The daily gazette., 1879-07-24

nation of ancient or modern times.
You have to deal with fourteen hundred
million bushels of corn, four hundred
million bushels of wheat, four million
bales of cotton, an infinite variety Of
the production Of fruit Of the soil, and .
constantly increasing variety Of all kinds
OF manufactured goods. No figures can
convey any idea Of the magnitude Of our
productions. In this country you are
agents of the farmer, the mechanic and
the artisan. By their labor you are en-
abled to purchase in return the COM
modities Of every country and the fruit
OF every climate. Every year the d.
versity and magnitude Of our industries
increase more rapidly even than our
population, and year by year the skill Of
our own workmen displace that Of for
eign nations, but does not lessen the
aggregate to our trade and commerce"
A few years ago such remarks would
have been treated by our trans Atlantic
friends as Dragging. But they have
learned better since we have been sup
plying them with beef as well As wheat
and -four, oil and wine, in addition to
butter and cheese, pork and bacon. They
have changed their tone, and begin to
believe the American agriculturist the
most favored of all farmers in the world
And the beauty of the matter Is that 1t
is true nor is it less true that the Ameri-
can mechanic is like unto the farmer
IN comparative sense. Just how long
it will be before the nobility will begin
to make provision for their sons in the
Great West it is not necessary to specify.
But that day is Fastening onward. while
a much more cultivated class Of emf
grants may be expected to arrive in our
ports in the meantime than heretofore.
This speech of Secretary Sherman and
the one he made in Maine last night
clearly show that the Secretary's attempt
to scare the people because of the action
of the Democratic Congress was futile
that although he did hold the keys to the
money bags of the government, he was
neither prophet, nor the son OF a true
prophet. With reference to Mr.. Sher-
mans speech at Portland, Maine, last
night, the World says;
ut is to be hoped that Mr.. Sherman
before his speech-making in Maine comes
to an end, will explain more clearly than
he seems last night to have done how II
| happened that the most successful por-
tion of the refunding operations fol
which he asks to be made President ol
the United States was accomplished dur.
ing the very month when Republican
politicians were declaring the Union ant
good government in the Union to be IL
great and alarming peril.
How was it that on the 4th Of the en-
suing April, and when the contest be
tween the ''rebels of the South" and tn,
Executive was fiercely raging, a syndi
cate represented by the Bank of Com
merce in New York took all the fou
per cents which the Government had fo
sale to fund the five-twenties, and whicl
amounted to forty millions? And how
happened it that only fourteen day
thereafter a new syndicate, represented
by another national bank in this city
subscribed not only for the whole mum
Der of bonds needed to fund the ten
forties, WHICH represented one hundre
and fifty millions of dollars, but fo
some forty y-millions of "ten dollar certi
icates" in addition? This last syndicai
paid even more for these bonds than IL
pre- vious syndicate had paid. Clearl
: neither of these syndicates thought Il
country in much dangerl
Since May l, 1875 and during I'll
y very period when the "stalwarts" no
d publicly indorsed by the Secretary OF Il
I Treasury in Maine have beeu mo
active in asserting, as he did last nigh
that iby pending measures Of the mo
dangerous character and by continu
d "agilation the Democratic Congress WI
S "greatly disturbing the public credit
O new four per cents enough have bee
sold at the Treasury to take up $45t
; 100000 of five-twenties and $194 4,OOO,O'
II of ten-forties of which $650,OOO, ,OO
} $542 ,000, 900, or about five-sixths, repr
y senting nearly third of the entire bon
ed debt, were sold or contracted for
'r the Treasury between January ! 81
q April lS, 1879. Indeed since March
Is 1877, aud since the country has cleal
e, seen that the South is ''solid" again
Y the stalwarts, that Congress is likely
le be under Democratic control for 10
j. time to come and that there is 4
ie chance of the executive power passl
"a in 1881 into the same hands, the Unit
IS States have sold $791 POP ,45O OF tn
~ four per cents. And a great part
at these sales have been effected Sill
IL Congress, in defiance Of an Execut
veto and by unmistakable Iesolutio
e, distinctly declared that the Governm
ID will insist ON an option to pay the
er terest on the bonds either in gold OIL
In silver-a point, by the way, as to VIII
lr- Mr.. Sherman was quite silent last nj
III in Portland.
er- THE ARMY AGENCY FAILUR
ar LONDON, July 23.- The assets
to- Price, Boustead & Co., army agents
to merchants, whose failure was annouI
he Yesterday, are estimated at fsOO,'
he The result of the liquidation must |
nd great extent depend on what ma.
an realized from their coffee estates
Ceylon.