Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1870-07-07

d,,ed n,iuions-is a clear addition to the
wealth Of the country, and lsaeU cdp'tdt
to be applied in any way the owners
pIesse. Governments cannotapproprlate
this sum to its own use; but there ars
two ways in which it naturally tends
to diminish the burdens of government,
and even to pay our debts. The hrst IS
that it makes it much easier to pay taxes
of ali kinds, and they make the burden
less. The most and greatest effort VIII
be to cheaper money, and pay the bal
ance of exchange. The greatest difncui-
ty of our monetary concerns Is, ana al
Ways has been, to keep the exchanges
between ourselves and foreign countries
alwssys balanced. We had the same dlf-
ficuify between the different parts of our
own country until we got national cur
rency, good in all parts OF the country.
This vindicates the old Wing pollcy.-
When we look back upon the utter con-
fusion. the interminable losses, the per-
petual bankruptcies which arose. out OF
State legislation, we are astonisneu thaI
the people bore it so long, ana that they
did not turn out the whole race o. poll
ticians who tinkered with the currency,
and kept issuing new patches OF STATE
bonds. For twenty years the one great
want of this country was natlonai cur
rency, and the one great wrong, after
slavery. was State legislation on the cur
rency. But we have got rid of both, and
IL ia to be hoped that they are buried
forever. With q national currency our
domestic exchanges give no trouble, and
the only difficulty now is to settle with
the outside world. The great surplus of
agricultural products, beyond domestic
wants, will be used in this way. The
South never was so really prosperous In
its agricultural az it is now. The cot
ton crop, if no calamity occurs, VIII
reach this year near 8, 900 ,0O0 bales ana
of this two-thirds will be exported
The wheat crop will have large sur
plus, and the corn crop still larger one.
The last will make the pork, lard, etc,
for expectations; then there are butter,
cheese, petroleum, and many other ar
tices to Ice exported. Our exports OF
cotton will reach $200, 900 900; of grain,
flour, and provisions, Sl25, 900, 900; of
petroleum, butter, cheese and minor ar
ticIes, S75, 100000 There will be little
demand for gold, and the necessary re-
suit will be that that article will be low
er than. it is now. In one word we shall
drift steadily toaoard specie payments
When that comes the whole business of
the country will settle down on sold,
permanent basis. Then, and not till
then, can any legitimate speculation be
safely resumed.
The present probabilities of financial
movements in this country are to change
money, produce specie payment, and
when these come, to raise the price Of
Government bonds. Unless the Secre-
tary of the Treasury is empowered to
fund the public securities at a toa0er rate
of Interest; unless that happens the bonds
will rise rapidly, and we shall have to
pay much higher rate of interest than
we need. Next to paying the debt, the
best thing is to lower the interest. At
any rate, however, we shall not have
dear money very long. The great mon
ey reservoirs of the world are full of
gold. The capital of this country is
rapidly increasing, and Europe is full of
idle capital. The future is brighter than
the past. Il. ID. Nj.