Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1879-09-03
THE FRUITS OF RESUMPTION
A Shown in John Sherman's Speech at
Steubenville, Ohio.


Magnificent Results Of he Republican Finaa
cial Policy.
John Sherman, the great secretary 0l
the treasury, made his first speech in the
Ohio campaign at bteubenville, on the
2lst. 1t covered all the leading ques
tions at issue beforethe people-national
finance, banking, governmental economy,
state sovereignty and federal supremacy.
Of course, it is a strong and we'll consid.
cred document, as Sherman is not apt to
speak at random. As finance minister
of the republic in crisis almost without
q parallel in its history, the most inter.
esting subjects which he could recount
and with which he is most familiar, are
those of finance. He traces the success
sive steps toward resumption in man.
ner 30 clear and mastery that the plain.
est reader can understand and appreciate
the solid facts which he presents in favor
of that great measure of stainless honor
and noble faith. He thus sketches the
movement in the industries of the coun.
try while the nation was preparing to
move up to the citadel of resumption:
Look now over our broad country aud
note the contrast between our condition on
the 14th day of January, 1875, when the re.
sumption act passed, and on the 11th day Of
May, 1877, when preparations to resume
commenced, and now, ON the goth Of Au.
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 25 per
cent.
The value OF exports of merchandise from
the United States increased 1892 per cent,
The exports of merchandise during the lat.
ter year were larger than during any pre-
vious year in the history of our foreign
commerce. The excess of imports over OK.
ports of merchandise was more than 75 per
cent in two years.
The imports of merchandise decreased
S., ,546 ,651, or l 90 per cent.
The excess OF exports of specie over i'm.
ports of specie during the year ended June
| 80, 1877, was $685., 1923; but during the
year ended June 80, 1879, the excess Of ex.
ports of specie was only $4,70l, AL.
The exchange in the clearing house in New
York city, and in twenty.one other principal
cities in the United States, for the seven
months ended July 81, 1873, amount to $l6,.
6 .S,9S3,737, and for the same period OF 1879
$20,O29, GAS, ,955-an increase OF 2O.5 pei
| cent.
In the production and manufacture oi
cotton the progress during the past four
years has been unexampled, showing an in.
crease Of 80 per cent. The increase in the
number OF bales taken within the last two
years over the two preceding years is All.
517, or more than IA per cent.
The present cotton year, ending in Sep.
| tember, will show more rapid rate OF in.
| crease. The number of spindles has in.
| creased over AZ per cent.
The wooden manufacturing industry has
| recently received strong impetus, which in
q few weeks sent up the price OF wool 70
per cent, and greatly encouraged the bust.
ness of wool-gro wing, and started many Of
the wooden manufactures that had been
lying idle.
| The production Of breadstufs and meats
has been enormously increased during the
past year or two, and ready market has
been found for the surplus production. The
The increase in beef production has been
constant and progressive, stimulated by
prices that have scarcely declined during
the past two years.
There has been a marked revival in the
iron trade during the last two years. The
United States stands second among the iron.
producing countries of the world.
Now that resumption mas come, where
are the silent mills, the 6reless furnaces, the
want of work, and swarms OF tramps? The
mills are sounding the music OF industry
the furnaces are in full blast; the wages,
although small, will buy more food and
clothing than even before the panic; there
il work for every man who 10 willing to
work, and the tramps have been converted
into busy artisans or hopeful farmers.
| OF what do our Greenbsck friends now
complain? They say there 10 large reserve
OF gold kept idle in the treasury. SO there
is. One hundred and thirty.eight millions
of coin il in the treasury awaiting any de-
mands that may be made upon it in the re-
demption of United States notes! But,
why il this? Because experince has shown
that sufficient coin must be held in order tc
produce the necessary confidence to main
tain resumption. This is an established
axiom in all systems of banking since any
existed.
It is said that We lose interest on the
amount of money invested in this coin. Sc
We do; but u part OF this fund would be
;.sce scessary ct all events, to carry on the ordl
uary optseticns Of the governments Niasty
million lsa,a dollar: !. .s,S Si :. :,. tss =.
tsrest to the amount of Ss,s25, 900. This /
the cost of resumption, and the only cost
But, in return, we have already secured n
annual saving by our refunding operation
of $14,297,l77. We have also secured
large reduction of interest ON private ant
public debts and the debts OF cities and COZ
poratious.
You say that this reserve il too large. Th'
answer is that it il better to have enough
With enough there will be no demand TO
redemption, while . doubt would create ,
demand. Experience has shswn that n
per cent. il sufficient, and therefore tha
amount has been accumulated. Those whit
would attack this reserve are opposed 4
i, resumption. Sometimes man whiting on
Of our great workshops, and seeing reyolv
! ing in IL course the immense hy.wheel o
an engine, might think that mucl
: iroa was wasted in it, construction
but the practical machinist know
: whee, gives steadiness TO the whole machine
An ample reserve 10 the only means -
. devised to maintain specie paymenta
, Though formerly contended, and still be
lieve, that . less amount in coin, with tn
free privilege Of the issue OF United State
bonds, would be sufficient to maintail
resumption, and hope at some future tim
; it will be adopted; still. until then, thi
reserve ought not to be diminished to An,
. considerable degree.
Another thing, my Greenbaek friends
Resumption has produced every resul
| which you in former times demanded, AM
has met every complaint which you theI
made. You complained that the 6ve.twen
ty bonds were not paid in xreenbacks; but
no turned out that all these bonds paid sine
. resumption, amounting TO $372. ~, 500, hav
been paid in greenbacks, and not only th
6ve.twenty bonds, but the one hundred an
ninety.four million ten.forty bonds; an
the interest of al the bonds 10 now eeipl
daily paid in United States notes.
D The remaining charge in General Ewing
/ curious medley 10, that the treasury depart
ment increased the principal Of the bonds'
, debt ~, ,O00, 900. Il 10 trus that under 81
resumption Get 400, ,0O0, 900 Of bonds wsr
sold, 10000, 600 Of them q premium 9
I1N per cent, yielding the treasury e0o
! 750 900. This money Il now In the trsasus
Of the United States in gold coin and y
General Ewing includes in The debt nsasl
al Of this e00.o00,O 900 withsst saying On
word about the gold On kasd. Now, u u
Dsmooraaie party does not like the lasg
reserve 10 have on haad, Il 0aa use ~
u 1old TO pay or buy bends; but surely, Will
: the gold u on hand, General EWj93 sska
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