National Republican. (Washington City (D.C.)) 1872-1888, 1872-12-03

ing natural causes our financial condition win
gradually improve. During the last nsCd
year there were several clrcums ancCs Of ,up
unusual character tending to cOunteract Ito
natural course Of affairs Our exports Il
cotton fenoh thlrty-scyen million dollars, and
there were excessive imports Of wool, tea,
coffee and sugar.
The stock Of wool In warehouse on the 500
Of June was sufficient for six months COT
sumption; Of sugar for four aud half moutlR;
Of coffee for livC months, and Of tea for twelve
months IN the ordinary course VI trade The
importation Of these articles will be small
during the current year, with consequent
favorable effect upou the balance between
this and other. countries,
This anticipation Of tho wants Of the culnl-
| try, In connection with the decrease Of our
exports, augmented the balance Of trade,
created an active demands for coin, and a1-
Vanccd the price.
| Notwithstanding these adverse influences,
| gold has averaged substantially the same
/ premium from January 10 November / Ui
| the present year "a for the corresponding
period If 1871. Not doubling that natural
causes will In time produce the result sought,
| It Is yet advisable To hing the power VI the
! Government In aid Of the movement Us far as
! practicable.
The revival NJ our foreign commerce il one
fundamentally, and perhaps the most efficient
one Of all. II the annual earnings Of Amcri
can vessels were eighty million Instead OI
thirty, the difference In the amount Of cX
change available abroad would meet largt
part of the adverse balance In ordinary years
The experience Of Europe tends to show thai
the ability VI country to maintain Epccit
payments Is due largely to the condition Of IL
foreign trade Next every measure whlcl
increases or improves the channels Of trans
pOrtation between seaboard and the COttOr
and grain.growing regions Of the country, OF
lessons the cost Of freight adds something L
our capacity to compete successfully In thu
markets Of the world.
Finally, those measures which encourage
American manufactures, especially Of iron
wool and cotton, and discourage the I'm
pOrtntlOn Of like products, affect invorabl!
the balance Of trade and help It's towards thu
end we seek.
This statement In three parts, Il genera
statement Of policy that In my opinion VII
aid the country In reaching condition whel
II will be practicable To resume and malntail
specie payments.
: Anticipating that DAY, anticipate also tina
the burden Of resumption will rest upon tn
Government. There are now more than nine
I teen hundred banks In the country, and | cat
not imagine n condition Of things so iayOrabl
{ for period Of Year, rs to enable them ut oil
, times to redeem their notes in specie only
; Without proceeding to the discussion Of th
, subject 10 detail. think that all will hav
J been gained that Is Of value when the Trcasur
shall Be prepared to pay the demand notes q
the Government In coin, and the banks sha
be prepared to pay their notes either In col
or IN legal-tCndor notes; aud then our goo
E fortune will clearly appear, In this, that gu
: paper currency Is not exclusively Of nntlonn
: bank notes nor exclusively of United State
T notes.
GEO. 3. boutwell,,
Secretary Of the Treasury.
Hon. JAMES G. BLAINE,
Speaker Of the House Of Representative,