Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1878-12-27
LOTS OF GOLD.
President Hayes Tells the Senate About
Our Commercial Relations.

The following message was trans
mitted to the senate, III response to an
inquiry, Dec. 18TH
TO THE SENATE OF THE UNITED
STATES In answer to the resolution Of
the senate of the 10th inst, requesting
the transmission to the senate Of "anv
information which may been received
by the departments concerning the
postal and commercial intercourse be-
tween the United States and South
American countries, together with any
recommendation desirable to be sub
mitted, of measures to be adopted for
facilitating and improving such inter-
course, / transmit herewith reports from
the secretary Of state and postmaster
general, with accompanying papers.
The external commerce of the United
States for many years has been q sub
ject of solcitude, because Of the out
ward drain of precious metals. 1t has
continued fully 20 years. Previous to
1877, the shipment of gold was constant
and heavy, SO heavy during the entire
period of the suspension of specie pay
ments as to preclude the hope of re.
sumption safely during its continuance.
In 1876, however, vigorous efforts were
made by enterprising citizens of the
country, and have continued to extend
our general commerce with foreign
lands, especially in manufactured arti-
Giles; and these efforts have been at
tended with very marked success. The
importation Of manufactured goods was
at the same time reduced in AZ
equal degree, and the result has beena
extraordinary reverse of conditions so
long prevailing, and a complete cessa-
ton of the outward drain or gold. The
official statement Of values will show an
unprecedented magnitude, to which the
movement has attained, and protec-
ton thus secured to the public interests
at a time when commercial security had
through which this change has been eff
fected must be maintained and
strengthened if the future is to be
made secure. A return to the excess
sive imports or material decline III
export trade would render possible q
return to the former conditi IN of adj
verse balances, with an inevitable out
ward drain of gold. AS a necessary
consequence, every element of aid to
introduction of products of our sol
and manufactures into new markets
should be made available al
present Such is the favor with which
many of the products of the United
States are held, that they obtain a re-
muneratiye distribution, notwithstand-
ing the positive differences Of cost, re-
sulting from our defective shipping and
the imperfection Of our arrangement.
in every respect, in comparison with
those of our competitors for conducting
trade with foreign markets If we have
equal commercial facilities, we need
not fear competition anywhere. The
laws nave now directed resumption 81
financial equality with other nations,
and have ordered return to d basis o!
coin values. 1T is of greater importance
that the real commercial condition
now fortunately attained shall be made
permanent, and that our rapidly in
creasing export trade shall not be al
lowed to suffer for want of ordinary
means OF communication with Other
countries.
The accompanying reports contain d
valuable and instructive summary Of
information, with respect to our COM
mercial interests in South America,
where an inviting field for enterprise to
our people is presented. They are
transmitted with the assurances that
any measures tnat may be enacted for
the flrtherance Of these important in
terests will meet with my cordial ap-
probation.
(Signed), K. 3. HAYES.