Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1878-09-04

true that national bank notes have been re-
tired, but this has been done, not under the
resumption act, but by the voluntary action
OF the banks. They are free to issue or re-
tire their notes and they have done 30.
If the special privilege about which be
has discussed 80 much was SO valuable 10
them, they would have increased their issues
of bank notes. but instead of that the bur.
dens imposed upon this privilege aud the
want of profitable use Of money have in
duced the banks to reduce their circulation
to a much greater amount than i, has been
increased, so that the effect has been 4 large
decrease of the currency Of the ountry,
but this has not been caused by tn Desump-
ton act.
Now, these are the objections stated to the
national banks by Judge Thurman, n my
answer to them. 1t m back again to
this: Shall we have in the United States .
currency redeemable in coins VIII we 70
save interest bear in the future all the evils
of an irredeemable currency, t., ar ny q sys.
tenn of banks infinitely better than any ever
before enjoyed in this country, compel these
banks now to call in their loans and close
up their a~ccounts, and add to the distress of
the times BY dangerous and almost revolu.
tionary proceedings against corporations of
our own creation which nav no special
privileges, and which contribute to the
general good by paying large taxes and by
acting ~ convenient localized agencies of
loans and exchange?
BUSINESS DEPRESSION GENERAL.
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 depres-
| sion in every branch Of business in every
industrial occupation" i deny this state.
nent in toto. That this country has suffered
| from depression in many branches of bust
ness and in many INDUSTRIAL occupations /
admit, but every civilized and Christian
country in the world has suffered to greater
degree. In comparison with any nation of
modern times our condition in every respect
10 more prosperous ann happy. If you read
the English or French or German papers,
you will find that our causes of complaint
are nothing to be compared with theirs,
while in our country there are many circum-
stances 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 a debt-contracting
period. From July l, 1868, to July l, i 1878,
our imports exceeded our exports in the
enormous sum OF 81, O47 ,069, 219. Much of
| this was for silks and furbelows, contracted
in the faith of corner lots marked up, of in
fiated fortunes 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 corpora
tons, and paid for in government and corpo-
ration bonds and private notes. The same
causes produced extravagant prices. Wild
schemes, railroads built twenty years in adj
| vance of their need, reckless expenditures,
led to numerous debts being contracted,
| and to our corporations shd 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 i'm.
ports in the sum of $507, ass, 237.
During the last fiscal year the excess was
$257 ass, $50, our exports reaching the sum
of $3.50, 683, 79S, and during this fiscal year
this excess of exports is increasing. This is
. debt paying process. The great body OF
the debts contracted before the panic are
now settled, either by payment or bank
ruptcy, or Reimbursement
QUE BONDS NOV HELD AT HOME.
At one time it was estimated that the
amount of United States bonds held abroad
approached 81 ZOO, 00O, 0oO. Two years ago
the general estimate was about $500, 0OO, 600.
Now, after the most careful examination, il
10 estimated somewhere near $500, 0O0. 900 to
$3.50, 100000. The common fear expressed
for the success OF any plan of resumption
1 WoS sAA0t AClR III COulu al OuCG, ID II
return of our bonds, exhaust our gold and
thus defeat resumption but this is no long
er feared when the surplus exports for a
single year would pay of every dollar of
our national debt held beyond the limits OF
the United States. Last winter, when an
exaggerated fear prevailed in Europe a. to
the effect of the silver bill, $50, 0O0, 600 OF our
bonds were promptly absorbed by our own
people 10 sixty days, and although this
/ tN~rNo tIxn rn1a - h,-1. - a. A---..--
it strengthened our position by bringing
them hons. Another favorable sign Of the
times 10 the very large increase Of domestic
production, both OF the farm and the work.
shop, which not only ELL the place of goods
heretofore imported, but enable us to com.
pete with foreign nations in their own mar.
kets.
/ have here . recent table showing the in.
crease Of leading exports Of our own pro-
duction. This shows that our exports Of
cotton, iron, steel, copper, leather, and other
manufactures, has Increased within ten
years nearly two-fold, and that the exports
OF our agricultural implements and provis.
ions heve increased nearly three-f0ld. The
total amount of certain leading commodities
exported in 1868 was SAL ,ONO, 900, and in
1873 was $404, COX, 900, showing an increase
of $263, 000, 600.
Another table shows that our importation
vi CGEGUlu I6UIlCU WHICH VIC eau IG8uIly
make in this country has diminished nearly
oue.half. OF textile fabrics, including
manufactures of cotton, silk, clothing and
dress goods, the amount imported into this
country ia 1873 was &l59, 00O. 1900; the
amount imported In 1878 was $S5, 600, 600,
making . dimunition of $74, O00 900, most oil
which was supplied by our own production.
FALLING vi IF IMPORTS.
The imports Of iron and steel in various
forms in 1873 was $50, sos. 452, while in 1873
it had fallen to So, O57 1888 showing Q diminu-
ition Of $50,25O,Sl9 This falling Oh WA sup
piled BY our own industry. =
this table imported in 1873 was 81, 957 1888
rnd during the 6scal year ending June 30.
1875, itwas tl24,21l,734, making : falling of
Of @148, 747, 500. This great decrease was "a.
pecislly noticeable In the imports Of a
lectures of cotton, silk, wool, iron and steel.
This increase Of our exports and diminu.
ton of n imports 10 perhaps the most re.
markable in modern times. We are conn
psting in cotton fabrics with Manchester, in
cutlery with Sheffield, in iron and steel with
Birmingham, in watches with Switzerland,
and in gloves with France. II 10 Z debt-pay.
ing and trade-developing process that i
adding immensely TO our wealth.
REDUCTION or INTERsr ON DEBT.
Our progress towards resumption IL &C.
accompanied BY increased national credit,
aad By. Z large reduction Of the interest d
the public debt
Under the refunding act, which 10 de.
signed to onver our six per cent bonds
into bonds bearing . lower rate OF interest,
We have already sold At par in coin 500 mil
lions Of i've per . bonds, 2l6 millions Of
four and ahalf per cent. bonds, 1855 millions
Of fouT per cent. bonds, n. proceeds Of