Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-10-24
THE PRESIDENT AT CIuRER.
LAND.
Visit to the Fair Grounds ro-Sav


O'Clock this morning and We're met al the depot
by the president OF the Agricultural Fair Asso-
citation, Hon. Lloyd Lowndes jr. They are quar-
tered at the Queen City Hotel. AT 10 o'clock
this morning the party was conveyed TO the fair
grounds.
speech Of Secretary sherman.
Tie President made a brief and pleasant
speech TO the assembled multitude and then in
troduced Secretary sherman, who spoke as fol-
lows:
..The best return for the kind reception YOU
have given the President and his associates will
be, in the brief speech he desires ME 10 make TO
you. TO coGtine myself TO a statement OF such
facts as Will exhibit the financial condition OF
our country. i take IL that most OF you are
farmers, and all OF you are interested in the
growth and development of the trade, commerce
and industries OF our country. This will in
clude the lawyers and doctors. who. though not
good producers. are very good consumers. /
wish TO state some facts, taken mainly from the
records of the Treasury department. which will
tend, l think. 10 show you that our business
CONDITION Is improving, and that though we
have, in common with other nations. suffered
from depressed trade and industry, yet that the
causes Tor this are passing away, and that now
the signs are hopeful and cheering.
lone mode OF testing the condition OF a coun-
tly is by its foreign trade: There are a good
many theories about the balance of trade, but
one thing We all understand as equally true OF
nation as OF an individual: III one sells more than
he buys he grows richer-especially is this true
OF the products OF a farm if il is all the time inn
proving; il he buys more than he sells he grows
poorer. Tested 10y this simple rule the condi-
tion OF our country is now very satisfactory
more 80 than ever before In our history. We
have imported goods from foreign countries
during the last twelve months TO the value of
SiSa.s55,oll. We have sold To foreign countries
during the same period goods To the value OF
St2o,4S4.1.l. Thus leaving a balance in our favor
OF s2>9 ,629, la. This is 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
flJ. ffA l,.,Is1 nj.
or in money, and this favorable balance of trade
has nOw continued Tor four OF five Years. - that
cur debt 10 Europe is mostly paid, and OurcOun-
try is rapidly ceaSing TO be debtor nation en-
sept 10 its own citizens.
Another simple mode Of testing our financial
condition Is by the increase 0r decrease OF our
domestic productions. Here again we are i'm a
satisfactory condition. Nearly all domestic
productions have largely Increased and eS-
pecially these of the farm and work SnOp. Com
pared with 1870. when our domestic produc-
tlonS were stated at 81, ,Sin. .ooo,G0a. they have
largely increased"
II he great increase in some 0f the principal
productions which constitute the basis OF our
material prosperity is shown by a table, which
the Secretary read. comparing the crop Of corn,
wheat. rye. oats ana cotton. in 1873. with those
OF 1873. The table showed an increase OF - t0 -
Per. cent? lie then continued: :. BY comparing
the figureS of lS.1 with those of the census wear
OF 1870, II appears that the total production OF
coal in the United States rose from b, ,>60. .69o
tons i'll 1870 TO "a tiS. 600 tons i'm 1871 and that
the production of pig-iron in the United states
increased from 1-s6j 900 tons in 1870 to 23l45s5
tons in le11. The production of petroleum (now
constituting one OF the most important articles
Of expoltation) increased from 56i3,l9 barrels
in $50, TO l3, 1851 barrels in 1871.
compared with any former year. the aggre-
gate OF these productions has very largely in
creased. We are blessed by divine Providence
with fruitful seasons, and these have been im-
proved by the industry Of our people. This
vast aggregate of wealth. though won by hard
labor not very wei paid greatly improves our
financial condition, and enables lis to iooI into
the future without fear Of want. and with an
ample anundance To pay OH debts and supply
the wants OF Europe.
..Anothtr good Sign is i'll the growing diversi-
ty OF our productions. The wealth of a country
depends upon this. No country can be prosper
Gus whose industry is confined 20 one pursuit.
