The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1869-04-03


a.ezs:=g the auchseksa srihhph u sbe Rsp=A4 AZ
scsn palty They are snsSsu.icall at wsrt
and stope 70 comuand ssspect for the money
powef ,hatisNsure 10 cfowa persistent indDstrys
aud ftugality.
The grent Democratic masses Of tho North
aud West patiently bide the time when the is
sues Of protective tariffs, special bounties and
exemptions, and all ether measures of class
legislation can be met at the ballot box on
their merits. They believe that when these
issues are passed upon, unaffected by the mill
tary popularity of candidates and the passions
epgcndered BY civil war, the result may be
reversal of the policy Of the Goyerpment on
questions of taxation, exemptions aud boua.
,tios. .su.,a s-;,,,, T H'
= New political combinations arc not improba..
ble' 1t h esidcpt tho Republican party "a not
unit in organization and purpose. The Radi-
cal wing is represented in the, Cabinet, but
does not control it. 1t is evident the conservn-
tive element is recognized by the President MS
moro in iconsopnnce with his sympathics and
vicws. Ignoring extremists Of all parties
aud sections, he may seek to consolidate his
strength by winning to his support the wise
liberal and prudent, without regard to past
affiliations. Assuming that he will do this,
career of great prosperity is before us. There
can be no question that the resources of the
country are practically unlimited, and that un-
der just laws and an honest enforcement of
them, its progress in wealth and enterprise will
enable it to overcome all its financial embar-
rassmcnts. In the old and denscly populated
countries labor vainly seeks employment that
yields more than, bare maintenance, while in
>tcllcct, combined with capital has explored and
fully. developed every field Of profitable enter
prise. But this country affords an unlimited
field. 1t,Iis receiving, yearly: hundreds of
Thousands of emigrants from Europe, the edu-
Gated and, ,laboring classes each contributing
their due proportion. thus adding with giant
strides to its wealth producing capacity. In a
lew months the old civilizations of Asia, those
vast hives of industry: containing nearly one
half the population of the world, will be in
easy reach by railroad to the Pacific. The
buried wealth! of ancient Tyre, aud the faded
glorics of modern Venice, may be revived and
transferred to the shores of America.
These possibilities of tho ncar future, cou-
pied with the recent declaration of the inaugu
raj in faro. of paying the national debt in gold,
and the act of Congress to strengthen the pub
JIG credit, have had much influence in the Ell
hancement Of the price of Government bonds
: But national debts caunot be paid by reso-
lutions. Nor can large revenues be collected
however rich the country, unless the taxes are
equitably imposed upon its capital aud bust
ness. Legislation is 81 snaPru that large
amounts of capital arc exempt from taxation
while the masses, who have only their labor to
denend on, bear an unfair share of the burthcn.
High prices for the nccessaries of life more
than kccf-puc with the price Of labor, and
prevent accumulation among the masses. But
the. favored few are growing richer and in
crcasinst their means Of indulgins in luxury
and extravaganza. The product. Of our costly
mechanical and manufacturing labor cannot
compete with those of he,chcaper, labor Of
other countries hence the export trade con-
tiplcs to fall largely short of the import trade
Of the country. But for the cotton and tubac-
co, which do not suffer from competition, the
balance of trade would be so great as to en-
danger its ability to pay either principal or in
terest of the national debt. Notwithstanding
the enhanced prices of these staples have added
much to tn, aggregates of eur exports our FIN
,ancal condition does not look healthy.
The imports into New York from January
lst. to March 9th have exceeded those of the
same period last year by about tcn-and-a-halr
millions of dollars. The exports for the same
period show decrease from last year of over
three nd-a-half millions. For the last eight
months the currency value of imports have
amounted to $4,000, 900; the exports for
the same period only sl33OO0GOO. Th.
imports and exports of New York City afford
a fair index of the current. How is this
balance Of trade to be settcd? The large
amount of Government bonds taken abroad for
investment furnishes exchange. But this only
adds to our, foreign indebtedness 1t will
require SO much additional gold or sterling to
be remitted semiannully for interest The
debt remains The costly luxurics will have