Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1879-08-01
rrFEcr ON TRADE AND COMMERCE.

ness of private citizens. The reduction of
interest on the public debt has made 1t posi-
BILE to reduce the rate on all debts, whether
State, corporation, or private. Private debts
are now being rapidly reduced from 10 to s
and even per cent The State of New York
has, by law, reduced the rate Of interest in
that State from to G per cent. The city Of
Providence sold - per cent. bonds at above
par. The State of Pennsylvania sold 81, OOO,-
900 per cent. bonds at above par. The
city of New York sold per cent bridge
bonds at 1O5. 7G. Five million dollars of Den
YER and Rio Grande Railway Company per
cent. bonds were subscribed in two hours
the first time for years that money has been
pledged for building a railroad All securi-
ties have advanced since Jan. / at the aver
age rate Of 10 per cent Mortgages at from
8 TO 10 per cent. are daily being reduced TO
from to 8 per cent Capital is again seek
ing investment in any safe securities that Of
fer. With the first decided preparations for
there came slowly revival of
business with the success of resumption,
that revival is marked in almost every branch
of industry. The increase Of our exports of
domestic merchandise, since the period of
the panic, is without example in our history.
In the year ending June 80, 1873, the amount
of our exports was $685. O33, 439 In the
year ending June l. 1877, the amount of our
exports was $500, G1S.9 1888. In the five
years preceding the panic our exports were
S2.O13, 7O2, GAS, and during the past five
years they were -, 800, 1917, G62. The net i'm
ports of merchandise decreased from SG24,-
GS7, 727 during the year 1873, to S422, $780,
O3l in 1878, or 80 per cent whereas the
value of our exports of merchandise, repre-
senting mainly our agricultural and manufac-
turing products, increased from $500, O33-
439 in 1873, to $3.50, 700 2GS in 1873, or 80
per cent 1t may be stated generally that the
Internal commerce of the country shows n
gradual increase of traffic since 1S73-the i'm
provement during the last year having been
more rapid than during any preceding year
since 1873. The tonnage Of the great rail
roads from the East TO the West, the most
important highways of commerce in this
country, shows an increase since 1873 Of 373
per cent. The production Of wheat and corn,
the two leading cereal products of the coun-
try, which constitute the principal part of
our exports Of breadstufTs indicates during
the last year n large increase over the pro
duction of 1873. The production of corn in
1873 was 932, 600, 600 bushels in 1873, about
/, 800, 600, 600 bushels. Production of wheat
in 1873, PSI 600, 600 bushels; in 1873 about
42j, 600 coo bushels The cotton crop of the
United States, during the year 1878, was
of the country. Our exports of cotton in
creased from POO, 100000 pounds in 1873
to COS, O0O 0OO pounds in 1873. The guam
tity of wool produced increased from liS,
OOO 600 pounds in 1873, 10 POI, 900, 600 in
1873. The total amount which went into
consumption, including domestic production
and imports representing the manufacture of
woollen goods in the United States increased
from 23G, 900, 900 pounds in 1873, TO 2i9, OO0
900 in 1873. Even our shipping interests,
engaged in foreign trade-the industry most
depressed-show some signs Of hopefulness.
Ships and barks are the classes Of sailing-ves-
sells principally employed 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
l. and in 1873. only 2s. Since that time,
however, there has been considerable i'm
prOvement, the average number built during
each of the last five years being little more
than 80. The total tonnage Of American YES
sells engaged in foreign traffic, which, as
have already stated, fell from 1873, 39G tom
in $50 to l,37S, 1913 tons in 1873, has since
that time increased to / $50, 3iS tons in 1873
l am not foolish enough TO attribute all these
signs to the act of resumption. No doubt il
is largely due to the habits Of thrift, econo
my and industry which necessarily followed
the depression Of business, largely to the mi
grafton of people thrown out Of employment
who have found homes in the West, bu
mainly to the recuperative energies of a Wig
orous, industrious and nctive people. Wha
| wish to prove is that resumption, the restor
alton of our currency TO the coin standard
contributed to these beneficial results, and i
belied all the false prophecies made US to it
effect.
QUESTIONS FoB GREENBACKERs
Now let us examine the specific complaints o
| our fellow citizens who have been heretofOr
opposed to resumption and to the entire hnan
| cial policy Of the Republican Party. First
they said resumption would contract the cur
rency that we should have nothing but coli
in circulation. This have shown to be en-
tirely delusive. The Resumption act provid
ed for no contraction Of the currency, bu
United States notes were to be retired only a
a greater amount of bank notes were insured
| The only contraction that has occurred sine
the passage Of the Resumption act has bee
| by the voluntary withdrawal by nationi
banks Of portion of their circulation whe
they found it could not be proftably employ
| ed in business Every act done under tn
| Resumption act tended to increase rather tina
| diminish circulation and now that all thi
circulation is at par with gold, the coin itse
! becomes an important factor in the volume {
circulation, and swells the amount that
available for the transaction Of business
The amount Of coin and currency in circula
ton the LIST inst. was as follows:
United States notes. S34G, GSl ,0l
Fractional currency ................. 1882, &C
1850, &,
Bank notes...... .................... so Oh o.
M, --,o nn- nc
~, wa, ~
Coin estimated. S332, Az, ~
Showing an aggregate of 81 ,042, $50, 9l5, {
S2l II per inhabitant. The amount of nj
tional bank notes has actually increased stint
the first Of January in the sum of 8 800, OF
so that the result of resumption has been
increase instead Of diminish the actual circ
laton.
Again, they demanded that the bont
should be paid in greenbacks. There was
question, upon which honest men fairly di
fered, whether the go bonds were not pro
erly payable in United States notes, They i
sisted that this should be done, though Il
payment of the bonds in greenbacks won
have increased their issue, in violation of Il
limit Of $500, 600, 900 prescribed by the loi
laws, and would thus have kept United Stat
notes in perpetual dishonor and depreciation
Out now lnty nave Dttn hO paul W IthuAI
ton. All the $50 and 1910 bonds redeemt
this year, amounting to $537, GIG, 800, ha'
been paid in greenbRcks, and the interest I
all the bonds is paid in greenbacks, aud
this is done without raising any question
good faith with the public creditors. Tn
also demanded that the Customs dues shou
be paid in grc,nbacks. This is now dai
done, without question, as the result of !
sumption. We receive United States not
for all purI oscs and all demands, and p
them out for all purposes and ON all DE- mant
Resumption has enabled us to do this. 1t b
accomplished every object which the Gree
hackers sought TO accomplish by the repeal
the Resumption act. Should they not
content? What more do they want? A
not we who have brought about these resu
better entitled to the name of Greenbaeke
than they who would forever keep the gree
back as dshonOred and irredeemable not
We presided over the birth of the greenbaC
and guarded them in the cradle. The Dem
cratic leaders denounced them as a frau
with the mark of Cain, on their brow,
worthless to be bought some day by the col