The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-09-26

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the general good by paying large taxes
and by acting as convenient localized
agencies Of loans and exchange?
BUSINESS DEPRESSION ALSO GENERAL
ABROAD.
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 statement in toto. That
this country has suffered from depreS-
sion in many Branches Of business and
in many industrial occupations [ adj
NIT, but every civilized and Christian
country in the world has suffered to q
greater degree. In comparison with
any nation Of modern times, our con-
dition in every respect is more pros
porous and happy. If you read the
English or French, or German papers,
YOU will find that our causes OF COM
plaint are nothing to be compared with
theirs, while in our country there are
many circumstances 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 Il debt-C0ntracting peri
| cd. From July /, 1868, to July I, 1878,
our imports exceeded our exports i'll
the enormous sum of $t,047OG9,21
Much of this was for silks and furbe-
lows, contracted in the faith Of corner
lots marked up, of inflated fortunes
suddenly acquired, but most of it was
for articles that our own labor should
/ have produced. Itrepresented foreign
capital loaned to our citizens and to
corporations, and paid for in Govern
ment and corporation bonds aud pri-
vate notes. The same causes produced
extravagant prices here. Wild schemes,
railroads built twenty years in advance
of their need, reckless expenditures,
led to numerous debts being contract
ed and to our corporations and homes
and farms being plastered with mort
cages. Since the panic the whole con
dition of our trade and business has
changed. Since 1874 our exports have
exceeded our imports in the sum of
$507, 459,237.
During the last fiscal year the ex-
cess Was $257,459,250, our exports
reaching the sum Of $680,683, 1913, and
during this fiscal year this excess of
exports is increas ny. This is a debt
paying process. The great body of the
debts contracted before the panic are
now settled, either by payment or
bankruptcy, Or REIMBURSEMENT
OUR BONDS NOW HELD At HOME.
At one time it was estimated that
the amount Of United States bonds
held abroad approached 51,000,000,
Two years ago the general estimate
was about $600,O00,000. Now, after
the most careful examination, it is es-
timated somewhere near 5000, 600
or $250,000,000. TIE common fear eX-
pressed for the success Of any plan OF
resumption was that foreign nations
could at once, by q return Of our bonds
exhaust our gold and thus defeat re-
sumption, but this is no longer feared
When the surplus exports for q single
year will pay Oft every dollar Of OuI
national debt held beyond the limits OF
the United States. Last Winter, when
an exaggerated fear prevailed in Eu-
rope as to the effect of the Silver bill
1850, 100000 Of our bonds were prompt
ly absorbed by our own people in six-
ty days, and, although this stopped the
sale Of bonds by the Treasury, ii
strengthened OFT position by bringing
them home.
Another favorable sign Of the times
is the very large increase of domestic
production, both of the farm and @
The workshop, which not only fill the
Iplace OF goods heretofore imported, but
enable us to compete with foreign ma
tons in their own markets.
WONDERFUL INCREASE IN EXPORTS.
[ have here a recent table showing
the increase Of leading exports of oul
own production. This shows that on
: exports Of cotton, iron, steel, copper
leather, and other manufactures has in
creased within ten years nearly two
fold, and that the exports Of our agri
cultural implements and provisions
have increased nearly three-fold. The
total amount Of certain leading com
modities exported in 1868 was $141, 900,
900, and in 1878 was $4O4. 100000
9 showing an increase Of $263, 100000.
Another table shows that our i'm
portation Of certain fabrics which W.
> can readily make in this country ha
diminished nearly one-haIf. ftextil,
f fabrics, including manufactures O
) cotton, silk, clothing and dress goods
the amount imported into this countr,
a in 1873 was S159,O0O,O00; the amour
. imported in 1878 was 49,, 600. 900, max
ing diminution Of $74,0o0,000, mos
. of which was supplied by our own pro
duction.
= FALLING OFF OF IMPORTS.
}, The imports Of iron and steel in va
e rious forms in 1878 was $40 ,308. 49,
while in 1875 it had fallen to S9057,
4 633, showing diminution of $50,25o,
-l849 This falling off was supplied b,
: our own industry
: The total leading manufacture
: named in this table imported in 1877
f was 1922, 957 ,633, and during the fisca