The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-08-20
The Worst IL Over.


This Is what Secretary Sherman said
in his speech at Mansfield, Ohio,-his old
home-on Friday night, in ppeNking
about the panic and its effects on the
country.
The Sccretary's whole speech, which
would occupy several columns Of the In.
TELLlGEScER, is a plain and, 10 those
who feel an intelligent interest in the
finances Of the country, very interest,"
ing presentation OF the relations Of the
Government to the business and pros
perity OF the people. Some points that
he touched upon are especially worthy Of
being understood and remembered by
everybody,
He showed why he thought that the
worst is over with the people OF this
country. Wearc, for instance, constant
ly reducing the principal and also the
interest Of the public debt. This EGduc.
ton has gone on throughout all the de.
preston that followed the panic. The
saving in the way OF annual interest on
4 and i! per cent bonds exchanged for G
rer cent bonds, since March last, amounts
to sS,5sl,OOO per year. And this pro-
cess Of saving, the Secretary says, is just
commenced. lie hopes during the term
Of President Hayes to c.fund all the
bonds that bear interest over 4 per cent,
into bonds bearing only that rate. As
this process goes on, n load is constantly
lifted from the shoulders Of the people.
1t is thus that as a nation and rs indi.
viduaIs We get our reward for maintain.
ing good faith with our creditors. Since
the LIST Of March over 90 millions OF the
principal Of the public debt have been
paid of.
Another reason for supposing that the
worst is over il because OF our large
crops, and the almost certain good de.
mand at good prices for all that We can
spare from Europe. The balance of
trade is now largely in our favor. Last
year our exports exceeded our imports
by over lGG millions.
We are not only producing an immense
surplus OF grain OF all kind, but, like.
wise, Of cotton, petroleum, tobacco, beef,
pork, butter, cheese, and, what il no less
important, All immense amount Of gold
and silver from our mines. Not only
are We producing all these elements Of
great national wealth and prosperity, but
we are also exporting our manufactures
in important and increasing quantities
to Europe, especially cotton goods,
which, as the Secretary shows, have not
only reduced imports Of said goods from
l29OOO,O0O to 100000 yards, but are
actually competing in Manchester and
Birmingham, the very citadrs Of English
cotton manufacture.
The present great prosperity Of the
agricultural classes throughout the
United States cannot fail to tell on the
prosperity of the whole people. Hun.
drcds Of millions will be added to the ma.
tional wealth this year. We are thus
adding TO our assets while diminishing
our national debt.
The Secretary contrasts the present
condition Of the American people with
that OF other nations. From hi4 remarks
on this point We quote as foIlows from
his speech:
have here copious extracts from
English, Belgian, German and French
papers, all nations OF wealth and power,
in profound peace, and all showing ex.
IRENE adversely and depression in trade
and prices.
The iron trade in England has passed
through extreme depression. During ia
course some the largest and wcalthcs;
manufacturing concerns had to succumb
TO the severe reaction, while operatives
suffered in the creates: degree BY the IN
creased supply Of labor and crcatl' d..
minished prices.
The leon TRADE
in England h,- fallen rc.5l~ 20 per cent.
lac Belgian iron ,rG' -, almost rylin.
gui-hed, and IT." Norkmcn employed
were driver cher pursuits. This in.
dustTy % ae one that ha, suffered most
in or own country, while We are rapid.
ly recovering by urbouudci natural re.
sources, and by reduced cost OF produc-
ton. have before me an English paper
showing that the exports OF Manchester
oil cotton fabrics, especially TO the United
States, have been largely reduced. The
amount OF cotton goods shipped TO this
country has been reduced in five years
from l99,0O0,0OO yards 10 59OO0.O0O
yards; Of wooden goods from 100000
yards to l,47S,CO0 yards, while our own
production has enormously increased
and We are now exporting both cotton
and wOolens. In Germany,Oi thirly.two
companies enumerated in table have
before me only 6 chow any dividend what
ever for the last year, and the aggregate
accounts show a loss OF 81 500, 600 on The
years operations. OF the silk trade II
France, which is one OF the great branch
es Of their industry, it appears, IRON q
paper | have before me, that there are
about 10000 silk looms at Lyons
and nearly half Of these are now idle
The number Of weavcrs now ont Of en-
ployment i' roughly estimated At iron
twelve to fifteen thousand might fol
low these general statements by piciurinl
the distress in all these gren
and rich countries, compared with whicl
the greatest .ulirriOg Of our people is in
significant.
Dangers from Doctors.
DR.. SeatOn, medical officer Of health
remarks in late lecture: There ar,
-