The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-09-03

tired, but this has been done not under
the Resumption act, but by the yolun-
tary action of the banks. They are
free TO issue or retire their notes, aud
they have done SO.
III the special privilege about which
he las discussed so much. was so ya'ua-
BILE TO them, they would have increased
their issues of the bank notes, but in
stead OF that the burdens imposed up
on this privilege and the want OF profit
able use Of money have induced the
banks TO reduce their circulation to
much greater amount than it has been
increased, so that the effect has been a
large decrease of the currency OF the
country; but this has not been caused
by the Resumption act.
Now, these are the objections stated
| TO the national banks by Judge Thur
man, and my answer to them. IL co mes
back again to this: Shall we have in
the United States currency redeema-
BILE in coin? Will we TO save interest
bear in the future all the evils OF an ir-
redeemable currency, tear up system
of banks infinitely better than any ever
before enjoyed in this country, compel
and close up their accounts, and add
to the distress of the times oy danger
ous and almost revolutionary proceed
ings against corporations OF our own
creation which have no special privi-
leges, and which contribute 10 the gen.
eral good by paying large taxes end by
acting as convenient localized agencies
of loans and exchanges?
Secretary Sherman. next took mp
Judge Thurman's assertion that the
seat Of the Chief Magistrate was occu-
pied by a man who was never elected
10 il, and answered the assertion by
showing the attempted bribery by
Tilden's agents in Oregon, the Demo-
cratic criminal conspiracy.in Louisiana
and the Democratic intimidation and
frauds in Floria, Mississippi and Ala
bama. He argued that the Republican
party is the party Of the Union aud
the Democratic the party Of sectional
ism, dependent for all its hopes OF fu-
ture success upon keeping up sectional
feeling in the South. He insisted that
the constitutional amendments were
not fully enforced in the South, ard |
ridiculed Senator Thurman's claim |
that the Democratic party was the par
ty Of Justice and equality, and the par
ty upon which the preservation of the
Union depended. In reference to the |
promise of the future he said:
OUR BONDS NOW HELD AT HOME.
At one time il was estimated that
the amount of United States bond held |
abroad approached $1,000, 900, 0O0.-
Two years ago the general estimate |
was about 5000, 600, 900. Now, |
after the most careful examination, it /
is estimated near $500, 600, 900 to /
$3.50, 000. 900. The common fear ex-
pressed for the success of any plan of |
resumption was that foreign nations |
could at once by n return of our bonds, |
exhaust our gold aud thus defeat re-
sumption; but this is no longer feared |
when the surplus exports for a single |
year would pay off every dollar OF our /
national debt held beyond the limits of /
the United Safes. Last winter. when /
an exaggerated fear prevailed in Europe |
as 10 the effect of the Silver bill, $780, |
600, 900 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, IL strengthen /
ed our position by bringing them /
home.
Another favorable sign Of the times
production, both Of s" sSS Z. r.. uonles'.c s
the workshop, which not only fill the |
place Of goods heretofore imported, /
but enables MS 10 compete with foreign /
nations in their own markets.
WONDERFUL INCREASE IN EXPORTS.
/ have here a recent table showing /
the increase of leading exports OF our
own production. This shows that our 4
exports of cotton. iron, steel, copper, |
leather, aud other manufactures have 4
increased within 10 years nearly two
fold, and that the exports OF our agri- /
cultural implements and provisions 4
have increased nearly three-fold. The /
total amount of certain leading com /
modities exported in 1865 was SAL
000, 600, and in 1878 was Si0i, 00O. 600, /
showing an increase of 1868, 900, 900.
Another table shows that our impor-
tation of certain fabrics which we can /
readily make in this country has dimin-
ished nearly one-half OF textile h
rics, including cotton, silk, clothing, /
aud dress goods, the amount imported /
into this country in 1873 was Sl59, ,OO0,- |
600; the amount imported in 1873 was
SS5. 900. 900, making n diminution Of
ga 900, 900, most of which was sup
piled by our own production.
FALLING OFF OF IMPORTS.
The imports of iron and steel in va
rious forms in 1873 was S59, ,30S, ,452, |
while in 1873 IL had fallen to S9,0j7,- |
633, showing a diminution of $50. 80, |
$40. This falling off was supplied by |
our own industry.
The total leading manufactures |
named in this table imported in 1873 |
vas 1912, ,957. 633, and during the fiscal |
year ending June 30. 1873, IL was 1924, |
oil 73i, making falling off of Sl4S.-
az, ,s99. This great decrease was es-
pecially noticeable in the imports of |
manufactures of cotton, silk, wool, iron |
and steel.
This increase of our exports and dim |
mutton OF our imports is, perhaps. the |
most remarkable in modern times. We |
are competing in cotton fabrics with
Manchester, in cutlery with heffield,
In iron aud steel with Birmingham, in
watches with Switzerland, aud in
gloves with France. 1t is a debt
paying and trade-developing process
that is adding immensely TO our wealth.
REDUCTION OF INTEREST OF DEBT.
Our progress toward resumption is
accompanied by increased national
credit, and by a large reduction Of the
interest Of the public debt
Under the Refunding act, which is
designed TO convert our per cent
bonds into bonds bearing lower rate
of interest. we have already sold at par
in coin, 500 millions Of per cent.
bonds, 246 millions of A. per cent.
bonds, 1875 millions Of per cent. bonds,
the proceeds of which Except 90 mil
! lions sold for gold coin in hand) have
been applied to pay an equal amount
OF 6 per cent. debt, making an annual
saving in the interest Of the debt Of
ten millions of dollars, and we are now
daily selling the per cent. bonds di-
rectly TO the people upon the of pop
/ ular loan in sums as low as $50. These
bonds have become the saving banks
of the people, n safe deposit for their
surplus money. always available for
use when needed, aud depending upon