The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-09-05

up their accounts. and add to the distress of
the times by dangerous and almost revolu-
tionary proceedings against corporations
OF our own creation which have no special
privileges, and which contribute to the gen
eral good by paying large taxes and by act
ing as convenient localized agencies of loans
and exchange?
| OUR BONDS NOW HELD AT HOME.
At one time It was estimated that the
amount of United States bonds held abroad
approached 81, ZOO, 10000 Two years ago
the general estimate was about $780, 900.
Now, after the most careful examination,
| it is estimated somewhere near 5000, 600, =
600 to $3.50, 900. The common fear ex-
pressed for the success Of any plan of re-
| sumption was that foreign nations could at
once by return Of our bonds exhaust our
| gold and thus defeat resumption, but this
is no longer feared when the surplus eX-
ports for single year would pay off cv
cry dollar of our national debt held beyond
the limits of the United States. Last win
ter, when an exaggerated fear prevailed in
Europe as to the effect of the Silver bill,
100000 of our bonds were promptly alb
sorbed by our own people in sixty days;
and, although this stopped the sale of bonds
by the treasury, it strengthened our posi-
ton by bringing them home.
Another favorable sign of the times is the
very large increase of domestic production,
both of the farm and OF the workshop, which
not only fill the place OF goods heretofore
imported, but enable lis to compete with
foreign nations in their own markets.
REDUCTION OF INTEREST ON DEBT.
Our progress toward resumption is accom-
panied by increased national credit and by
a1large reduction of the interest on the pub
lie debt.
Under the Refunding act, which is de-
signed to convert our six per cent. bonds
into bonds bearing lower rate Of interest,
we have already sold at par in coin, $780,,
000,0 900 of five per cent bonds, S246, 0O0,
900 of four and half per cent. bonds,
$135,000.000 OF four per cent. bonds. the
proceeds of which Except s90,000,00o sold
for gold coin in handl have been applied to
pay an equal amount OF six per cent. debt,
making an annual saving ia the interest
of the debt of $40, 1000, 900, and we are now
daily selling the four per cent bonds direct
ly to the people upon the basis OF Il popular
loan in sums as low as $50. These bonds
have become the savings blnks OF the peo-
Pile, safe deposit for their surplus money,
always available for use when needed and
depending upon the honor OF the nation,
and, therefore, safe from loss. The most
satisfactory feature of this loan is that it is
being held in small sums by great numbers
of our fellow citizens, and is distributed
throughout all the States in Union. Dur
ing the first twenty days of the present
month our sales of four per cent bonds
amounted to $40, 900, 0o0, and now have t he
confident assurance that during this year
they will exceed 500, C00,00o, and will pay
off all the five twenty six per cent bonds OF
the issue of 1865.
BUSINESS DEPRESSION.
Judge Thurman says
s'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 depression in every branch of business
in every industrial occupation"
l deny this statement in toto. That this
country has suffered from depression in
many branches Of business and in many in
dustrial occupations | admit, but every civ
ilized and Christian country in the world
has suffered to a greater degree. In COM
parison with any nation OF modern times
our condition, in every respect,is more. pros
porous and happy. If you read the Eng
lsh, French or German papers you will find
that our causes of complaint are nothing to
be. compared with theirs, while incur country
there are many circumstances which re-
lieve the general depression. Let me name
some OF the hopeful sigus OF the times. The
whole period since the war, and before
the panic, was a debt contracting p Rod.
From July 1, 1868, to July l, 1873, orr i'm
ports exceeded our exports in the enormous
sum of $1,047, O69, 219. Much of this was
for silks and furbelows. 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. 1t represented foreign cap
ital loaned to our citizens and to corpora
tions, and paid for in government corpora
ton bonds and private notes. The same
causes produced extravagant prices here
Wild schemes. railroads built twenty years
in advance OF their n e !, reckless expendi-
lures led to numerous debts being contract
ed and to our corporations and homes and
farms being plastered with mortgages
Since the panic the whole condition of Our
trade and business has changed. Since 1874
our exports have exceeded our imports III
the sum of S507, 459, 237.
During the last fiscal year the excess was
1921, Ass, $50, our exports reaching the sum
of $3.50, 6S3, 79S, and during this fiscal year
this excess OF exports is increasing rms
is debt paying process. The great body
of the debts contracted before the panic are
now settled, either by payment or bankrupt
cy or re-adjustment.
THE REPUBLICAN PARTY.
In the general management of your af-
fairs the republican party has done all that
it could do to develop The national resources
and maintain the national honor, to protect
all men in equal rights, to secure to all men
equal privileges and an equal chance in life,
and that it is ready TO adopt any proper and
constitutional mode of relieving distress and
advancing the interests OF any portion OF
the people. | can safely appeal to all OF you
| who have sh red in the honors and labors OF
| this party to still stand by its flag, now that
the difficulties of the recent past are pass
| ing away, with the fnll>hope trit our coun-
try, always advancing and prosperous since
| liberty was first proclaimed by our Revolu
tionary fathers, is still destined to advance
under the guidance of the republican party
to higher honor and greater prosperity.