Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1878-10-26

| Psssideas 1ayss q IL yais.
h SslISvis0 . oSaassssa sspssl
q ~ Pssaiass1e sAsuo q ~ l1isns.
~ 6onAs Yais:
He isessasesd ~ suhiss1 q nnanss,
sfees thaakisg tks vssioss e0eials VIA
bod contributed 70 his eotsgeni00soA
He sh0ved The eaoousaging synpes0a
u The psessos time. In AuessG, 1855,
the public debt vas O, ISL ,660, ST.. s,d
slded 10 unadjus4ed asd valid claims
amounted - moro thaa three biilioos.
Then repudiatioa had bees uFaed and
feared. Hugh McCulloch adopted q
policy OF reducing and refunding, With
. result that nou the debt 10 0nly "a.
oss. SIS. 0Oo. OF e721. 0o0. 600 LES than
thirteen years ego. A quarter Of the
debt hes bsen paid, While the sctsal
debt. including claims. hes been les-
s<ned nearly 81 600, 000. 600. or on
third. In AuGust. 1865, the total int
e<t-bearing dsb4 vus q. 81 $50. 900.
and the annual interest accounted 20
elsl 600 900. This interest vas q great
burdsn. The shility and purpose ts
pay the interest and debt vese, hovev.
er. demonstrated. IL resulted in re-
dacing the interest-bearin deb4 70 its
pses-ns dimeutions - q ,lO9. 67s. 900.
On this the interest," 10 81, ISL 600.
Thus the interest," bearing debt hes been
reduced In thirteen years e572, 000. 600.
and the interest o56. 0OO, 600. At this
rate the debt will be psid in sbout
twenty 6ve years. Moreover, the in.
tere<t u being paid 1t home nov, in.
stead Of abroad; five-sixths Of the bonds
being held hero and one-sixth abroad.
The PRECEDENT here gave q series Of
tables on taxation. the net result of
which was that the reduction in taxa
ton since lsG6 is s247 ,00O, 900; reduc-
ton since the panic. SOL ,O0O, 900. Re
duction OF expenditures since the war,
sl2l .OOO. 600; since the panic, $50, O00,-
600. In 1865 the paper currency
amounted to s736, 900, 600. Its value
was sixty nine and thirty two one hun
dredths on the dollar in coin, aud its
total coin value $500, 900 900. The to.
tai amount now is S6SS, 600, 900, and its
value 1854 600, 900. Its value is as
stable as that of coin and is practically
the same.
The state OF trade is most encourag.
ing. From 1863 to 1873 the net imports
into the United States exceeded the ex-
ports. the excess ces ranging from $50, 000:
600 to $lS2, 600, 900. Since 1874 and
1875 the excess Of exports is very great,
and has rapidly increased. Agricultur-
oil products have been exported much
more largely, the increase Of the year
1878 over 1868 being &c per cent, and
the am punt Of increase being $273, OOO,-
900. Wecannot if we would, we should
not II We could, issolate ourselves from
the commercial world. In all our
measures for improvement OF our fnan.
cial condition, we should remember
that our increasing trade with South
America and with the Old World re-
quires that our financial system shall
be based on principles whose soundness
and wisdom are sanctioned by the uni
versal experience and the general
judgement Of all mankind. With di.
minished and still diminishing public
debt. expenditures and interest, with
improved conditions of currency and
foreign trade, we may we'll hope that
We are on the Threshold OF better times.
But we must not forget that the surest
foundation of national financial pros.
perity is o sound constitutional curren-
cy and unstained national credit.
There is another interesting subject
that is worth giving attention to, and
l think is encouraging and full of hope.
The surplus population of the Atlantic
slope OF the States are finding their way,
as they have never done before. to the
beautiful States and Territories of the
West. Applause. And what does
that mean? 1t means relief to the
East. The surplus population that
goes off gives better opportunity for
employment of labor and industry
there and here, and in the new States
they are making their homes and fur
nishing market for supplies from the
old States. But it has more than dou-
BILE advantage. There are three advan-
tages: It relieves the States, it fur
nishes market for the old States, and
their products in the new States help
to swell the tide of exports to the, old
countries. That is what this change of
population means.
The President alluded pleasantly to
the swift growth of the West, and of
st. Paul and Minneapolis. and predict
ed that whatever their prejudices we're
against each other, they would eveptu.
ally become one great city.
Texas, with q capacity for grain, cot
ton. sugar and cattle-Kansas, which
was the pioneer in the great struggle
which dedicated all America TO- free
dom forever-and Minnesota, whom
God is blessing-are all receiving vast
additions to their population. It il not
merely great crops and numerous cat.
tie that bless this people; but here is
no shadow OF pestilenoe, while down
the river affection is spread all over the
country, where brave and noble mon
and women are nursing tho sick; and
Minnesota here to-day proposes to do
something Of her abundance to add TO
the relief Of these stricken communi.
ties
He would not prophecy; but viii.
debt and interest decreased and decreas
ing, with taxation growing less and
tho expense Of administering the Gov
eminent, diminishing, Q sound curren.