Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1879-08-28

commerce. The excess of imports over O.
ports of merchandise was more than Is pe
cent. in two years.
The imports of merchandise decrease
$5,546,65 or 1923 per cent.
The excess of exports of specie over in
ports of specie during the year ended Jun
so, 1877, was SIS, 1857 1923; but during tn
year ended June 80, 1879, the excess Of 81
RRs6iS tie eel; n % Ne,
York city, and in twenty.o one other principa
cities in the United States, for the sevel
months ended July 81, 1878, amount to $l6
6lS,9S3,737, and for the same period of 1877
$20,O29, 64S, 955-an increase of 2O.5 ne
ceut.
In the production and manufacture O
cotton the progress during the past fou
years has been unexampled, showing an in
crease of 80 per cent. The increase in tn,
number of bales taken within the last tw,
years over the two preceding years is All,
5l7, or more than II per cent.
The present cotton year, ending in Sep
TENDER, will show more rapid rate of in
crease. The number of spindles has in
creased over AZ per cent.
The wooden manufacturing industry hae
recently received strong impetus, which in
few weeks sent up the price of wool &c
per cent, and greatly encouraged the bust.
ness of wool.growing, and started many o.
the wooden manufactures that had been
lying idle.
The production of breadstuffs and meats
has been enormously increased during the
past year or two, and ready market has
been found for the surplus production. The
net increase in pork packing is 80 per cent.
The increase in beef production has been
constant and progressive, stimulated by
prices that have scarcely declined duling
the past two years.
There has been marked revival in the
iron trade during the last two years. The
United States stands second among the iron.
producing countries of the world.
Now that resumption has come, where
are the silent mills, the 6reless furnaces, the
want of work, and swarms of tramps? The
mills are sounding the music of industry !;
although small, will buy more food and
clothing than even before the panic; there
is work tor every man who is willing to
work, and the tramps have been converted
into busy artisans or hopeful farmers.
OF what do our Greenback friends now
complain? They say there is large reserve
OF gold kept idle in the treasury. So there
-: One hundred and thirty eight millions
OF COIN is in the treasury awaiting any de.
mands that may be made upon it in the r..
demPtion of United States notes? But.
why is this? Because experince has shox
that sufficient coin must be held in order to
produce the necessary confidence to main.
tain resumption. This is an establisha /
axiom in all systems of banking since any
existed :. u
1t is said that we lose interest on the
amount of money invested in this coin. Sd
we do; but part of this fund would be
necessary at all events, to carry on the ordi.
hary operations of the government. Ninety
million dollars of it VIZ ) created by the sale
OF bonds on which We are now paying in.
terest to the amount of $685., 900. This is
the cost OF resumption, and the only cost.
annual saving by our refunding operations
OF $l4,297,l77. We have also secured a
large reduction of interest on private and
public debts and the debts of cities and cor.
poratious.
You say that this reserve il too large. The
answer is that it is better to have enough.
With enough there will be no demand Tor
redemption, while doubt would create a
demand. Experience has shown that 40
per cent: is sufficient, and the1 efore that
amount has been accumulated. Those who
would attack this reserve are opposed to
resumption. Sometimes man visiting one
OF our great workshops, and seeing reyoly.
ing in its course the immense hy.whee! of
an engine, might think that much
iron was wasted in it's CONSTRUCTION.
but the practical machinist knows
that the weight and momentum of this
wheel gives steadiness to the whole machine.
An ample reserve lis the only means vet
devised to maintain specie payments,
Though formerly commended, and still be.
neve, that less amount in coin, with the
Tree privilege OF the issue Of United States
bonds, would be sufficient to maintain
resumption, and hope at some future time
1t will be adopted; still, until then, this
reserve ought not to be diminished to INV
considerable degree. " '''
Another thing. my Green back friends:
resumption has produced every retn;t
which you in former times demanded. and
has met every complaint which you then
made. You complained that the five.twen.
SO turned out that oil these bonds paid since
resumption, amounting to $372, 295,9,O. have
been paid in greenbacks, and not oniv. the
hve'twenty bonds, but the one hundred and
nlnety.four million ten-forty bonds; and
the interest of ell the bonds is now being
daily paid in United States notes.
Ihe remaining charge in General Ewinp,,
curious medley il, that the treasury depp4t.
ment increased the principal of the bonded
debt SS6,c0O,OCO. 1t is true that under the
resumption act $4,000, 900 of bonds were
s9lo' toV'o.V,oOV OF them at a premium of |
* per cent, yielding the treasury $50. |
Of the United States in gold coin: and W.
General Ewing includes in the debt nea1iv
Bill OF this $90,000,OC0 without saving on..
word about the gold on hand. Now. II IT,
democratic party does not like the iaro-
reserve We have on hand, it can use tn;
;old to pay or buy bonds; bat surely. whiie
me gold Is on hand, General Evin9 ouoht
not to speak of the increase of the interest'
bearing debt without mentioning the cold
ID nano, the proceeds of the bonds sold.
Secretary Sherman naturally e;ves
ome attention to the oft.repeated CIV of
ne dreenbackers and Democrats that
ne currency has been largely contracted.
IN this point the secretary speaks with
REGULAR force. He shows that since ra.
umption, in every form of money ayail-
DE for circulation, including paner
old and silver, the nation has nov
~, 5S9, 9l5, an amount Of currency
us Rurchasable value unequaled in
ne widest calculation of the Green.
!, aca ~ when they declared there was
z,OOO,OOV,W0 of paper in circulation.
herman says: II
You complain that the RESUMPTION act r..
I.s ne volume Of currency. sInStesdof|
'as tne- volume OF paper currency out. 4 !
anding is still $710.OS5, 1858, and increas.
9, and gold and silver coin, in various J 9
rms. is in circulation, or ia held in ~. /
rye in lieu Of circulation, to the amount Il
3SSz: 1891, thus showing an aqerepate Il
.e9lation of $1,042, 539, 915, or Sill her p
n9Dltant, and provision is made by exist:
NV 1or increasing the currency by the h
'Ge OF national bank notes Whenever the
' .ma q t4S soqatsy Viii jnstify ssnd AZ !,
. sIH :neir issue. Gold is now flowing = :.
,e ~, .nto me country from Europe, and = :,
-. W. Plodnchon liz kept athome. What =,
Inc secretary thus explains in a brief .,
mPsss the complicated operations of Il