Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-12-25
LOTS OF GOLD.
President Hayes Tells the Senate AbOnt
Our Commercial Relations.

The following message was trans
mitted to the senate, III response to an
inquiry, Dec. 18th:
TO THE SENATE OF THE UNITED
STATES In answer to the resolution OF
the senate of the 10Th inst, requesting
the transmission to the senate of ANY
information which may been received
by the departments concerning the
postal and commercial intercourse be-
tween the United States and South
American countries, together with any
recommendations desirable to be sub
mitted, of measures to be adopted for
facilitating and improving such inter
course, / transmit herewith reports from
the secretary of state and postmaster
general, with accompanying papers.
The external commerce Of the United
States for many Years has been sub
iect of solicitude, because of the out
ward drain of precious metals. 1t has
continued fully 20 years. Previous to
1877, the shipment of gold was constant
and heavy, SO heavy during the entire
period of the suspension of specie pay
nents as to preclude the hope of re-
sumption safely during its continuance.
In 1876, however, vigorous efforts were
made by enterprising citizens of the
country, and have continued to extend
our general commerce with foreign
lands, especially In manufactured arti-
cles; and these efforts have been at
tended with very marked success. The
importation of manufactured goods was
at the same time reduced in an
equal degree, and the result has been an
extraordinary reverse of conditions so
long prevailing, and complete cessa-
ton of the outward drain or gold. The
official statement of values will show an
unprecedented magnitude. to which the
movement has attained, and protec-
lion thus secured to the public interests
at a time when commercials ecuritv had
become indispensable. The agencies
through which this change has been eff
fected must be maintained and
strengthened if the future is to be
made secure. A return to the eXces-
sive imports or a material decline in
export trade would render possible
return to the former conditio On Of ad-
verse balances, with an inevitable out
ward drain of gold AS a necessary
consequence, every element of aid to
introduction of products of our soil
and manufactures into new markets
should be made available at
present. Such is the favor with which
many Of the products of the United
States are held, that they obtain a re-
munerative distribution, notwithstand-
ing the positive differences Of cost. re-
sulting from our defective shipping and
the imperfection of our arrangement.
IN every respect, in comparison with
those Of our competitors for conducting
trade with foreign markets. If we have
equal commercial facilities, we need
not fear com petition anywhere. The
laws have now directed resumption Of
financial equality with other nations.
and have ordered a return to a basis of
coin values. 1t is Of greater importance
that the real commercial condition
now fortunately attained shall be made
permanent, and that our rapidly in
creaslng export trade shall not be al
lowed to suffer for want of ordinary
means of communication with other
countries.
The accompanying reports contain
valuable and instructive summary of
information, with respect to our COM
merclal Interests in South America,
where an inviting field for enterprise to
our people is presented. They are
transmitted with the assurances that
any measures that may be enacted for
the furtherance Of these i'm portant in
terests will meet with my cordial ap-
probation.
(Signed), r. B. HAYES.