The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1877-10-18
an English View of Mr.. Shermsn's
Resumption Hopes.

The London Times, commenting on Secre-
tary sherman's recent speech in Ohio, does
not take quite the same happy view as the
Secretary. of our present "balance oftrade,"
and the prospect Of reserving enough gold
from export to enable us TO resume specie
pay ments in 1879. 1t says:
Mr.. Sherman is Sectetary OF the Treasury
and had something to say on the financial
and economical condition of the United
States. His review was altogether favora-
BILE. He confidently expects return to
specie payments within twelve months from
the natural increase of coin in circulation
in the Union. The balance of trade of the
last year was largely in favor of the United
States; and, thanks to the large crops Of the
present harvest and the increased European
demand for bresdstuffs in consequence of
the war, the balance of trade NAV be expect
ed to be as favorable, and perhaps more
favorable this season. At the same time
Mr.. Sherman is apparently disenclined TO
trust TO his natural tendency of events to
bring more coin into the country. By some
means we do not know what, he would ar
rest the expectation ofcoin and accumula te
a reserve, and in this way Establish that
equilibrium which congress decreed should
he brought about although it abstained
from taking any measures to produce it.
The Secretary of the United States
| Treasury rejoices that his countrymen sen,
abroad last year commodities exceeding in
value by 10000 900 tbs commodities they
imported, for he accepts the fact as proot
| that they are getting rich.
II Mr.. Secretary Sherman had looked a
little more closely into the figures which
gave him SO much satisfaction, he might
have seen reason 10 change his views. The
alteration in the balance of trade immedi
ately followed upon the crisis of the A at
umn of 1873. TIE value of the imports il
| 1874 was SO millions of dollars less thar
the value of the imports in 1878. In 1875
there was an aggravated decline Of SO mil
lions; and last year there was a still worse
faliing-of amounting to IS millions. II
the three years the total decline has beer
l6S millions of dollars. This immense
diminution has been partly in consuma BIZ
commodities auch rs tea, coffee. sugar, anC
fancy goods, showing an actual loss of epen
ding Power in the mass Of the people; bu
still more in the importation of plant auo
capital for the development of industria
undertaking. While there has been thi
immence decrease in imports the increas'
in the exports of the year 1876 over tn
year 1873 has been only 16 millions o
dollars; and, indeed, if we take coin ant
bullion into account. the increase has no
been as much as eight millions of dollars
In connection with this remark another oh
servation must be made. It might b.
gathered from Mr.. Sherman's language tina
he thought the balance Of 166 millions OIL
which he dilated had been poured. in tn
shape Of foreign coin and bullion. into tn
pockets of the citizens of the United States
Az a matter of fact. however, the State
without any occasion for sorrow on tn
part of the said United States.-ED. MER
CAMILLE JOURNAL exported last year il
coin and bullion nearly % millions of dol
lars more than they imported, so that ther
; has not been that inflow of money on whic
he relies for the resumption of cash pay
, ments.