Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1879-10-16

weeks to the West and Northwest, I thought
it might be useful to speak of
THE FINANCIAL CONDITION OF THE COUNTRY,
and to present a hopeful view of the situation
and prospects. The business depression which
followed the panic of 1873 had then lasted five
years; but there were indications of improve
menC, and 1t seemed to me that what was most
needed was confidence, and that presentation
of encouraging facts and figures would tend to
inspire confidence. 1t was my opinion, also,
that there could be no permanent revival OF
business prosperity until the currency was
placed upon sound basis, and was exchange
able at its par value in the universally -recog-
nlzed money of the world. The friends of the
constitutional currency generally believed that
this end could only be reached by the faithful
execution of the Resumption Act; that there
was no need OF further Legislation and that the
true policy was to stop tinkering with the cur
rency. Accordingly, the pith of what I wished
to say last year to audiences like this was, that
we ought to "let well enough alone' Now
the resumption of specie payment has come,
and with it haye come also better times.
The evidences of good times are numerous,
palpable and cheering. One bright day in June
last, more steamers-more shipping of all sorts
gathered in New York harbor than was ever
before seen in that great mart of commerce,
and their tonnage was in greater excess COM
paratively than the number of vessels. The
lines OF the Pennsylvania Railroad east of Pitts
burgh and Erie, for the first seven months of
this year, as compared with the same period
IN 1875, show an increase of gross earnings OF
Sl,20o,294, an increase of expenses of S7599o5,
and an increase of net earnings of S44S 300; the
lines of the Philadelphia and Reading Railroad
(the great anthracite cOai-road) a net increase
OF $l,340,000 for the same period. The latest
published statement of the Erie Railway Com
pany shows net increase of 1851 COO. The Bal
timOre and Ohio Railroad Company shows net
increase of 1852, 600 for the first ten months of
its current fiscal year beginning in October last.
1t is estimated that more than thousand miles
of railroad track have already been laid this
year in the United States-a greater mileage
than in the same period in any year since 1873.
Workers in iron and steel find their
BUSINESS RECOVERING so RAPIDLY
from its great depression, that they are unable
to fill their orders. and their annual production
is likely soon to surpass the highest figures ever
reached. The building of iron steamships in
successful competition with Europe is fully
established on the Delaware. Our col ton fac
tories are again all at work, and running on full
time. Our mines of precious metals are in
creasing their product, and it mainly stays at
| home. Our manufactures go abroad more than
ever before; our currency is eXchangeable at
par IN the markets of the world with the money
of the world and, finally, and most important,
the demand for labor has increased and is in
creasing. 1t extends to cotton-mills, iron and
glass-works, machine shops, brick-mak king,
building the clothing trade, and nearly all
branches of industry. The philadelphia
Record" on the authority of well known sta
tlcian, states that there are twenty thousand
more laborers employed in that city than there
were year ago. Our exports for the year
1878 amounted to $40, 439 AL, and the excess
OF eS ports over imports was S264 66l ,66l, both
sums being greater than in any previous year.
The following table shows the rapid advance
our farmer and manufacturers are making In
supplying both the foreign and the home mar
kets. They were prepared by Mr.. Joseph
Nlmmo, Jr., the able chief of the Bureau of
Statistics of the Treasury Department
DOMESTIC EXPORTS.
Values of the principal commodities of do
nestle produ ction, the expectation of which
greatly increased from June 80, 1868, to June
80. 1879.