The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1879-07-31
from s36, ooo, 600 pounds in 1878 to $4,000, 600

1
| pounds in 1878
| Even our shipping interests engaged in for
| elgn trade-the industry most depressed show
some signs of hopefulness. Ships and barks
| are classes of sailing vessels principally en-
ployed in foreign trade. The average number
OF vessels OF these two classes built during each
OF the years 1S47 to 1858, inclusive, was PAS,
but during the year 1871 the number was only
40; in 1872 only Is, and in 1873 only %. Since
that time, however, there has been consider
able improvement, the average number built
during each of the last five years being little
more than 800
The total tonnage of American vessels en-
gagged in foreign traffic, which, as I have al
ready stated, fell from 379, 1896 tons in 1860. to
Isis, 553 tons in 1878, has since that time in
creased to $50, 34S tons in 1878 -.
Another indication of increased business is
derived from statement of the exchanges at
the twenty-five Clearing Houses in the chief
cities in the Union, from which it appears that
for the first five months of the year ending
June 80, 1878, the amount of exchanges in those
cities was Sl1 1886, 1916, 274, and for the same
period of 1879 it was $14,35O. 492. 800 SHOWING
an increase of 20.2 per cent this year
might extend this statistical information to
almost every department of industry or bust
ness, but it is scarcely worth while, because
the general concurring sentiment of the whole
public is that, while we have not yet recovered
from the languor of the panic of 1873, yet, I'M
der the inspiring influence of specie payments.
the worst is past and we are now improving in
every branch of industry. I am not foolish
enough to attribute all these signs to the act of
resumption. No doubt it is largely due to the
habits If thrift, economy and industry which
necessarily followed the depression of business,
largely to the migration of people thrown out
OF employment who have found homes in the
west, but mainly to the recuperative energies
OF vigorous, industrious and active people.
What wish to prove is that resumption, the
restoration of our currency to the coin stand
ard, contributed to these beneficial results, and
1t belled all the false prophecies made as to it's
effect
I have thus stated my view of the successful
execuuon o. the policy of resumption, and of
the beneficial results in the reduction of inter
est on the public debt, and the general improve
ment of business.
n, OPPONENTS TO RESUMPTION.
Now let us examine the specific complaints
OF our fellow-cltizens who have been here,o-
fore opposed to resumption and to the entire
tinan cial policy of the Republican party
Of what do they complain?
First, they said resumption would contract
the currency; that we would have nothing but
coin in circulation. This I have shown to be
entirely delusive. The Resumption act provi-
ded for no contraction of the currency, but
United States notes were to be retired only as a
greater amount of bank notes were issued
The only contraction that has occurred since
the Resumption act has been by the voluntary
withdrawal by national banks of portion of
their circulation when they found it could not
be proftably employed in business. Every act
done under the Resumption act tended to in
crease rather than diminish circulation; and
now that all the circulation is at par with gold,
the coin itself becomes an important factor in
the volume of circulation and swells the
amount that is available for the transaction of
business
The amount of coin and currency in circula-
ton the LIST inst. was as follows:
United States notes. $346 6S1 ,O16
fractional currency. IS o42,6O5
Certificates. Observation-Disclosures. 17SS0,650
Bank notes 329 691 ,697
Total $71O OQs oe9