Daily Los Angeles herald., 1880-09-26

they passed tnat act could any one
say there was that condition Of
things that could give sny promise
whatever that when 1880 should
come around we should have accu-
mulAted cein sufficient within that
period to enable us to do it?
They had before that time passed
the act of 1869, by which they
made the bonded debt of this coun-
try payable in coin, although the
law under which it was created
had expressly provided that it
should be payable in the law ful
money of the United States.
In 1873 they had demonetized the
silver coin of the country; so from
that time there was no coin known
to our law except gold, and there
fore they had placed our entire
bonded debt, SO far MS they were
concerned, upon gold basis.
Ifthe legislation enacted by the
Republican party had been al
lowed to continue, and have Its full
force and effect upon this country,
the bankruptcy of 1875 would have
continued with increased power.
There was not an act passed by
them the direct tendency of which
was not to depress credit, still
further reduce the value Of proper
ty, and increase to greater extent
the burden of the debt that was
upon the country. Where was
the relief, and how did it come?
The first ect of relief was passed
after the Democratic party came
into power in the lower House Of
Congress, and holding almost an
even power in the Senate. 1t was
IAN act entitled an act authorize
ing the coinage of the standard
silver dollar, and to restore its legal
tender character" That act
passed February 26, 1878. 1t passed
over the veto of the Republican
President, over the vote of the Re-
publican candidate for the Presi.
dency, over the votes of the Re-
publican leaders, Blaine and Conk-
ling, and became law because the
Democratic party determined that
It should become a law.
What was the next measure of
relief? 1t was "An act entitled an
act to forbid the further retirement
Of United States legal tender
notes." passed May 81, 1878. 1t
passed over the vote of General
Garfield in the House of Repre-
sentatives, it passed over the votes
of the leading Republicans in the
Senate. These TWO measures of
legislation were the first acts of re.
lief that were passed by Congress
after the close Of the war, and un-
der their influence and operation
we were enabled to resume what is
called "specie payments." With
out them it could not have been
done.
But there WAS another
cause going on in which
the people were engaged. When
these hard times came upon
f6UK around for himself; he began
to curtail his individual expenses;
he engaged in whatever enter
prises presented themselves to him,
for the purpose of sustaining and
supporting himself; those who
were able began to pay their debts,
and those who were not able to
pay them settled through the bank
rupt law. These two processes to-
gether, individual effort and exer-
tion on the one hand, and the op-
eration Of the bankrupt law on the
other, relieved the people from
this pressure of debt, and in the
mean time we did not buy from
foreign countries as much as we
had before, we raised a large sur
plus and sold to foreign countries
more than We had sold before, so
that by the last Treasury state.
ment 1t appears that in the year
1876, for the first time In fifteen
yeare, the balance of trade, as it is
termed, turned in our favor. In
1876 We sold to foreign countries
more than we bought of them
nearly $1OO,0OO,OOO; in 1877, $751;
00O,000; in 1858. $3.50, 900, COO; In
1879, S255,0O0,0O0; and this last
year, although our exports greatly
exceeded those of the year preced.
Ing, the balance of trade has fallen
off to one hundred and flfty-odd
millions of collars; but in the five
years in which the balance OF trade
has been running in our favor we
have shown balance due US from
foreign countries of over $1,000.
100000. We had paid out on the
balance OF trade against us for the
fifteen years preceding this 81, ,oOO,.
900. We had exported all the coin
we had in the country and all we
had drawn from our mines in pay.
ment for foreign goods during
those fifteen years, until we had
but $14O, 100000 of specie in the
country. But In these last four
years this balance of trade turning
in Our fav0r has on q hiod re 70 hold