New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-07-24

This Is precisely the condition tue uniteu St,'s
in when borrowing money 10 pay outstanding ponIs
The debt statement Of July shows as part oil me pueC
debt tho whole OF the tenorty bonds anu hs" luz
whole OF the bonds issued for their payment put hso
shows the money the Treasury TO pay them III W..
debt statement the ten-iorties VIII dsaploar o
no interest Tie cash IN tue Treasury VIII hLso % NJ
accordingly thought ihe notice Terort 70 con
gross. Democratic I'm both branches, eaIn,sty 80
Shortening of the period to thty days or less IN order
tins double interest, bur the I 1, m
was declined ignored. III any one u 70 We nci,
sponsb for double interest II should DC ,ongtess
III justice to the Department If pu. M " I've hf'n
all the loans negotiated for the last two years nave PC,
on more favorable terms than any loans ever lue py
the United States They were generally made by ropu
lar subscriptions by the people drectlY; dmo t,,ia
from the amount allowed for the expense OF heepIh
the loan is over $l100O0J and the premium eSaet
ia and per cent bonds amounts 10 81
ever negotiated loans at less cost or on as
terms. The sales of the famous per cehI eoisns
terms than the United states were able 10 secure acr
accomplishing resumption.
THE REVIVAL OF BUSINESS.
The resumption OF specie payments has had the same
beneficial effect upon the business OF private czehs
The reduction of interest the public debt has made IL
possible to reduce all debts whether state
corporation or private Nothing Is more certain than
that irredeemabe money necessarily leads to the IN
crease Of the rate interest The first effect OF It's Issue
the rate OF interest and TO advance prices
not redeemabe in coin it deprcciates In vaue ana
more necessary 20 conduct business III causes
Of com moditics but "a its value THIS IL soon
shown I'm the advance Of the OF interest and what
u called a scarcity of money This general rule Is stated
by such old writers ms Adam Smith and Thomas Took
and fully verified by the rate OF interest Dcor Tue
panic and since resumption. Private debts are now ne
ranidy reduced from 10 To ana even 10 cent
The State of NewYOrK has, by law, reduced lhe rtt
OF interest IN thai State from TO FER cent The CIV
of Providence sold y cent bonds at above par Ir
state OF Pennsylvania SOLD S2ooo0Oo per per cent nonut
at above par TLc CITY OF New Ofk sou Prr rnr
bridge bonds at 1O5 20; Five million dollars OF Denver
were bscrbed in two 6onrstho first lime for years
that monty mas been pledged for building railroad.
All securities have advanced sncc January AT the aN
PER daily being reduced to nom TO per cent
Capital is again seeking investment In any sale secur-
With the first decided preparations for resumption
there came slowly a revival Of business with the sue
OF resumption, that revival Is marked IN nearly
every branch Of industry. do not propose to weary
general results with regard to few leading branches
of American industry.
THE COMMERCE OF THE COUNTRY.
The increase of our exports OF domestic merchandise
since period OF the panic without example in our
history In the year ending June 80, 1879 The amount
of our exports was 500 O33 439. In the year ending
June l. 1879, the amount of exports 5000 Gls,
$685. In the years preceding the panic exports
were 50 OI3 7O2,6is and during the past five years
they were - 999 197 ,Gj2.
The net imports OF merchandise decreased from S62i
6s7727 during the year 1573 to 1922 s95,O3i in 1873
merchandise representing mainly agricultural and
manufacturing products. increased from S5O5 o334 39
in 1873, TO $3.50 700 2G3 ia 1879 or 50 per cent
1t may be stated generally that the internal commerce
of the country shows gradual increase Of traffic since
lS73-the improvement during the last yearhayng been
rapid than during any preceding year since 1873
The tonnage of the great railroads from the East to the
West, the most important highways OF commerce
IN this country, shows increase since 1873
Of upr
and corn, the two leading cereal products
If the country, which constitute the principal
part of exports OF breadstuf indicates during The
The uctou Of corn IN 1878 932OJOOOO bushels;
In 1878 abont 100000 600 Production Of wheat IN
1878. 2sl 100000; IN Is =, about 421,OJVOOO.
OF tine United states, during the
OF HE country oar exports 81 cgtIoG IhcICIseu from
100 100000 pounds IN 1878, to l6Os,oOOOOO pounds
The quantity of wool produced increased from 1885,
600 900 pounds I'm 1878. 10 100000 600 in 1879 The
total amount which went into consumption, inc udlng
domestic production and imports, representing the
manufacture OF wooen goods IN The Unitrd states, in
creased IRON 2360OOOJO pounds III 1873, to 100000
pounds III 1873.
Even shipping interests, engaged in foreign trade
the industry most mo some sighI o.
vessels PRINCIPAL employed IN foreign trade The aver
ace nu,hcr OF vessels Of these two classes built during
each OF the years lsl7 to 1855 inclusive, was 2i9 bur
during the year s1I the number vas ony 4Oj III 1877,
only 10; and in 1873. only % since that time how
ever there has acOnsde rable Improvement, the
AVERAGE number built during each OF the last five years
~ "A
The total tonnage OF American vessels engaged in for
eign traffic winch, a, have already siael, fell from
1879 396 tons in 1860 10 1879 ,533 in 1878, has since
that time increased 10 15s93is tons in ISIS.
Another indication OF increased business is derived
clearinghouse In the chief cities I'm the Union, from
which II appears thai for the first 1--we months OF the
nos ci was 58G 5s pa ana for the sane poriod
OF 1879 it $l4 1872 showing an increase OF
2O.2 per cent this year.
EVERY INDUSTRY IMPROVING.
Oyfo IN
every department Of industry or business, but it Is
scarcely worth WHILE because the general concurng
sentiment Of the whole public Ia that, while have
yet recovered from the languor Of the panic Of 1873 yet
under the inspiring influence of specie payments the
worst is past, and are now improving in every
branch of industry. am not foolish enough to attrb-
ute al these signs 70 the act Of resumption No doubt
it Is largely due habits OF thrift economy and In
dusry which necessarily followed the depression OF
business largely the migration Of people thrown ont
OF employment who have found homes in The west bur
mainly 10 the recuperatyc energies o. vigorous in
dustnous and active people what wish to prove is,
that resumption, the restoration OF currency the
coin standard contributed 10 these beneficial results,
and 1t behed all the false prophecies made TO ITS
have thus stated my view Of the successful execution
Of the policy OF resumption. and OF the beneficial
the reduction OF interest on the public debt and the
general Improvement OF business.
OPPONENTS 10 RESUMPTION.
Now let examine the specific complaints Of our fell
owcitizens who have been heretofore opposed 10 re-
sumption and the entire financial policy Of the Repub-
hcln party.
OF what do they complaint
First they said resumption would contract the cur
rence that would have nothing but coin in circua-
ton. This I shown to be entirely delusiye. The
Resumption Act provided for contraction Of the cur
rency but United States notes to be retired only as
greater amount OF bank notes Issued. The only
contraction that has occurred the passage Of the
Resumption Act has been by the voluntary withdrawal
by National banks portion OF their circulation when
they found IL could not be proftably employed in bust
ness. Every done under the Resumption Act tended
to increase rather than diminish circulation ana now
that oil this circulation is at par with GOLD the coin H.
self becomes important f9ctOr IN the volume crcu-
latiOn, and swes tho amount that Is available Tor the
OF business
Df cgiu and In