Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-12
Figures That fell the Tale.

Treasury Department lately that can
not fail to be of interest to every man
who takse thought of the prosperity of
the country, and the causes which con-
duce towards 1t. And, moreover, they
are of especial importance because of
the positive proof which they furnish
of the recovery of business, the EN-
ployment of capital, the revival of in-
dustry and the various other indica-
tions of returning activity, and OF the
foundation of commerce and manufac-
ture upon solid and substantial ground.
They are the best answer that can be-
made to the fallacies of the Sociali5tic
agitator and the Initiation demagogue,
for they show that we have no need to
seek national prosperity through un-
tried and theoretical experiments that
are in contrast to every economic and
financial principle certified to be true
by the experience of ages. The state~
ment in question is that Of the Bureau
OF Statistics. The imperfect draft OF it
sent out last week, and published at
the time, contained numerous errors
which have been corrected in the re-
vised sheets. They exhibit the i'm
ports into and exports from the United
States for the fiscal year ended on June
Both last, and merit close attention.
In the first place, then, the amount
of suitable imports for the year, lnclu-
ding coin and bullion, was $466, ,S72,-
S46, about $25, 100000 less that the tis-
cal year OF 1877, showing that we are
steadily decreasing in the extent OF our
purchases from abroad. This shrink
age is, of course, due to the fact that
we are now producing at home very
many classes of goods and articles of
consumption for which we were form
erly dependent upon foreign countries.
Next to our imports of coin anu bull
lion, which were $29, ,S21 ,314, the big
gest is that of silks, of which we took
800, 900, 900 worth. The total value of
imports free of duty WAS $171, ,O99, ,579,
being something over S10,OOO,OOO less
than in the preceding fiscal year.
More than One-third of this was made
up of tea and coffee, and when We re-
fleet what a large income might be
raised for the Government by slight
tariff upon these articl !, without im-
posing any additional cost worth men-
tiOning upon the consumer, we cannot
but regret the fatuous legislation of
Congress in abOlishing the duty, leav-
ing a deficiency that had 10 be made
up by direct taxation of the people.
But 1t is when we turn to the other
side of the ledger that the pleasaDtest
record is found. The total gold value
of our exports for the twelve months
up to June 30th, was $3.50, ,653, ,79S, an
excess of $213, $40, 1862 over the imports
during the same period. In the pre-
tn
value of $589, ,670, ,224, so that 1t will be
seen that while We incl eased our eX-
ports n.the sum of $9l ,013 1914, we de
creased our imports nearly One-fourth
as much. Tue true glory of the ex-
hibit made, however, is In the diver
sity of the articles sent abroad, show
ing the possibility Of extending our
foreign commerce beyond any definite
limits. Naturally, grain and flour
products lead in the list of exports;
then comes cotton, then provisions of
all kinds and then petroleum, the
grand total OF these articles being in
the vicinity of S525, 900, 900. This is a
showing Of which we may we'll be
proud, for 1t demonstrates the re5Our-
ces OF the country and its capacity for
furnishing the world with food and
with materialSfOr clothing. When we
come to manufactures proper, the Va
riety of goods shipped points, as we
have Sid, TO the potentialitie5 of
the future. The amount, between
$50, 900, 900 and s65 900, 900, is matter
for encouragement rather than for
present congratulatiOn. Throughout
these exports, as well as in grain, pro-
visions and cotton, runs the stamp of
usefulness, and, aside from tobacco,
very little goes from our shores that
does not apply to the comforts or ne
cessitieS OF mankind. In manufactures
of iron and steel we shipped nearly
81, ZOO, 900 worth, of leather and goods
made therefrom SS,000,0 900, and in
lumber and the various manufactures
of wood over S12,000,000. One draw
back on the satisfaction of contempla-
ting these figures is the knowledge
that, on account Of the decadence of the
American commercial marine, the
profits of transportation across the
ocean nearly all go into foreign hands;
but this is inevitable until we have Ell
ther "a revival of ship building or
American citizens are permitted to
buy vessels In the markets of the
world.
Now, alongside of this balance sheet
let us place the official statement COM
pairing the condition Of the Treasury of
the United States on September 1,
1877, with its condition on September
/, 1878. While the currency balance
has run from nearly $4,000, 900 down
to only $2,000,000 and the specie fund
in reserve for the redemption of frac-
tiOnal currency has been increased to
SIC, 900, 900, the coin In the Treasury
has grown from $106, ,9O4, 1856 to $685.
420, ,709. Less the deduction for gold
and silver certificates, the Treasury ac-
tually holds $194, ,402, $50 In specie,
standing ready against the day OF re-
January 1, 1879. Thus, Sec
retary Sherman has nearly $50, ,O00, 900 |
more of coin than the sum he named |
as needful to provide for resumption,
while the outstanding legal tenders |
have been reduced in the course of the |
year from 1857 1916, 164 to $346, ,6S1, ,016.
On this basis the Treasury now has |
In possession, absolutely and without |
charge against it, slightly more than |
56 per cent OF the specie necessary to |
pay off at once all the greenbacks |
afloat. But not half of the latter can |
possibly be presented for redemption,
as the national banks hold some 25 per |
cent of the notes TO redeem their own |
,and they are estopped from
forcing them upon the Treasury, be-
cause the latter can at any time call |
upon the banks to redeem their own
issues in greenhacks.
These figures Carry their significance