We are now making at home many articles hat
we formerly imported. The fact that, with re-
Spect 10 certain OF the great manufacturing in
dustrieS, we have obtained control OF our oWu
markets, is shown by the great falling off IN the
importation of certain commodities from 1873 10
ISIS [1hS is Indicated by table which he
read comparing The importatiOns oi lS15 and
lsIS.l Continuing. he Said And 50 might 90
on through an immense category OF the pro-
| ducts of our industries.
| while the importation OF railroad bars fell
Off to the extent shown above. from $4,000. .0D1
TO $780, the production of iron and steel bars in
| the United States increased from 1855. l4l tons
during the 1lSe years from 1861 10 1871, to
$40 tons during the i've years from l>,3 to
| let1-an increase OF 81 per cent. Now we sup
| ply our own wants OF the same articles by do
| meStic manufacture. Not only this, but we
have so increased cur skill in the industrial
| arts that we are largely supplying our home
| markets with certain OF the more important
| articles OF manufacture, which, but few years
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 a few OF the principal OF these
commodities: The expectation of manufactures
| Of cotton increased from 81 941. .52S during the
year ending June 80, 1873, 10 sll,435,62S during
| the year ending June 30, ISIS. our exports OF
iron and manufactures OF iron, including steel
| rose from ten million dollars ia 1873 to twelve
| million dollars i'll 1873. Our exports OF leather
and manufactures of leather increased from
1896, 600 in 1913. TO SS0II,6oO in ISIS and our eN-
| ports Of copper and brass and manufactures
thereof rose from S.53.000 during the year l>.3
| 10 S30Is, ,Gro during the year IS1S The schedule
| might he extended so as 10 embrace many
highlyWr0ught products of industry, including
watches clocks. sewing machines, locomotives.
| cars, steam machinery. &c. DC. We are now
competing, with our productions. in the differ
ent maItS or the world. in all the leading arti-
| eieS OF manufacture needed 10 supply human
wants.
Another hopeful sign is the better distrib,-
| ton of our population. The tendency since the
war has Deen 10 oconcentfate into cities. All the
large cities grew rapidly. but the farms and VIII
| lagos were deserted While the waste OF the
war and the excitement Of inflated prices lasted
| cities houriShed. but when the bubble burst and
leNerseS came, the blow fell mainly upon the
cities. Corner lots fell and paper fortunes dis
appeared in day. Thousands OF men were
thrown out OF work. They could not compre-
nend Tie cause. Many of these. by reviving
business. are now again employed but tens OF
thousands have bettered their condition by
seeking new homes in the west and south where
rch land and fruitful haryests invite them to
Ihe cultivation of the Soil-the highest employ
ment OF lie. All accounts concur that the pOpu-
IatlOn OF Texas. Kansas Nebra ska, Iowa. and
Minnesota has very largely increased during
the last TWO years. In these western homes
some Of your Old comrades have found the star
Of their life.
'Another hopeful sign is. the advancing credit
OF our country. Certainly every American citi-
zen Will take pride in the fact that four per
cent. bonds are daily taken AT par In coin
Though the rate of interest is low, yet the feel
ing OF trust and security in the good faith aud
honor of our people makes every one feel safe
when he holds government bond. The amount
of these bonds sold last year was S14. DD9 and
this year, thus far S., ,359 $50: in all S5s $50
All of these bonds are held by our own citizens
and three-fOulthS OF them by small investors.
or by savings banks and insurance companies.
This process enables us rapidly to pay off our
SIX per cent. bonds ana reduce the interest paid
Dy The government One-third
Another mode of testing our financial con-
dltlOn Is In our economy or waste. Here again
we ali know there has been an improvement.
Economy has been the rule, not only OF the
nation, but OF every family. The extravaganza
of period of imitation produced the bitter ef-
fectS OF the panic under which We have suffered,
but this suffering has compelled thrift, economy
and great prudence and these hOmely virtues