Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1878-09-13

The Improvement in the currency
since the close of the war has been very
great. In 1865 the paper currency of
the country consisted Of
Greenbacks. ....... .........s 43o. T57 GOA
National bank notes. 176.2l3955
fractional currency. ............. 1854, 742
Oid demand notes. ................ 402, 96l
Treasury notes, compound interest
notes, and State bank notes, esti-
mated. Observation-Disclosures. 100, 900 0OO
Total. Observation-Disclosures. $735, 1l9 2GG
Its value was GO 32-100 on the dollar
in coin, and its total value IN coin was
$509,999,595.19.
In 1873 our paper currency consists
Of
National bank notes. ........ 324 514 ,2S4 100
fractional currency. ............ 1854, 16S. II
Total. Observation-Disclosures. $685., 743, los. n
Each dollar OF paper currency is now
worth ninety-nine and half cents in
coin, and the total value in coin OF our
paper currency is more than $6Sf,00O,-
600.
The value of the paper dollar is as
staple as that Of coin. Coin and paper
are practically abreast of each other.
The f1uctuation in the value of the pa
per dollar has not in the last five
months exceeded the fraction of a cent.
The total increase in the coin value Of
our paper currency since 1868 is about
$175, 100000.
Nothing connected with the financial
affairs of the government is more inter
esting and instructive than the state of
trade with foreign countries.
The exports from the United States
during the year ending June 80, 1873,
were larger than during any previous
year in the history of the country.
From the year 1863 to the year 1873,
the net imports into the United States
largely exceeded the exports from the
United States excess of imports
ranging from $50 100000 to 1882 900. 900
During the years 1874 and 1873, the
exports and imports were about equal.
During the years ending June 80, 1876,
u, IS, however, the domestic exports
from the United States greatly exceed
ed the net imports, the excess of ex-
ports increasing rapidly from year to
year.
The total value of experts from the
United States increased from $269. 3S9.-
800 in 1868 to $3.50, ,799 in 1878. an
increase Of $411 1893 1893, or 1913 per
cent.
The total increase in the value of ag-
rlcuNural products exported from the
United States in the year 1878 over the
exports of the year ending June 80,
1863 ono,,tc 70 500 ~ 900 - Oc
cent.
TIE BALANCE OF TRADE.
The total balance of trade ogainst the
United States in the five years next be-
fore the panic was $554,052,607, or an
average Of over $l10,000,000 a year.
AS we have already seen, the balance
of trade in the last three years IN facor
of the United States is $4SS.592. $50. or
an average of more than 100000, 900 a
year. The balance Of trade the last
year, if compared with that of the two
years next before the panic, shows a
gain in favor Of the United States, in
one year, of over S4O0000,000.
1t IS not necessary that | should
dwell on the importance of this favora-
bic state of the balance Of trade Bal
ances must be settled in cash-in the
money of the world The enterprises
OF our business men reach out to all
parts Of the world. Our agricultural
and manufactured products more and
more seek and find their market in for
eign countries. The commerce of all
parts Of the world, bound together moro
than ever before by steamships, rail
roads and the telegraph, is so connected
that it must be conducted on the prin-
ciples and by the same instrumental
ties by all who take part in it.
We cannot if we would, we should not
if we could, isolate ourselves from the
rest Of the commercial world In ALI
our measures for the improvement of
our financial condition we should re-
that our increasing trade with
South America and with the old world
requires that our financial system shall
be based on principles whose soundness
and wisdom are sanctioned by the uni
yersal experience and the general .iudg-
ment of all mankind. With diminished
and still diminishing public burdens of
debt, expenditures and interest, with an
condition Of currency and for
eign trade, we may well hope that we
are on the threshold of better times.
But we must not forget that the surest
foundation OF restored financial pros
perity is sound constitutional curren-
cy and unstained national credit.
There is another interesting subject
that is worth giving attention to, and /
think is encouraging and full of hope
The surplus population Of the Atlantic
slope of States are finding their way as
they never did before, to the beautiful
States and Territories of the West APP
pIauso. And what does that mean?
1t means relief to the East. The sur
plus population that goes off gives a bet
ter opportunity for employment of la
Dor and industry there and here, and in
the new States they are making their
homes, and they are furnishing them a
market for the supplies from the old
States. But it has more than double
advantages. There are three advan-
tages: 1t relieves the States, it furn
ishes a market to the old States, and
with their products in the new States,
they help to swell the tide Of exports to
the old countries.
Now, my friends, with this picture, as
| think, so full of hope for the future
for you and |, as individuals, | do not
venture with confidence upon predic-
tions of prosperity reviying. | have no
spirit Of prophecy, but, reasoning, let US
see how it stands. The debt is a great
burden upon labor and capital. 1t is
greatly diminished and is still diminish
ing. Taxation is great burden on la
Dor and capital, and it is greatly dimin-
ished and still diminishing SO, too, as
to the expenses of the government, and
then with that which helps us. A
sound currency coming, and immgra-
ton coming, may | not confidently say
that these are indications at least that
we are marching to the threshold of re-
viving general business prosperity?
[Great applause
And now, shall we look around for a
new way to pay old debts, or shall we
march in the paths marked out by the
fathers the paths of honesty, of in
dustry, of economy? Shall we do what
Washington and Franklin would advise?
That is the question before the people
to-day, my friends. | enter upon no ar
gument upon disputed question, but |
say as my opinion, we may be mistaken,
all Of us; but | believe that restored
financial condition depends upon an hon
est currency. Great applause. And