Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1877-02-03


According to the reports made by the
New York Banks, they have nearly as
much gold on hand as paper currency.
This is certainly a NEST gratifying condi-
tion OF things. For several weeks, gold
has been on a gradual decline, until it
came within five per cent Of paper, and
thus We are brought near specie payment,
alone by the operation OF the natural laws
OF business, without the aid OF statute
laws, and long before the time Of lawful
resumption. The main facts in produc-
ing this desirable result, is found in the
healty condition of our export trade, as
compared with our import. Our trade
with foreign countries in gold value for
1876, including what we sold and bought,
Is but trlfc less than one thousand mil
lion of dollars. Before 1870 the United
States was the best customer Great Britain
had; she sold us more than to any other
nation. We bought of her large quanti-
ties Of iron, both in the raw and worked
into bars, and rolled into rail for rail
roads. We also bought millions of dol
lars worth of dry goods, manufactured
from wool, silk, cotton and flax. Our
exports were then the raw materials.
We sent her our cotton, and paid the
cost of carrying; she made it into cloth
and brought it back to us, for which we
paid her, beside the import duty, which
looks like poor economy. But now how
is it? We buy but little iron. We now
manufacture our cotton and ship the cloth
to England and other countries; several
new branches of trade have been started.
We have established a large foreign
market for American leather, Of which
we sell millions Of dollars worth every
year. American matches are largely ex-
ported. The farmers share largely in the
new found trade, as we ship tens of thou
sands of tons of butter and cheese an
nually. We ship over a millions dollars
worth of pianos and organs annually, and
this trade is rapidly increasing. We save
two freights, and several commissions,
beside developing these industries at
home, in the great change from years ago
in our foreign trade. Doubtless these
results can be traced in large degree to
the hard times. Comparatively but little
money has been used in building rail-
roads, for the past three years, and there
fore we have not bought English rails.
People were pinched and bought less goods
and our manufactures were compelled to
ship them. Labor and material being
cheaper, the cost Of the manufactured
product is less. The centennial has
giren us q worldwide advertising, and
doubtless, the next, year and years, the
ratio of increase of our manufactured
exports will excel our most sanguin gol
den dreams.
But what shall we say of our eminent
statesmen, who have so wrangled over
the specie payment question? ofthe great
parties who planked the question in and
out Of Retrospective platforms? OF the
party that so recently tried to overthrow
the presumption act?" Of that ring Of
both parties that cried out for imitation,
claiming that there was not money enough
to carry on the business of the country,
when money has accumulated in our city
banks so as to become drug, and some
banks are abopt closing up-because
banking does not pay, rates of interest
are so low. If our statesmen will legis-
late to protect and promote the industries
of the people, the currency and the gold
will take care of themselves, because
their value and use, is made and con-
trolled by the laws of trade. Statesmen
are human, and some of their labored
efforts in political oratory now become
quite amusing reading, in view of recent
facts, and figures.