Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1873-10-08
Some Grounds of Confidence.

WINE the ground-swell oil the late panic
is still agitating the money centres Of the
country, and extending its disturbing inAu-
euce to a greater or less degree through all
the business network Of the entire cont.
nent, no greater public service can be per.
formed than to make careful survey Of
the field, and bring out such reasons as ex.
list for the belief that our great industrial
and commercial interests are on a firm and
safe footing, and have grand and hopeful
future before them. In no possible way
can so much be done to restore that conf.
dcnce which must necessarily prcccde a res
toration Of business prosperity.
The better to understand our actual linau.
cial condition, it is necessary to glance
at some facts connected with the business
history Of the country for the last few
years.
Eight years ago we came out Of long,
bloody and costly war, heavily in debt, and
a burdensome tariff Of taxation resting on
property aud productions Of every kind.
Our annual payments of interest reached
sl75,000,000 This has been reduced to
sum we can better afford to look at, name
ly, about sl00,000,000 yearly, aud this,
too, under a greatly reduced schedule OF
taxes. All the war taxes have been taken
off, except those on tobacco, liquors, banks,
aud patent medicines. OF foreign imports
large number Of articles have been put
on the free list, and on others large re-
duction in duties has been made. As fast
as possible the burdens Of the common peo-
pie have been ightened, and the hand OF
government is felt only.in the departments
Of 6neries and Injuries.
10 these eight years, also, three millions
Of farms have been placed in the hands Of
new made freeholders, and have been rem.
dered productive by $4,000 miles of rail-
way. This must yield large additions to our
national resources. The export of specie
is declining, and in the midst Of all the
late furry gold has not been able to force
up its price materially. Our exports are
steadily gaining on our imports, and turn
the tide of trade in our favor. Our ocean
tonnage within the past year has greatly
recovered from its decline, and is now gain.
| ing on that of other countries. An advance
in wages 10 Great Britain has advanced the
cost of their manufactures, giving our home
manufacturers great advantage in the COM
petitions Of the home market Canada is
drawing about s35,00O,09O yearly from
the Mother country to build railways and
of this the United States must get a con-
siderable portion. Great Britain has Just
paid in gold the award Of the Geneva
Arbitration, fifteen and half millions OF
dollars A large amount of coin comes
from Europe to be expended here by emf.
grants. Half a million Of emigrants bring
not less than Fifty millions of dollars. And
in addition to all this, at the present time
the stocks Of old wheat, and other necessa.
ries Of life, are exhausted in Europe, aud
England and France fnd that Russia, Hun.
gary, Egypt aud Turkey combined, have
not this year produced enough surplus for
their needs. There must, therefore, be an
active demand for breadstuffs from this
country.
We submit, then, that there is ample
reason for hope and confidence in this time
of financial commotion-better grounds FOL
confidence than for dismal croaking or wild
frenzy.