Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1870-09-15
NO. 22o
aNistella,'y.
OUR DEBT AND GROWTH.

AT the Fair of the American Institute
for 1870, in New York, interesting re-
marks were made by Horace Greeley,
followed by an address delivered by
George b. Loring of Salem, Mass, from
which we copy the following, in relation
to our national debt and growth.
As we contemplate the rapid development
of our industry, and the constant increase of
our population, from which no other country
has drawn by emigration; and as we witness
also our continued prosperity, we may find
IN this substantial solution of many of our
financial problems, and encourage ourselves
with the thought that our growing national
wealth, now manifest to all, is the sure foun
datlon of our national credit. | study with
interest the various theories advanced for the
payment and funding of our national debt,
and all efforts to make that debt as light a
load as possible. But from all this turn to
our various national industries, with the as
surance that in them lies our national
strength l have faith in busy population.
Asking only for economy in public experd-
lures, for a reduction of all internal taxation
to the lowest point consistent with our public
necessities, for the prot ction of every branch
OF American industry against foreign compe-
tition, for such an adjustment of the national
debt as will rest with equal weight upon the
| resources of the present and the multiplied
resources of the future. l can confidently
wait for the national growth during the next
decade, in every industrial effort which will
add to our wealth, and develop the resources
| OF our vast domain. 1t is not difficult to ac-
count for the activity of people whose terri
| tory, extending over the best latitudes. and
stretching entirely across continent, is
bound together by ample railway commune
cation. Not traffic on the high seas, nor on
interior water-courses, constitutes now the
most profitable and influential trade Of our
people But the great brotherhood of States,
one now in social and civil law, one in inter-
est and made one neighborhood by railroad
and telegraph, possesses vital commercial
force which cannot exist between rival and
discordant nations. And SO the manufacturer
Of the North finds a market now almost at his
very doors. among the broad agricultural
districts of the South and West. Every acre
of corn and cotton land can pour at once its
products into the channels of trade. There
is local or distant market for every pro-
ducer, from which lie can choose according
to his own best advantage, and the occupation
OF which, in profitable manner, constitutes
the success OF his business. | look there
fore, to the developement of this great inter-
nal enterprise, aided by cheap and rapid rail-
way communication, and by the most ingen-
ious machinery, for the life of our home
market, for the revival and support of our
commerce, and for our financial success.
1t is not necessary for me to e.Ilarge upon
the growth of our Manufactures extending
now into every State in the Union, and sig
niticant of a growing disposition to apply our
producing forces to ell-defined and accurate
modes of business. For this you all know
and you know, moreover, that to such enter
prise as this We are to attribute the most sub
stantial wealth of our largest cites-even
those possessing good harbors and every OPP
portunity for the best commercial relations.
10 estimate, moreover, the value of our agri-
cultural products, would not be easy. But
would call your attention to significant fact
| in our foreign commerce, and you can then
| Judge how important is this one branch of in
dustry, Agriculture alone, for the accomplish
ment of that financial success to which / have
alluded. The value of the domestic commod-
tiles exported daring the nine months ending
March 81, 1870, was S370, 1862, l07. OF this,
the value of agricultural products was $247,-
o9s,Sl4, consisting Of beet, 81 1862, 1888; ba-
con, $5,3l2, 500; cheese, 81, ISL $40; cotton,
$40, lS2,21o; flour, Sl6,5S6, IA; wheat,
| 537 ,556,24S; tobacco, $l6,60I, ,773; tallow,
IS, 1874, ,9l7. The balance of our exports,
amounting to about Sl30,000 900, consisted
mainly of products of manufactures and the
arts. Taking into account, then, the vast
o,,,,,,,. - a,,,.;o ,1, .,r,,,s,,,,ad i,,, f,r.,-
"'.ouht ol uoiiies'lc soous cons ~ iotV
ihlllohs OF people, ana lhe agfleuituiai pro- pro-
uuc'S, tie estiliiateu at V"iue oi ~iuol IN ioo'
was $4,000, ,000, 900, necessary for their sub
sistence, and adding the surplus of each ex-
ported, we ma ourselves as wen prepared 10
MAINTAIN al Tue coi''liieiciai reia'ions ana tle
industries OF peace as We were 70 pear the
burdens OF war May we continue 10 open
our iaiids' erect our liiiis' extend our ran,
ROADS, enlarge our mineral resources ana
teaeh 'he "oriu that lr9e, sen-feiaht, we'll
palo i"oor' t.ie ci'i%ehsnip Oh fepuoilc Oh