The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-04
Major. Daniels Letter.

tTrdaY. III Is tHfsSasS. es'- -
! hardly expected us TO be convinced that 2
! threat to bolt II the platform OF q Lynch
aury meeting OF Fifty persons were not ac-
cspted by Mr. FUCKER was the same thing
. ne q Threat TO bolt IL the platforms OF the
Lynchburg Convention were not acceptea
BY him. The Lynchburg meetings. pat
7 form was not the .smonntain," and Il Mr !.
TUcYEa is the !" MAHoaET," he cannot DC
expected TO 20 to that sort OF mole-nili.
The &c nountain'' will be the platform 70
be atiopted to-day. To this ne may l pe calleu
nnon TO go. But we are pretty sure that "
win not be modelled after that OF the Lynch
burg meeting. However, this by the way.
Major DANIEL doesn't intend to bolt, ne
i saws: and so there's an end OF that matter.
Major DANIEL declares emphatically, .
an, not for i1Tsdesmadle paper money.
We do not expect any man OF sound m'na
to confess that he is. Even DR.. Chii'Es ~ "
for redeeming bis greenbacks in tnlrty-iouf
years. The lunatics who clamor for IRE
deemab,e money are beneath contempt, ana
deserve no mercy at the hands OF sensible
IS men. and no notice but denunciation. Luz
natics are not to be argued with.
Nor do we wish to antagonize Major DAN
TEL on the question OF forced resumption.
We always opposed the act OF 1879. But
we will set him right as TO some OF his facts
even on tbis point. The amount OF specie
exported BY us is not material il we get IN
place OF it what is as good as specie. Ana
/ the fact is, that for the year 1877 the gold
value OF our exports was 151,152,094 more
than the gold value Of our imports, whilst
the excess OF specie exported was only
s15.3S7, 753-thus showing that our coun-
try received s135, 764, SA at a gold valuation
for Its exportsof one year more than it paid
for its imports. But this is not all. We
quote the Secretary OF the TREASURY:
.--..s. Since 1878 our exports have exceeded
orr imports In the sum OF S507 ,459,237.
During the last fiscal year the excess was
$257, ass, 250. our exports reaching the sum
OF $3.50, 6S3, 1893; and during this fiscal year
this excess OF exports is increasing. rms
! s@a fdebt-paying process. The great body
OF the debts contracted before the panic
are now settled. either by payment, or bank
ruptcy, or readiustment."
IThe Secretary's figures are for the hscai
year ending June 80, 1873. Ours above are
for tho calendar year 1871
The United States is q large producer OF
the precious metals. 1t is, therefore, Just
as natural that she should export those me-
tails as that she should export cotton and
tobacco.
The Secretary OF the Treasury continues:
aAt one time it was estimated that the
amount OF United States bonds heldabroa
approached 81 1000, 100000. Two years ago
the general estimate was about 5000, 0O0, 600.
Now, after the most careful examination, it
is estimated somewhere near $500, 100000 TO
S250.000, 900. The common fear expressed
for the success OF any. plan of resumption
was that foreign nations could ut once Dy a
return Of our bonds exhaust our gold, and
thus defeat assumptions; but this is no
longer feared, when the surplus exports for
!, a single year would pay off every dollar Of
our national debt held beyond the limits OF
the United States. Last winter, when an
exaggerated fear prevailed in Europe as to
the effect OF the silver bill, SG0,000,000 OF
our bonds were promptly absorbed by our
own people in sixty days; and although this
Stopped the sale Of bonds by the Treasury,
it strengthened our position by bringing
them home" .'.,,',''.'.'
AS all our bonds except this small sum
are at home, and are convertible into gold,
not at par but above par, the Major need
not fear lack OF coin. 1t may be strange
fact, but 1t is a fact nevertheless, that Whe-
Their the amount Of specie in the country be
large or small, these bonds always bring
more than their face in gold
We quote from Major DANIELS letter:
eve need more money Tor the reason
that we pay annually $3.50 in taxes per
capita, and have only So per capita in cur
rency, France has three dollars in currency
for every dollar OF taxes per capita, and
both England and Germany over two dol
lars for every dollar of taxes to be paid.
The United States has only sixty-six cents
for every dollar OF taxes to be paid"
The uninformed reader will infer from
the above that the people Of France, Ger
many, and England, are much better off
than those Of the United States. II that is
not the inference intended to be drawn, there
is no force in the statements. But we have
recently published official statements from
United States consuls in all those countries
that the prices OF labor are far below. the
prices in this country. The workingmen
in those countries would rejoice il they
could get such prices as our workipgmen
get; and how many Of them seek this bet
ter land we need not stop to inform our
readers. sH * o. T.I*33ts5iESg
IaWe need more money for the reason
that we pay annually S17.50 in taxes per
capita, and have only s12 per capita in cur
rency.n So says Major DANIEL; but he is.
totally in error. In the first:place, before
the war in the days Of our greatest prosper
ity we had only a little over Sc per capita.
That is sufficient answer to all his infer
ences. But in the second place, all the money
collected in this country in 1877 in the shape
oitaSes of all kinds amounted to only $685.
420,942.93, being s49,760,934 collected by
the States and $238. 660, 0Os.93 by the Gene
raj Government. In single day, single
clearinghouse in New York has had trans
actions 10 an equal amount. The New
clearing house had transactions in 1872 to
the amount Of over $4,000, 000, 1000 over
forty.hye times the amount OF all the Cur
rency in the country. Even in these hard
times, at the clearinghouse in New York
the clearings for the week ending August
24Were $3.50, 5377 ,433 clearingsfo the week
ending August 81 were 1886. 766, GIL. The
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