The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-04-24


discountenanced. We regard it as great
consummation for the State, and believe it
will date a new life for the old Common
wealth.
a Cheerful Record-A Contrast.
The unprecedented and remarkable sue
cess which has attended the management
OF the finances of the country since 1869,
by the Republican administrations, and es-
pecially since 1877, by Secretary Sherman,
should be just cause of pride with every
American citizen, whatever may be his po-
litical affiliations. 1t is true the consumma-
tons which have been reached could not
have been effected without the silent, I'M
noticed efforts of the people, whose indus
try and energy have so marvelousy develop
ed material resources as toturn the balance
OF foreign trade in our favor, and forced
American productions, by their cheapness
and superiority, upon the markets of the
old world, successfully competing with Eu-
ropean enterprises in the centres Of trade of
the eastern nations. American manufac-
ttlres-Of the loom and the workshops, the
furnace, the farm and the pasture fields
are now superseding similar productions of
Great Britain, Germany, France, Italy,
Spain, and even Russia and Turkey. Our
mowers, reapers, watches, clocks, iron,
steel, flour. wheat, cheese, mutton and beef
are sought after and preferred to like pro-
auctions across the Atlantic, because either
of their better quality or more moderate
price, or both.
The result is shown in the tables of ex-
ports and imports which footed up against
us III 1860 to near 81 ,000,000,000 and
in 1878 to near $500, 100000 in our favor.
This simple estimate shows how rapidly
we advanced from debtor nation to
creditor nation, and how the resistless en-
terprise and energy OF our people threw off
the debt bondage OF the war, and marched
forward in the path Of national wealth and
prosperity, under the auspices OF peace
Nor are the indications unfavorable to
continued increase in the advantages we
now hold in international trade. The me-
ehanical, manufacturing and farm produc-
lions of the old world, and especially Eng
land, are decreasing, because of their ina
bilty to compete with American industry,
and it now looks like the whole field of Eu-
topcan demand would sooner or later be
monopolized by the United States.
Our national debt has been decreased
since March l, 1869, from 50, 525, 463, 260 to
$1,S49, 390,S12 in 1S79-an aggregate of
abo,1t hot ic tho
has been so reduced, at the same time the
interest rate has been lessened, so that by
the operations of the present Secretary of
the Treasury since 1877, the annual saving
of interest is $15,0O0,O00, and the annual
decrease in interest as compared with 1860,
is about $4s,OOO,OO0.
The national debt stands now,-total
amount of four per cents outstanding,
s69s, 079, 305; of four and a halls, $3.50, 000,-
600; of fives, $553, $50, and of skies,
s34s, 1904, making the grand total,
$780, 1870, S12-against s2,525, 463,26 in
1869, and about 81, 756, 431, 81 in 1865,
Since Mr.. Sherman became Secretary he
has sold $40, 100000 four per cent. bonds,
and with the proceeds redeemed six per
cents, thus saving two per cent. or one
third of the interest primarily paid by the
country on that amount, and with the trans
actions OF last week, by which $150,0O0,0 900
of four per cents were taken on twenty
hours notice, he will have sold in round
numbers s2OO,000,0O0 of four per cents adj
aitional for refunding five per cents, saving
one per cent, besides the premium on that
amount. Besides this, he has sold 0,000,-
600 of four and halls to redeem skies. All
these transactions make up a saving OF
about SIS, 900, 900 Of interest annually.
The industry Of the people and the sa-
gacity of Mr.. Sherman have accomplished
these great results in the face of the OBJ
structions interposed by the Democratic
party and the Greenback lunatics.
Our readers well remember the dreadful
results which were to follow the resump-
ton of specie payments by the Govern
ment, according to the talk and predictions
of two of the candidates for Congress from
this district, Messrs, Harris and Paul, and
the opposite views presented by.Gen. Echols.
They will remember in what mmeasured
language Secretary Sherman was denounced
by these two gentlemen, Messrs. Harris and
Paul, and that even when their statements
and figures were exposed by Gen. Echols,
and all logical ground knocked from under
them, they continued to repeat their falla-
cious and wild notions and denounce the
financial policy of the administration and
the Republican party. Resumption has been
successfully effected. The results have even
astonished the friends Of the policy, and
the country is presented for study chapter
of craftsmanship never before surpassed in
the annals of the civilized world. We see
the happy results in all parts of the ma
ton. Confidence is being restored; after
years OF depression and stagnation, bust
ness is reviving, suspended industries start
ing again, and throughout every channel
of trade and enterprise, new impulse is
directing all endeavors.
1t is for the people now to turn a deaf
ear to grumblcrs-to frown upon the soph-
istries. of the demagogue, recognize the
eminent wisdom which has distinguished
the management of our national finances,
and give their moral support to the con-
sentative minds and influences which have
worked out such grand results for the coun-
try. There ought to be a warm sympathy
and support given by the industry of the
nation to the faithful public servants who
have so successfully directed and managed
the earnings of the people, as to lessen
their burdens, advance their credit, and ell
evate our national character in the eyes of
the world.
Had the affairs Of Virginia been as wisely
managed by the party in power in the