The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-09-19

| fairs OF the Government Is more interestin
and instructive than the state of trade wit
foreign countries. The exports from til
United States during the year ending Jun
| 80. 1878, were larger than during any pre-
vious year in the history Of the country
| From the year 1868 to the year 1878 the ne
| imports into the United States largely e2
ceeded the exports from the United States
the excess of imports ranging from $4,000
600 to $lS2 600, 900. During the years 1877
and 1876 the exports and imports were abol
equal.
During the years ending June 80, 1871
~, '7S, however, the domestic exports frcr
the United States greatly exceeded the ne
imports, the excess Of exports increasin
rapidly from year to year. This is shown a
follows
Year ending Excess of export
June 30, over net import
1876. 10, 643, At
151,152 ,09
257,s52 sc
The total value of exports from the Unitet
States increased from 1859, 3S9, 900 in 1868 tt
$3.50, 6S3, 1888 in 1S7S-an increase Of SAIL,
293, 1893, or 153 per cent. The total increast
in the value of agricultural products ex
ported from the United States in the yea
1878 over the exports of the year ending
June 30, 1868, amounts to $273, All 1872, Oh
Sc per cent.
The balance Of trade against the United
States in the five years next before the panic
was 1854, 052, SOY, but the balance of trade
the last year, if compared with that OF the
two years next before the panic, shows a
gain in favor of the United States in one
year Of over $500, 1000, 600. 1t is not neces.
sary that should dwell upon the impor-
lance of this favorable state OF the balance
of trade. Balances must be settled in cash
in the money of the world. The enterprises
of our business men reach out to all parts OF
the world. Our agricultural and manufac-
tured products more and more seek and find
their markets in foreign countries. The
commerce Of all parts of the world, bound
together more than ever before by steam
ships, railways and telegraphs, is so con-
nected that it must be conducted on the
same principles and by the same instrument
talities by all who take part in it. We can
not if we would, we should not if we could, iso-
late ourselves from the rest of the CONNER
cial world.
In all our measures for the improvement
of our financial condition we should remem-
Der that our increasing trade with South
America and with the old world requires
that our financial system shall be based OIL
principles whose soundness and wisdom are
sanctioned by the universal experience and
the general judgment of all mankind. With
diminished and still diminishing public bur-
dens of debt, expenditures and interest, with
an improved condition of currency and for
eign trade, we may well hope that all are on
the threshold of better times. But we must
not forget that the surest foundation of a
restored financial prosperity is sound con-
currency and unstained national
credit.
There is another interesting subject that
is worth giving attention to, and, think, it
is encouraging and full of hope. The surplus
population of the Atlantic slope of States
are finding their way, as they never have
done before, to the beautiful States and Ter
ritories at the West. [Applause.l And what
does that mean? 1t means relief to the East.
The surplus population that goes off gives a
better opportunity for the employment of
labor and industry there, and here in the
new States they are making their homes, and
they are furnishing them a market for the
supplies from the old States. But it has
more than double advantage. There are
three advantages. 1t relieves the States it
furnishes market to the old States, and
with their products in the new States, they
help to swell the tide of exports to the old
countries. That is what this change of pop
ulation means. You know much more about
it than do. You haveliYed here and seen
it. And now, this movement of population,
what is it doing here? We see the great
States-one in the distant South, one in the
centre, and the other here. There is Texas,
an empire in itself, receiving larger num-
bers of population, perhaps, than we ever
received in any State during the present de-
cade, having sugar, cotton and wheat and
cattle. There is the State Of Kansas, the
PIONEER in the great struggle which dedicat-
ed all America to freedom and the Stars and
Stripes forever. [Boisterous and prolonged
applause] She is having her share of this
And Minnesota, need not say
"God bless Minnesota !" He is blessing her.
[Renewed applause.] And here let us re-
member what great blessing we have. 1t is
not merely material prosperity, it is not
mere great crops of wheat and corn and great
numbers of cattle, but the faces see around
me show that no shadow of pestilence is up,
on this community, or perhaps ever can be,
while down your noble river affection is
spread over all that country. We admire
and sympathise with the noble men and wo-
men who, as physicians and nurses, are car
rying succor to Grenada, and Memphis and
New Orleans, and the other cities afflicted,
and am told that you of Minnesota of your
abundance propose to-day to do something
of your share towards giving relief to those
stricken communities. [Applause.l Now.
my friends, with this picture, as think, so
full of hope for the future for you and [ as
individuals, do not venture with confidence
upon predictions OF prosperity reviving. |
have no spirit of prophecy but reasoning.
Let us see how it stands The debt is great
burden upon labor and capital. 1t is great
ly diminished, and is still diminishing. Tax
alton is a great burden upon labor and CAPT
tai, and it is greatly diminished, and is still
diminishing. So, too, as to the expenses OF
the Government, and then with that which
helps us, sound currency coming, and
immigration coming. may not confidently
say that these are indications, at least, that
we are marching to the threshold of reyiv-
ing general business prosperity. [Great ap-
plause.] And now shall we look around for
march in the paths marked out by the ia
thers-the paths of honesty, Of industry, OF
economy? Shall we do what Washington
and Franklin would advise, that is the ques-
ton before the people to-day. No friends,
enter upon no arguments of disputed
question, but say as my opinion-we may
be mistaken, all of us-but [ believe that a
restored financial condition depends largely
upon an honest currency. [Great applause. ]
And why do say this? The commerce of
the world is the commerce now in which we
are taking part, and that is the same thing
the globe around. We have with us o-day
the gentleman who is at the head of the Sig
nal Service of the United States. He is known
popularity as sold Probabilities. - He is not
old, and 1 fear he IS not always probable.
[Laughter.] But, certainly, in the science
of meteorology he has gone further than any
other, and what does he tell us? He says
that this atmosphere Of ours, this circumam-
bent air that surrounds the globe, is one as
unit, and that they have discovered by OBJ
servations all over the globe that great
commotion, a great disturbance on any sea
or any continent, sooner or later, is felt in
every other sea, and every other continent,
and so the commerce of the world is one.
Where there is very hard times in one great
nation, sooner or later it goes around. We
should then base our financial systems on
principles and by instrumentalities that are
sanctioned and approved by the best judg-
ment of the whole commercial world. Then,
repeat, if we want our standard of finan-
cial prosperity to be based upon sure and
safe foundations, let us remember, let us all
remember that its best security is an un-
furnished national credit and a sound, con-
stitutional currency [Grcat and prolonged
applause.l