Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-07-24
NO. III.

commerce of the country shows gradual in
crease of traffic since 1S73-the Improvement
during the last year having been more rapid
than during any preceding year since 1878.
The tonnage of the great railroads from the
East to the West, the most important high
ways of commerce in this country, shows an
increase since 1873 of 37A per cent The pro-
duction of wheat and corn, the two leading
cereal products of the country. which cOnsti
tute the principal part of our exports of
hrcadstnffs. indicates during the last year a
large Increase over the production Of 1873.
| The production of corn in 1873. was 932 00o.-
600 bushels; in lS7S, about 1850, 0o1 900.
| Production of wheat in ls73, ~ 900 900; in
! 1873. about 42j. 900. OO0
The cotton crop of the United States. dur
| ing the year 1873, was larger than any pre-
vious crop in the history of the country. Our
exports of cotton increased from 1000 O0O.-
0oO pounds in 1873. to | sos 900. 600 pounds
| in 1878
The quantity Of wool produced. increased
from los, ,000, GOO pounds in 1879. to 207 ,00O.-
| 600 in 1873. The total amount which went
into consumption, including domestic pro-
'luction and imports, representing the manu-
tacturc Of woollen goods in the United States,
increased from 10000, 900 pounds in 1873.
to 1000 900 pounds in 1878.
Even our shipping interests engaged in
foreign trade-the industry most depressed
show some signs of hopetulness Ships and
barks are the classes of sailing vessels prin-
cipaly employed in foreign trade. The
average number of vessels of these two classes
built during each of the years 1871 to 1858.
inclusive, was 2+S, but during the year 1871
the number was only 40; in 1872, only l5;
and in 1873. only 2s. Since that time. how
ever there has been considerable improve
n, ha ni,.r hill
of the last five years being a little more
than ~.
The total tonnage of American vessels
engaged in foreign traffic, which, as have
already stated fell from 2.319.39G tons in
1850, to ,37S.I33 tons in 1878. has since that
time increased to l.5s9 34S tons in 1873.
Another indication of increased business
is derived from IA statement of the exchan-
ges AT the twenty-five clearinghouse in
the chief cities in the Union. from which
it appears that for the first five months of
the year ending June 30 1873. the amount
of exchanges in those cities was 81 .93G, ,373.-
214. and for the same period of 1879, it was
sl4, $50, 492, 229. showing an increase of POP
per cent this year.
might extend this statistical information
to almost every department of industry or
business. but it is scarcely worth while. be-
cause the general concurring sentiment of
the whole public is. that, while we have not
yet recovered from the languor of the panic
of 1873, yet, under the inspiring influence of
| specie payments. the worst is past and we
are now improving in every branch of indus
try. am not foolish enough to attribute all
these signs to the act of resumption. No
doubt it is largely due to the habits of thrift,
economy, and industry which necessarily fol-
| lowed the depression of business. largely to
! "a M of ,fa
ployment who have found homes in the west,
hut mainly to the rccuperative energies of
vigorous, industrious, and active people.
! What ! wish TO prove is, that resumption
! the restoration of our currency to the coin
standard, contributed to these beneficial re-
suits, and it bclied all the false prophecies
made as to its effect.
| | have thus stated my view of the success
tul execution of the policy of resumption,
and of the beneficial results in the direction
of interest on the public debt, and the gencr-
al improvement of business.
OPPONENTS To RESUMPTION.
Now let JUS examine the specific complaint. of
our fellow-citizcns who have been heretofore
opposed to resumption and to the entire finan-
cial policy of the republican party.
OF what do they complain?
First, they said resumption would contract
| ilc tulItHCN We NouIu nave nOtnlnn
but coin in circulation. This | have shown
To he entirely dclusive The resumption act
provided for no contraction of the currency,
but nitcd States notes were to be retired
only greater amount of bank notes were
issued. The only contraction that has oc-
Cured since the passage Of the resumption
act has been by the voluntary Withdrawal by
national banks of portion of their crcula-
ton when they found it could not he profta-
| bly, employed in business. Every act done
under the resumption act tended to increase
rather than diminish circulation and now that
all this circulation is at par with god the
coin itself becomes an important factor in the
volume of circulation, and swells the amount
tnat is available for the transaction of busi-
ness.
The amount of coin and currency in crcu-
latlon the lst instant was as follows
| | nited States notes, S3i6, ,6Sl ,0l6
Fractional currency, l5,si2, sos
Certificates, 1850, $50
Bank notes, 329, ,69l ,691
Total, 7lO,09J, ,9GS
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