "Herc is
wealth in abundance" say they. sGve us roads, give
communication with the OF the world Let In to
us the light OF civilizations the comforts Of home the
subsistence you can spare SO WELL and the tools with
which 10 work anil we can pay your debts and get rich
There is no danger that the market VIII be glutted in
day with too much bullion The injection ftwo thou
sand millions into the worlds store during twenty
has had but Mi ut impression upon its current value
We may go on supplying thousand millions year for
the twenty without fear OF the price being
cheapeped below the limit Of cost OF production rhe
best estimates agree in placing average yearly pro-
thorties agreed upon the proportions contributed
by the respective areas but the following come very
near the mark
California and Oregon INSTRUMENTATION. $50 600 900
Idaho, Montana and Washington. $4,000 600
Nevada. .................. 10000 900
Utah and Arizona ACKNOWLEDGEMENTS. G,0O0CO0
To,a, sIO0 oo1 o00
All n;s i. nrod,caa rndar sch ,os,,, St ~
freight fuel labor management and fraud that the net
proht 10 the community is perhaps less than fifty mil
lions, but the actun capitalists receive probably less
than ten millions. Now everybody comedies that the
| same, capital, labor and machinery there present
would suffice to produce four times as much metal,
| at half the cost, II the way was open TO and
from their commodities What prospect is here opened
up 70 the national future. -Four hundred millions Of
bullion o. cost Of about twenty i've millions Ore
be reduced in favored localities that Is saw where the
access Is easy, for twenty dollars tom but over the
from forty 10 hundred ard seventy dollars ton they
plodding under the hard conditions OF mule teams
and mountain roads, and As : consequence only the
richest spots worked involving continuous loss OF
capital and time in prospecting and experimenting
railroad passing through the graf central belt Of the
penses from one.haIf TO two-thirds II s shown that
the wagon freight the mountains way, be-
tween California and section OF Nevada alone
in single year. over thirteen million dollars Here
respectable traffic for the most costly road In America
OF that length, II there were more and no other
As might have been expected, the Caifornians with
acumen and energy which belongs TO that remarka-
BILE people, that in this transportation business
nexhaustiblc OF wealth, far surprising any,
thing that even their wonderful mines offered
and promptly seized the western half OF the great Pacific
Railroad which become the great artery through
Wh m mug
With pushing activity that put to shame the sumber-
ing Eastern capital they began the work and carried II
on with their own resources They could afford to
waste time in its construction, every day was not
only loss OF revenue but delayed the bound Of values
Ia the country through which passes The result jus
titles their sagacty Putting into the enterprise their
private capital the credit OF their State and towns
they have an expense OF fifteen millions constructed
the first and only difficult hundred miles OF road the
top the Sierra Nevada, and earning revenue
suicen. to pay the interest upon the cost OF hun
dred.