The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-11-07
Secretary sherman,s Speech.

II
Week before last, Secretary Sherman ad-
dressed large scrowd at the Cumberland,
Md. Fair. The substance of his remarks was
as follows:
'sThe best return for the kind reception
you have given the President and his associ-
ates will be, in the brief speech he desires
me 10 make to you. to confipe myself to a
statement OF such facts as will exhibit the
financial condition Of our country. ! take it
that most Of you are farmers, and all of you
are interested in the growth and develop
ment of the trade. commerce and industries
of our country. This will include the law
yers and doctors, who, though not good pro-
ducers, are very good consumers. wish to
state some facts, taken mainly from the rec
ords of the Treasury department, which well
tend, think, to show you that our business
condition is improving, and that Though we
have, in common with other nations, suffer-
ed from depressed trade and industry, yet
that the causes for Il is are passing away,
and that now the signs are hopeful and
cheering.
Zone mode of testing the condition Of a
country is by its foreign trade. There are
good many theories about the balance OF
trade, but one thing We all understand as
equally true of a nation as OF an individual
If one sells more than he buys he grows
icher-especially this true of the products
of farm if it is all the time improving; if
he buys more than he sells he grows poorer.
Tested by this simple rule the condition OF
our country is now very satisfactory-more
than ever in the history of our country. We
have imported goods from foreign countries
during the last twelve months to the value
of $3.50, $50, O17. We have sold to foreign
countries during the same period goods to
the value of $720, Asa, III. Thus leaving a
balance in our favor of $3.50, 1929, 154. This
is a much larger balance in our favor than
has ever occurred before in our history, and
this balance is represented either by debts
paid by US or money paid to us, mostly by
debts paid by us. All this sum has been re-
turned to us from Europe either in bonds OF
the United States or in other securities held
abroad, or in money, and this favorable bal
ance of trade has now continued for four or
mostly paid, and our country is rapidly ceas-
ing to be debtor nation except to its own
citizens.
s'Another simple mode of testing our fl
nancal condition is by the increase or de-
crease of our domestic productions. Here
again we are in satisfactory condition.
Nearly all domestic productions have in
creased, and especially those of the farm and
workshop. Compared with 1870, when our
domestic productions were stated at $780,, :
100000, they have largely increased
[The great increase in some OF the princl-
pal productions which constitute the basis of
our material prosperity is shown by table,
which the Secretary read, comparing the
crops OF corn, wheat, rye, oats and cotton, in
1873, with those Of 1878. The table showed
- fr
continued: SPY comparing the figures OF
1877 with those of the census year of 1870,
it appears that the total production of coal
in the United States rose from 30 $50, 800
tons in 1870 to 81, 30s, 900 tons in 1877, and
that the production of pig-iron in the Unit
ed States increased from 1861 tons in
1870 to 2,3l4,5 tons in 1877. The produc-
ton of petroleum NOW constituting one OF
the most important articles OF expectation,
increased from 5,673, 1876 barrels in 1870, to
13,135,6S1 barrels in 1877.
ssCompared with any former year, the ag.
gregate of these productions has very
largely increased. We are are blessed by oil
vine Providence with fruitful seasons, and
these have been improved by the industry Of
our people. This vast aggregate of wealth,
though won by hard labor not very well paid,
greatly improves our financial condition,
and enables us to look into the future wi h.
out fear of want, and with an ample
abundance to pay our debts, and supply the
wants of Europe.
ssAnother good sign is in the growing di-
versity of our productions. The wealth OF
country depends upon this. No cour try
can be prosperous whose industry is confined
to one pursuit, We are now making at home
many articles that we formerly imported.
The fact that, with respect to certain of the
great manufacturing industries. We have OBJ
tanned the control of our markets, is shown
by the great falling off in the importat ion OF
certain commodities from 1878 to 1S7S.''
This is indicated by table which he read
comparing the importations OF 1873 and
1851 Continuing he said: Sand l might
90 on through an immense category OF the
products of cur industries.
ssWhile the importation of railroad bars
fell off to the extent shown above, from Sl9,
1000 to $3.50, the production of iron and
steel bars in the United States increased
from 1855, AL tons, during the five years
from 1867 to 1871, to 4,056.340 tons, during
the five years from 1873 to lS77-an increase
of 81 per cent. Now we supply our own
wants of the same articles by domestic man.
ufacture. Not only this, but we have SO i'd
creased our skill in the industrial arts that
that we are largely supplying our home
markets with certain of the more important
articles of manufacture, which, but few
wears ago, we imported in large quantities,
and this in face of the hard times of the last
six years. We have also greatly increased
the expectation of certain commodities to
foreign countries. ] will mention few OF
the principal of these commodities: The ex-
portatiOn of manufactures Of cotton increas-
ed from 50, 947, 52S, during the year ending
June 80, 1878, to 81 ,43562S during the year
ending June 80, 1878. Our exports of iron
and manufactures of iron, including steel,
rose from ten million dollars in 1873 to
twele million dollars 1878. Our exports OF
leather and manufactures of leather lncreas-
ed from S., 305, 900 in 1873 to SS,O77,OOO in
1878, and our exports OF copper and brass
and manufactures thereof rose from S753, 600
during the year 1873, to s3,07S,000 during
he year 1878, The schedule might be ex-
tended so as to embrace many highly
wrought products of industry, including
watches, clocks, sewing machines, locomo-
tives, cars, steam machinery, &C.. &c. We
are now competing, with our productions,
in the different markets of the world, in all
the leading articles OF manufacture needed
to supply human wants. 4as
ssAnother hopeful sign is the better distri-
button of our population. The tendency
since the war has been to concentrate into
cities. All the large cities grew rapldly, OUT
the farms and villages were deserted. While
the waste of the war and the excitement OF
inflated prices lasted, cities fourished, but
when the bubble burst and reverses came,
the blow fell mainly upon the cities. Corner
lots fell and paper fortunes disappeared in a
day. Thousand of men were thrown out of
work. They could not comprehend the
cause. Many of these, by revivlng business
are now again employed, but tens Of thous-
and have bettered their condition by seeking
new homes in the West and South, where
rich land and fruitful harvests invite them to
the cultivation of the soil-the highest en-
ployment of life. All accounts concur that
the population of Texas, Kansas, Nebraska,
Iowa and Minnesota has very largely in
creased during the last two years. In these
Western homes some of your old comrades
have found the star of their life.
s'Another hopeful sign is the advancing
credit of our country. Certainly every
American citizen will take pride in the fact
that our four per cent. bonds are daily taken
at par in coin. Though The rate of interest
is low, yet the feeling of trust and security
in the good faith and honor of our people
makes everyone feel safe when he holds
government bond. The amount OF these
bonds sold last year was $74,900,0OO. and
:, -. e.. COZ go ON in oil S15S