Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1878-09-06


Shall S%ve in Tie Rted States sSen t2 hs r
deemable in coinY VIII we, TO save the interest.
bear in the future all the evils of an irredeema-
BILE currency, tear mp system of banks infinite
ly better than any ever before enjoyed in this
compel these banks now to call in their
loans and close up their accounts, and add to
the distress of the times by dangerous and al
most revolutionary proceedings against corpora
tions of our own creation which have no special
privileges, and which contribute to the general
good by paying large taxes and by acting "a con-
venient localized agencies of loans and exchange?
Judge Thurman says:
Now certainly no one will deny that this
country has for the last five years suffered, as
perhaps no other country ever did suffer, from
depression in every branch of business in every
industrial occupation.
deny this statement in toto. That this coun-
try has suffered from. depression in many
branches of business and in many industrial Oc-
cupations. | admit but every civilized and Chris
tian country in the world has suffered to great
er degree, In comparison with any nation of
modern times. our condition in every respect is
more prosperous and happy. If you read the
English or tRench or German papers, you find
that our causes of complaint are nothing to be
compared with theirs, while in our country there
are many circumstances which relieve the gen.
eral depression. Let me name some of the hope
full signs of the times; The whole period since
the war, and before the panic, was n debt-con-
tracing period. From July st, 1863, to July LIST,
1875 our imports exceeded our exports in the
enormous sum Of sl;0 O69,219. Much, of this
was for silks and furbelows, contracted in the
faith of corner lots marked up, of inflated fort
unes suddenly acquired, but most of it was for
articles that our own labor should have produced
1t represented foreign capital loaned to our
citizens and TO corporations, and paid for in
Government and corporation bonds and private
prices here. Wild schemes, railroads built TWEEN
ty years in advance of their need, reckless ex-
penditures led to numerous debts being con-
tracted, and to our corporations and homes and
farms being plastered with mortgages Since
the panic the whole condition of our trade and
business has changed. Since 1874 our exports
have exceeded our imports in the sum of S507,-
45l ,237.
During the last fiscal year, the excess sr7 49,
80, our exports reaching the sum of S6SO, ,6S3-
1913, and during this fiscal wear this excess of eX-
ports Is increasing. This is debt paying pro-
cess. The great body of the debts contracted
before the panic are now settled, either by pay
ment or bankruptcy, or readjustment.
At one time it was es timated that the amount
of United States bonds held abroad approached
sl,0OO,OO0O0O. Two years ago the general esti-
mate was about 5000 00,000. Now after the most
careful examination, it is estimated somewhere
near S4000O,OO0 to 1880 0,0O0,0O0. The common
fear expressed for the success of any plan of re-
sumption was that foreign nations could at once,
by return of our bonds, exhaust our gold and
TINS defeat resumption, 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, S60-
OO0,OO0 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
strengtneneOO our position DY bringing them nome.
Another favorable sign of the times is the very
large increase of domestic production, both of
the farm and of the workshop, which not only fill
the place of goods heretofore imported, but en-
able us To compete with foreign nations in their
own markets.
This increase of our exports and diminutiou
of our imports is perhaps the most remarkable
in modern times. We are competing in cotton
fabrics with Manchester, in cutlery with Shelf
field. in iron and steel with Birmingham, in
watches with Switzerland and in gloves with
Franco III n a Hpht-nnNtnu Ha-Hp
lug process that is adding immensely to our
wealth.
Our progress toward resumption is accompa-
MED by increased national credit, and by re-
duction of the interest of the public debt Dur
ing the first twenty days of the present month
our sales of per cent. bonds amounted to S20,-
000.00O and now have the confident assurance
that during this year they will exceed Sl000O, 900
and will pay off all of the $40 per cent. bonds
of the issue of 1865
And now fellow-citizens in conclusion let me
invite your attention briefly to the agitation of the
labor question, not only in this country but IN
other countries where production has exceeded
consumption and thrown out of employment
many Industrious laboring men, and paralyzec
important branches of industry, especially of thu
places labor is depressed, that wages are low
that many willing hand finds IL hard to &c
work, and sometimes hungry men, women, ant
children want food and clothing. and shame b.
to him who does not sympathize with such suf
fering and relieve it if possible. No wonder tina
honest labor grows soured at the inequalities o
life, and sometimes listens to the cry of tn
demagOgue that human laws have caused TIN
distress, and that if he was in office he coulC
furnish redress.
The same distress in a far greater degree exist
in Great Britain, France, Germany and all civil
lied nations, whatever may be their forms o
currency. or standards of value. Modern inyen
tions which supply wonderful machinery whicl
consumes only water and coal, n substitute
for the skilled mechanic. have greatly. dimin
ished the occupation of labor. Fewer laborer
are required for the same work. The only rene
dy would seem to be to pursue new industries
and seek new markets to be supplied. Our owl
country is blessed with cheap lands inviting In
Dor and the energy of our own people, as | hav,
shown, is already discovering increased employ
ment in supplying productions heretofore mad'
abroad, and in sending our home productions u
foreign countries. All that the Government car
do within its limited powers it ought to do to en-
courage protect and foster labor.
And can say of our laws and institutions tina
they are far more favorable to the laboring MAJ
than those of any other country, and any idea, O
reform, or measure that is proposed, to relieve
and protect labor finds iii the Repubhcan party
its earnest and sympathetic advocate. That party
has done more for the protection and development
of labor than any other. Our constitution ant
laws guarantee to every man equal, civil ana polt
ical rights. Property is more equally dlstrl butet
than elsewhere, except in France, and. excludlnl
the negroes who but recently acquired the rlgh
to vote, a greater proportion of our citizens ar
prOperty-hOlders. More than twO-thlrds OF ou
voters, with this exception, are property -holders
and the rest want to be, hope to be, and can be
This country of our is not the permanent heldto
tramps and communists. Our laws for the dis
tribution of property tend directly and rapidly
to distribute large estates Property here is re
quired to pay more tribute to labor than in any
country in the world. =,
Property educates the children, maintains all
your charitable institutions, maintains your
streets roads and local Improvements, and all
parts of National, State, and local government
The very few taxes that attach to those who have
no property are on whisky, tObacco. and beer
which are voluntary taxes. If the Government
can do more to protect labor it will. 1t Offers
to every citizen homestead on the public lands
1t offers every man an equal chance. Every OF
flee and honor is open to equal competition. ano
it gives To no man rank, title, or advantage eX
cept what he himself acquires. This Is all that Z
free Government can do. lt cannot take the
property of the rich and divide it among the
poor. 1t cannot, as is proposed, take the pubn'
treasure, collected by taxes, and distribute IL n
any other way except for the limited proper OBJ
jects provided for by the Constitution. 1t can
not control contracts men ma Ike with each other
except where they grossly immoral or Ylolatt
public policy. Its Office is spent when 1t secures
Freedom. equality and an equal chance IN the
race of life. While the sympathies of the Repub
lican party must ever be with the laboring man
il cannot violate the fundamental principles OF
free government to favor any class, or refuse u
protect any class in the enjoyment OF lite, pro
perty and the fruits of their own labor,