The daily gazette., 1878-08-30

! idhce ~ an exception to tins state of af-
fairs, 1t is due to the untiring industry
OF her people, and to the intelligent man.
agement of her finances.
Law and philosophy teach that reaction
invariably follows perturbation. The
wild and terrific excitement that con-
vtlsed our land during the civil war that
existed from 1861 to 1865, would of itself
n the nature of things, have been sue
cfeued Dy an era OF reaction and depres-
sion. Moreover, this was not a for
eign war. There was no indemnity OBJ
aimed from it-as Germany obtained
from France-and no new provinces were
acquired to contribute to tho general
wealth OF the nation. 1t was war with
our own people, and victory or defeat
would have been attended with the same
resnits-a loss of money and of the results
OF former labor-a loss of money and of
men.
After referring to the immense cost of
this war; the great debts incurred and the
destruction OF property and labor incur
red thereby, the speaker alluded to the
eXtrayaganceandw wild expenditure that
followed. together with the consequent
multiplicity of government official posi-
tons, which led to imperfect man lge-
ment and exceeding expense. He then
proceeded
ONE CAUsE OF TROUBLE.
One cause Of our troubles is an unwise
system of tariff duties, which in many
Instances was so high that it stimulated
excessive competition and also prevent
ell our manufacturers from competing
with other nations in the trade with
foreign countries. If a man pays high
tax the post of entry upon the articles
entering into his manufacturers his manu-
t1ntIFnI nrnHf1ntG no n1 st,s,t,
he sends them away he enters foreign
markets saddled with this extra cost, ,and
Is unable to compete with Others who do
not have this high tax to pay. Therefore
tins system oftarltf has stimulated more
competition at home than is healthful and
when manufacturer ruSheS into the
foreign trade, he finds himself SO weigh
Ell down by his tariff imposed for his pro-
tectlon that he is unable to compete with
others who are not SO restricted.
We are compelled from the present
state of affairs, to find ont how cheaply
we can manufacture supplies that others
need. The introduction of labor-saving
has been more rapid and adj
vanced in this country than in any other,
in dominion of agriculture. I'm
der this system three or four men camper
form the labor that formerly was done by
a dozen-thus cheapening many articles
Of common use, and bringing many lux
les within the reach of the masses. Our
are now largely in excess
of the home demand. 1t is said we have
n manufacturing capacity for one hun
ired millions of people, and as we have
only forty-five millions to supply, what is
to become of the products manufactured
for the extra fifty-tive millions? We
must either find new markets or reduce
our manufacturing power, No one will
willingly accept the latter proposition,
and hence comes an lnterregnum-a
period of distress, a stand-still. One class
Of society are seeking to adjust them
selves to the order Of things. The men
who are thrown out of employment by
Lhe use of machinery must look for
else to do, and pending the
time that society is adjusting itself to the
new order of things there must be dis
tress-too much of it, and falling upon
TOO many.
We must set the current of labor flow
ng, and find employment for themSwho
have none.
What will do that? what will help to
10 it? is the question.
ONE OF THE REMEDIES.
l believe .judicious reduction of the
tariff on all articles entering into our
goods in foreign markets
at lower rates, and that would Immediate
" bring some relief. There must be re-
ciprocity in trade. II you want to sell to
q man, you must buy from him, or. help
him to sell what he has. You must give,
ls well rs take. If you would sell to for
eign countries we must take from them
What they produce and we have not.
A day or two ago | read in the Public
Ledger a letter from an agent who had
.I.1,, 80 1,
America, to open the avenues OF trade
between these two places. He wrote
from Valparaiso. where a gentleman en-
gagged in operating railroads and in devel-
0ping copper mines desired to purchase
six locomotives. He did not have the
money to pay for them, but was willing
TO pay for them in copper ore from his
mines. But the Philadelphia people were
met right at their port of entry with such
q rate of tax, that no Americans could
take the ore at such rates as would ena-
bic them to bear this tax. So it went to
England, where there is no such tax, and
the construction of the six locomotives,
which would have given employment to
a large number of men, was denied to
and 80 to us. Therefore
the time has come for our people to take
a broad, lust and essential view of this
subject.
ANOTHER CAUSE OF TROUBLE.
Another matter, which more than any
other single cause produces the present
stagnation of industry and business de-
and that is, an uncertain and
money. "The money of a
said John G. Calhoun, "is the
life blood of body polite"
In the first year after the commence
nent of the late war, Treasury votes
were issued by the Governments payable
at demand upon their face, yet which
where, and still are, irredeemable. They
had no value in themselves, nor did they
represent anything of value. They had
q promssory value, but back Of this was
simply the honor and credit of cur GOV
eminent. These votes votes were issued
in abundance, and for some time were
into six per cent. interest
bearing bonds, which were first issued in
1862; but the right to make this CONVEX
sion was repealed as the first of July,
1868. The issue of these Treasury de-
mand notes Tor greenbacks) was then
about S40O, ,0O0. .,
ON the 18th of December, 1865, the
House of Representatives, in accordance
with the request of Hon. Hugh McCul-
lough, the Secretary of the treasury,
voted to reduce and pay OIL these
notes, and return to specie payments
as rapidly as the business interests OF the
country would permit. This action re-
oelyed the votes of IA members of the
III House, including every Democrat, and
civ a;y MANNERS voted against it.