The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-10-09

1919, ana IN the yoar 1873 our eXPOr
! of merchandise exceeded our impor
by the sum of $257.796,964. 1t is
striking fact that in 1873, the year b
fore the Democratic House was chose
ri our purchases exceeded our sail
abroad by $119,656. .5sS, and that aft,
. three years of Democratic control (
the House the figures were reverse
and, as have said, the exports in til
year 1873 exceeded the imports b
$257, ,796, ,964. The balances against U
in 1873 marked the increase of our in
debtedness and the figures of 1878 in
dicated its reduction. -
Our exports of merchandise durin,
the years 1874, 1875, ,lS76. 1877 and lS7
exceeded our imports in the SUM o
$50s. .A9, ,236, I am not able to Civ
accurately The excess for the presen
year.. but suppose it is safe to state
at s24O, O,0OO,O 900. making $74S,449, %,
for the five years named. In thes'
statements rely upon the tables pre-
pared by Mr.. Spofford, the LibrariaI
of Congress.
+ The effect of the favorable 'condi
tfon"of our foreign trade upon oul
supply of gold and silver Is shown ir
the fact that in 1873 the export of spe
fcfe exceeded its import by the sum o,
$63 127, ,637, and that in 1878 the excess
was only $3.91l,911. Our favorabls
foreign trade has not only turned the
current of specie towards our shores
but it has caused the return of large
volumes Of public securities that had
gone abroad to meet the balances
when they were against us; thus re-
ducing the export OF gold to meet the
accruing interest. The effect of for.
eign trade during the past five years
favorable beyond all precedent and
brought about by the economy and
dilligent industry of the people, has
been to increase our supply. of gold
and silver, and to make it permanent
and reliable, and.to make the resump-
ton of specie payments a possibility
Four years ago whenG GovernorAllen
was candidate for reelection, it was
my duty and pleasure to speak in his
favor, and then repeated to the men
Of Muskingum county whatI had said
to the Democrats of Indiana at the
State convention the year before.
Looking forward, then anticipated
and predicted what now see clearly
as look backward over the interven-
ing yesrs. 3e sn3ssa
) Ifyou approve the judgment and
concur in the sentiments, I need not
ask your pardon for again repeating
myself. za eQ
i" The expression in favor of q re-
turn to specie payments is very gen.
eral, bat the real question is when and
how can that be accomplished? So
long as the supply of coin is 80 small
as compared with the paper money it
is impossible. The effort now would
probably result in commercial disss-
ter. The people 90 belieye. No sem
timent attributed to Mr.. Greeley in
1872 was more hurtful to his political
fortunes than the demand for imme-
diate specie payments. To render it
possible without hurt to the country
coin and paper must come nearer to-
gether in quantity. They will then be
nearer, if not uniform. in value. How
shall that be brought about3 BY re-
1uc1ng the paper eurrency2 With the
present burthen of national, state and
local taxation and the large volume of
other indebtedness to be provided for,
hat can not be borne. It would cramp
and paralyze labor. No one
desires q return to specie payments |
more earnestly than myself, for be
ieve gold and silver are the real stand
lrd of values, universal and perma.
,ent. AS I had occasion once before
o say, the existence of commercial
Mediums Of different values-one desa
;ription of money for one class and
purpose, and another for a different
lass and purpose-is too serious an
vii to be long endured. All the mon
" of the country should be of uni
orm value and readily convertible,
But we are not In that condition. Our
,aper money exceeds the. coin by near
y $5 to one. How win we bring
hem nearer together in quantity that
hey may approach aud meet in Yalue5
Shall we commence at the top and
ear down, or at the bottom and build
lp7 Business, enterprise and labor,
very important interest Of the coun-
ry, demand that theYvolume of the
be maintained TO meet their
but every interest will |
% strengthened by increasing ri the
upply of ooin. How is that to be ac.
By encouraging an in
reased production Of our great staples
hat command the foreign market +; by
our expenditures in foreign
purchases and by reversing the fatal
olicy which has sought to make our
ebt foreign debt. When we pur-
hase less of foreign goods and sell
moro of our productions abroad, and
ease to pay 90 much of the interest +.
t our debt abroad, aud pay it to our
wn citizens, the current Of gold will
urn towards our shores and then spe- ,
10 payments will be certain, natural
nd permanent and will become the
asis of an enduring prosperity."o Ii
Mr.. Sherman claims for himself the |
redit Of resumption, and that the {
olicies of his party have given US 9
ssurances of better times. I have :
,ade summary of events that passed {
'ithin your own observation, to aid /
ou in passing upon the fallacyof that
laim. What thsd he or his party to {
n Nth rasuyautiOn Hnvv have, tho . 4