The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-06-20
HENRY CARRY BAIRD ON THE
FINANCIAL QUESTION.

FLNANCLdL QUESTION.
In an Associated Press dispatch in
your paper of this date it is stated,
among other things which TRANSFERRED
at Cabinet council at Washington
on the previous day. that
"Financial matters found topic OF
considerable attention at the meeting.
Much qualification was expressed at
the exhibition Of the nations financial
condition, as shown by the public debt
statement on the 1st inst, and the
fact of heavy subscriptions to the
four per cent loans was thought to be
peculiarly gratifying in considering
the favor with which the four-and-a-
half per cent loans is received. MI.
Sherman stated that the subscriptions
to-day to the four per cents amounted
to over half million dollars. Refer
ence was also made to a statement OF
the Bureau of Statistics showing tnaI
during the twelve months ended
March 81 last, our exports exceeded
our imports by the unprecedented
amount of 5000, 100000. This was
considered highly favorable for a
maintenance Of specie payments by
the United States from and after an
early date of resumption
AS regards the public debt state
ment there is really no cause for
satisfaction; for, while by the in
penious device of deducting the cash
in the treasury from the amount OF
the debt, it is made to show de-
crease: it has, in fact, undergone an
increase of sl3, 100000 within the past
thirty days.
So far from the subscriptions to the
four per cent bonds being cause ZOE
GENERALIZATION to statesman OF broad
and comprehensive, views, they Wouid
be exactly the reverse, seeing tnat IL
is a notorious fact that the sale OF
these bonds is owing to the destruc-
ti0n of business, and, as necessary
result, of confidence in nearly every
other form of security. Business
having come to stand still, there are
hundreds of millions of dollars worth
of merchandise and other property,
and other hundreds of millions worth
Of labor power which are wholly una
BILE to command money and market:
The owners of these millions OF
property and labor pass into bank
ruptcy and beggary, many TO starVa-
tion. while those who have money 10
loan seek satisfactory security TOUT
side the government bonds) IN VAIN:
and hence the peculiarly gratifying
nature of the information which MI.
Sherman was able to communicate TO
y Cabinet as devoid of true statesman
ship as himself. If he will continue
his policy of destruction until the
few remaining good securities OF tRe
country are destroyed. he Will be aDle
to float a three per cent loan with
more ease than he does now one OF
four per cent. But even this ROAD
has an end, for the goose which lays
the golden eggs and pays taxes VII!
cease her work, and Reputation VIII
he the inevitable and necessary re-
suit.
Then as to the statement or the
Bureau of Statistics, showing tna'
during the twelve months ending
March 3lst last, our exports exceeded
orr imports 10y the unprecedented
amount of $500, 100000" Even this,
when it is critically examined, is not
so .shichly favorable for maintain
ance of specie payments by the United
States" as woulda appear upon It's race
for the excess of exports falls at least
so million short of paying our foreign
interest, expenditures of American
travellers and residents abroad
freights in foreign ships. commissions
TO foreign bankers, commission mer
chants, etc. But even were IL ~
favorable as Mr.. Sherman ana TN
cabinet consider it, at what frlghtfu
cost Of human woe hasit been OBJ
tanned This excess of exports ovel
imports results from two forces co
GENERATING to this end. the inability o
the people to consume domestic a
we'll as foreign products, and tn
consequently increased export OF thu
former at low prices in competition
with other countries. and the de
creased import of the latter.
If this be the true end and ann 0
all statemanship. we would invite tn,
attention of Mr.. Sherman to British
India as a model after which T.
fashion these once prosperous. happ.
and enlightened United States. In
ola contains Iel sboVsuVo iAih"oIessAes
and in 1872. Torrens. in his "Empir
in ASIA" placed his annual product
of all kinds at under l.oOo,oUO,ooo. 0
less than three times that of the cit
of Philadelphia in 1875 with 10000
inhabitants. Like all countries dc
void of diversified industries. an
dependent upon agriculture alone
India is land of famines-thes
famines coming. not of an absenc
of food, but Of the means of purcha'
ing it. In 1866 there was one !
Orissa which destroyed over 900
600 human beings; in 1869 one IN tn
northwest; in 1874 one in Behar. an
in 1877 one in Madras and Bombay.
The relief extended to the peopl
in famine-stricken districS by tn
government in 1S77-7S has amounte
to over s45, 100000 and funds fc
famine relief are hereafter to be il
cluded in the regular budgets of tn
Empire. And yet for the ten year
lS67-76 the balance of trade was /
favor of India to the amount of on
billion dollars because these one huI
dred and ninety one millions Of peopl
were SO wretchedly poor that. Will
consuming but little domestic pr
duca. and having almost absolute fire