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


blossing the uuclesksd tri6hiphso ~ sbc Rcpub5
Rcaa parry. They are enssse.icalIv at wesk
and hone 20 comeesnd sespest far Eshe money
po~ss ,has isssure sasero@n persistent IND bsstry
aud ftagality.
Tho grent Democratic masses of the North
aud West patiently bide the time when the Is
sues Of protective tariffs, special bounties and
exemptions, and all other measures of class
legislation can be met Mt 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 y
reversal Of the policy of the !Goyerpnsnt Of:
questions Of taxation, exemptions aud boua-
tics. ..ut..z
= New political combinations arc not improba-,
bic. 1t h eyidept the Republican party Is not
a unit in organization and purpose. The Radi-
cal wing is represented in the, Cabinet, but
does not control it. 1t is evident the conserva-
tive element, is recognized by the President as
moro in consonance with his sympathics and
views. Ignoring extremists of all parties
aud sections, he may seek to consolidate his
strength by winning to his support the wise.
liberal and, prudept, without regard to past
affiliations. Assuming that he will do this,
career of great prosperity is before us. Thore
eun be no question that the resources of the
country are practically unlimited. aud 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. "a In tho old and denscly populated
countries labor vainly seeks employment that
yields more than bare maintenance, while in
,tellect, combined with capital has explored and
fully developed every field of profitable enter
prise. But this country affords an unlimited
field. Itis receiving, yearly: hundreds of
thousands of emgrants from Europe, the e,lu-
Gated and, ,laboring classes each contributing
their due proportion, thus adding with giant
strides to its wealth producing capacity In a
few months the old civilizations of Asia, those
vast hives Of industry, containing nearly one
iiiSiisf the population of the world, will be in
easy reach by railroad to the Pacific. The
buried wealth of ancient Tyre, and the faded
glprics of modern Venice, may be revived and
transferred to the shores of America.
These possibilities of tho near future, cou-
pied with, the recent declaration of the inauuu-
raj in favor of paying the national debt in gold,
und the act of Congress to strengthen the pub
lie credit, have had much influence in tho en-
hancemcnt of the price of Government bonds.
But national debts capnot be paid by rcs,,
iutions. Nor can large revenues be collected,
however rich the country, unless the taxes are
equitably imposed upon its capital and bust
ness. Legislation Is snaPru that large
amounts Of capital are exempt from taxation,
while the masses, who have only their labor to
depend on, bear an unfair share of the burthcn.
High prices for the ncccssaries of life more
than kccf-pace with the price of labor, and
prevent accumulation among the masses. But
the favored few are. growing richer and in
ercasns their means of indulgins in luxury
and extravaganza. The products, Of our costly
mechanical and manufacturing labor cannot
compete with those of the, cheaper labor Of
other countries hence the export trade con-
tipucs to fall largely short of the import trade
of the country. But for the cotton and tubac
co, which do not suffer from competitions the
balance of trade would be so great as to cn-
danger its ability to pay either principal or in
terest of the national debt. Notwithstandin.
the enhanced prices of these staples have added
much to tn, aggregates of eur exports our fin
ancial condition does not look healthy.
The imports into New York from January
fstl to March 9th have exceeded those of the
same period last year by about tcn-and-a half
millions of dollars. The exports for the same
period show decrease from last year of over
three-and-a-hslf millions. For the last eight
months the currency value of imports have
amounted to .s24O, 900 900; the exports for
the samc period only sl33, 900 The
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 rcmitted semiannu:.lly for interest. The
debt remains. The costly luxuries will haze