The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-08-28

back friends proposed to meet the panic o
1873 by a large issue of irredeemabie pape
money. Yielding to the demand for an in
crease in the volume OF the currency Gen
eral Grant did authorize the issue OF 500,
| 600 900 of United States notes that had beer
retired prior to 1868. This action had not tn,
slightest effect in axresting that panic, bu
tended rather to impair confidence and caus,
the boarding of capital. Free banking, also
was resortedtO, and was one Of the provision
of the resumption act. Under that act, bank
ing became as free as any other trade or oc
cupation, and any amount Of paper money
could be issued upon the security of bond;
deposited in the Treasury. The final judg-
ment OF the Republican party was that the
only proper remedy was to base our curren-
| cy upon a coin standard and issue no money
| in any form except that which was redeem
able IN gold and silver coin. The cen
tral idea has been uniformly advocated
by the leaders of the Democratic party; but
they, as on other questions, finding the re-
sponsibiity resting upon the Republicans,
and willing to make political capital out oil
any act, however meritorious, that the Re-
, publicans might pass, voted against the Re
sumption act, and thus made party meas
ure of that which should have been sup.
ported by everybody in the land. But the
Republican party took the responsibility OF
the measure, has borne it in the heat and
burden of controversy, and now proudly
points to its successful execution as one of
its greatest triumphs.
THE REVIVAL OF INDUSTRY.
Look now over our broad country, and
contrast between our condition on the 18th
day Of January, 1875, when the resumption
act passed, and on the 18th day of May,
1877, when the prepare tions to resume COM
menced, and now, on this goth day of Aus
gust, 1879, more than seven months after
we have resumed Between these dates the
general rate of interest on public and pri-
vate Indebtedness has been reduced rs per
cent. The value OF exports of merchandise
from the United States during the year end
ed June 80, 1875 was $5l3, 442,7 during
the year ended June 80, 1877, it was $685.
ATS, 220; and during the year ended June
80. 1879, $40, 433, 2S4, showing an increase
over 1875 of Sl96, 800, 574, and over 1877 Of
$107, 95s. 065, or 1892 per cent. The exports
OF merchandise during the latter year were
larger than during any previous year in the
history of our foreign commerce.. The ex-
cess Of imports over exports OF merchandise
during the year ended June ~, 1875,
amounted to s19,562, 725 [; during the year
ended June 80, 1877, the excess of exports
over imports amounted to $l51, 152, 094, and
during the year ended June 80, 1879. it rose
to 1854, G56, S10-showing an increase in such
excess Of S113, 1904, ZIG, or more than Is per
cent. in two years.
The exchange in the clearing house in
New York city, aud in twenty one other
principal cities in the United States, for the
seven months ended July 81, 1878, amount
to $16 e1s, 9S3,73S and for the same period
of 1879, $40, 1929, GAS, 955-an increase of 2O.5
per cent. The revival in all branches OF
trade has been almost without precedent
And yet. in the face OF the numberless evil
dences of the revival, General Ewing, as
late as the Goth OF July, in his speech at
Lancaster, talks OF s'silent mills, tireless
furnaces, see lty wages, want OF work,
swarms Ut tramps, as the result Of resump-
ton. General Ewing alone seems not to
appreciate the changed condition OF the
hour. Mr.. Tilden, on the contrary, is saga
cous enough to see the wave of prosperity
that follows resumption, and is looking how
to profit by it. He is reported by his friend,
Mr.. Springer, as saying
"Now,o said Tilden, 81 will tell you, Mr..
Springer, why it is important that the DEM
ocratc party should succeed, and why de
sire its success above any personal ambition
L uliiy udVC w tAC DShaoSi"eJ
can ride into power on the wave of prosper
ity which think is coming, it will remain
in power indefinitely. On the other hand,
should the Republicans retain power they
are liable to hold on for half century 10
come. Whichever party wins the next pres
idency will get the credit of the betterment
of the condition o. affairs which is slowly
coming"
Foxy Mr.. Tilden He is anxious to en-
Joy the advantages that come from resump-
ton, though he and his party despitefully
prophesed against it, and made all manner
of opposition to it. He would reap where he
has not sown. He would gather grapes of
thorns and figs Of thistles.
REFUNDINa OPERATIONS.
And now I wish to call your attention to a
paragraph in General Ewing's speech at
Lancaster, which, l respectfully submit,
conveys more error of fact and inference than
any equal number of words recently uttered.
He says:
ssMr. Sherman claims great credit for hav-
ing successfully funded &S47, 100000 of the
public debt into five, four and half and
four per cent. bonds since March 4th, 1877.
reducing the interest paid by the govern
ment about $10,000,000 year. 1t appears,
however, by the finance reports that the in
s97 ,124, 900, and last year $102, 800, 900, and
this year sos, 900, 900. In other words. in
1878 and 1879 over thirteen millions more
of interest on the debt has been paid than
when Mr.. Sherman took charge of the fund
ing operation. That large sum is what the
operation cost. 1t is made up of bonuses in
the shape of double interest and OF commits
sions paid to syndicate. Meantime Mr..
Sherman has increased the principal OF the
bonded debt $S6,000,0 900. 1t will take the
savings of interest by refunding for eight or
ten years to pay off this increased bonded
debt and the bonuses and double interest,
and get even on the entire operation.i
In this statement General Ewing mixes
together in quite ''Pinafore'' way the pro-
cesses of refunding and OF resumption, and
tries to leave the impression that the two,
taken together, have increased the public
debt and the public burdens. Now, let us
see how plain statement OF official fact:
will put this down. Since the LIST of March,
1877, the Treasury Department has sold for
refunding purposes $500, Ol6,25O United
States bonds, OF which $92, 994,25 were foul
and half per cent bonds, and Sill, 022 ,00(
were four per cents. During that time the de.
partment called ia or received by exchange
5000, 1S9 $50 United Stat bonds bearing
per cent. interest. and $l94, S26. 300 bearing
per cent interest; in all, $50 1, 0I6, 250-ol
which all have been redeemed and paid, ex-
cept $53, 042, $50, which have not been pre-
sented and have ceased to bear interest, an[
for which the money is ready and waiting
By this refunding process the people of the
| United States will be saved, from and after
the Dist OF July.slS79, the sum of Sill, 1897, III
annually, as long as the debt remains I'm
paid. This is the interest at per cent. or
capital sum Of 1857, 429 1926, which meas
ures the aggregate Of the saving by these op
erations, and, if invested annually as a sink
ing fund, at four per centum. would pay thu
present intel est-bearing debt in less thar
forty-six yes Z. Again:
SIT appears, however, by the finance re
ports that the interest on the public deb
paid in 1877 was s97, 900, and las
year $102, 500, 600, and this year S105,000. 00
In other words. in 1878 and 1879 over $13,
900, 900 more Of interest on the debt has beef
paid than when Mr.. Sherman took charge 0
the funding operations"
Now, this statement is a gross and palpa
BILE error into which Mr.. Ewing has fallen
and which he seeks to fortify by deceptiv
figures. Thus, the actual amount of inter
est accfuing on the public sdebt in the yea
ended the Both day OF June, 1877, was 800,
342, 377.52. He says the amount paid in ISL
was $97, 1874, 900. 1t is true that only S97,
h,,t ,a1