Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-05
3 p E ECH

constitutional amendments; that every law passed
intlonAlity manifest its injustice and mpOey, Is
nevertheless ooeyed-"
pass over. as matter of taste the inference he |
raises against the mode of adoption OF the eOnstitu
tional arnendnents and the doubt he expresses as
TO the constiruonslity Of the laws 10 enforce ihe
manfuny accepted the results Of the war; that they
do not accept observe or enforce the constitutional
amendments the laws passed in aid OF them. Ii Is
precisely of this that the Republican party COM
plains that It viii try 70 enforce and. though tenn
porarily divided ane defeated, VIII continue 70 De
Inand, and viii certainly in time secure Ii was
the organized deprivation Of the Republicans IN
Louisiana Of the right 10 vote that oceasioned the
controversy there and so in Mississippi and south
Carolina have no doubt that many OF the plant
ers, business men and property holders oil the
South. nov acting S1th the Den4Grate 1109E hc
able TO protect the blGSS in their rights, but
they are not the Ste snlnatng influence
man. denounee President Hayes a uslrper and
fraud, but thousands OF them acknowledge tnat tne
policy adopted by the Republican party 70 me peo
pie OF the South the close OF the war was without
example in generosity in the history OF the world
and they gratefully acknowledge that the policy oi
President Hayes would secure 70 the oouth PeeOe'
order and prosperity.
The AMENDMENTS NOT ENFORCED IN THE SOUTH
But l. who supported this policy, and shared in it.
feel do Republicans generally, that the south mas
never frankly manfully responded to this policy
They do NOT enforce the amendments They do not
give equal civil and political rights to either white or
black Republicans. They do not permit or tolerate
~AN
action essential TO republican government, put
by their adherence to the clements in the North
upon them the very waste and desolation
oi which they complain, they repel all
efforts to break down the sectionalism OF the past
and make it vitality necessary again to concentrate
the people Of the North in order to secure peace,
order. and liberty.
JUSTICE AND EQUALITY" ~
Judge Thurman, IN conclusion, says:
-sDo you wish the Union preseryed2 Then sup
port those who would bind it together by the ties OF
fraternal feeling and common interest. as well as
by constitutions and laws Do You revere justice
and advocate equality of rights? Then support the
party on whose banner Justice and Equality are
1ndeliby inscribed"
ever threatened this Union? What party was ar
rayed in arms against it during the war, and what
sacrifices were made for 1t in the North? Did ever
any Republican seek to disturb the Union? Justice
and Edualityl' When did the Democratic party
distinguish itself for justice and equality7
Perhaps, fellow citizens as executive officer, /
have erred in following Senator Thurman in so much
OF his speech as is purely political, but am none
the less Republican and partisan, and trust the
time viii never come when viii cease TO have pride
in the merits and past achievements OF the great
party TO which we belong 1t is rather hard to have
the Republican party which has done SO much for
the existence and honor OF our country assailed so
unjustly by Democrats who, during the trying time
ise YOU now to adhere, during the brief time viii
detain you, to the business topics in which we are
all alike interested.
BUSINESS DEPRESSION ALSO GENERAL ABROAD.
NOW, certainly no one will deny that this eoun-
try has for the last five years suffered as perhaps no
in every branch Of business in every industrial oc-
/ DENY this statement in toto That this country
has suffered from depression in many branches of
business and in many industrial occupations ad-
NIT but every civilized and Christian country in
the world has suffered to greater degree. In COM
parison with any nation of modern times con-
dton in every respect is more prosperous and hap
py. If you read the English or French or German
xxrfl1 fr1d hat Cftr Of
are nothing to be compared with theirs, while in our
country there many circumstances which relieve
the general depression. Let me name some OF the
hopeful signs of the times The whole period since
the war and before the panic was debt contracting
period From July l, l6sS to July 1 lsIS, our I'm,
81 219. Much OF this for silks and furbe-
lows contracted in the iaith of corner lots marked
up of inflated fortunes suddenly acquired but most
OF it was for articles that labor should have
produced. 1t represented foreign capital
loaned to our citizens and 10 corpora
tons and paid for in government and
corporation bonds and private notes The
same causes produced extravaGant prices here. Wild
their need, reckless expenditures led TO numerous
debts being contracted and TO our corporations and
homes and farms being plastered with MORTGAGES
and business has changed. Since 1874 our exports
have exceeded our imports in the sum OF S5O7 49,,
During the last fiscal year the excess was s257 49,
25O our exports reaching the sum OF $3.50 6SS, ,1S and
during this fiscal year this excess OF exports is in
creasing. This is debt paying process. The great
body OF the debts contracted before the panic are
now settled either by payment or bankruptcy, or
readiustment
OUR BONDS NOW HELD AT HOME.
At one time it was estimated that the amount of
United States bonds held abroad approached 81 OOO
o00OO0 Two years ago the general estimate was
about $500 600 O00 Now, after the most careful ex
animation il is estimated somewhere near
S300,O 900 900 to $50 100000 The common fear ex-
pressed for the success OF any plan OF resumption
that foreign nations could at once, by return
of our bonds exhaust our gold and thus defeat re-
sumption, but this is no longer feared when the
surplus exports for single year would pay off every
dollar of our national debt held beyond the limits
of the United States. Last winter, when exag-
gerated fear prevailed in Europe to the effect OF
The silver bill $50 600 900 OF our bonds were
promptly absorbed by own people in sixty days,
and although this stopped the sale of bonds by the
Treasury it strengthened our position by bringing
them home.
Another favorable sign of the times is the very
large increase OF domestic productions, both of the
farm and OF the workshop, which not only I'LL the
place of goods heretofore imported, but enable us
10 compete with foreign nations in their own mar
kets
WONDERFUL INCREASE IN EXPORTS.
= have here recent table showing the increase of
leading exports of our own production. This shows
that our exports OF cotton iron, Steel copper leath
years nearly twofold, and that the exports of our
agricultural implements and provisions have in
creased nearly threefold. The total amount of Ger
tain leading commodities exported in 1865 was
Sal 900, and in 1873 $404 1000, showing
increase of S263 100000.
Another table shows that our importation of Ger
tain fabrics which we can readily make in this
country has diminished nearly one-half Of textile
fabrics, including manufactures OF cotton, silk
clothing, and dress goods, the amount imported
into this country in 1873 was s59 00o the amount
imported in 1873 was Ss5.00O,000, making dimnu
tlon OF S74, ,0O0O00. most OF which supplied by
our own production.
FALLING OFF OF IMPORTS.
The imports of iron and steel in various forms in
1873 $50 30S 452. while in 1873 it had fallen tC
So 057 6SS, showing dimnution of $50 $50 $40. This
falling off was supplied by our own industry.
The total leading manufactures named in this
table imported in 1873 S272 957, $685. and during
the fiscal year ending June 80, 1878. it was sI24-
oil 734 making q falling off OF S14S 747S99. Th!
great decrease was especially noticeable in the i'm.
ports of manufactures OF cotton silk, WOOL ron anC
steel.
This increase of our exports and diminution o
our imports is perhaps the most remarkable in mod
ern times. We are competing in cotton fabrics with
Manchester, in cutlery with Sheffield. in iron ano
steel with Birmingham, in watches with Switzerland
and in gloves with France. 1t is debt paying anC
trade developing process that is adding immensel!
to our wealth
REDUCTION OF INTEREST OF DEBT.
Our progress toward resumption is accompanied
bx iDcreaSad national credit and bV a large reduc