The farmer and mechanic. [volume] (Raleigh, N.C.) 1877-1885, 1882-04-19
MARVELLOUS
History Presents no Parallel.


History Presents no Parallel.
W. last week alluded to the outlook
of the agricultural and manufacturing
future of the South. Now let US widen
the view to the whole land =
: ''ln fields forests, mines, fisheries,
and manufactures, the whole country
has prospered. Our cereal products
are estimated at 81 1000, 600, 900;
hay crop ct $3.50, 0OO. 900; potatoes,
$50, 900, 600; and tobacco, t25, 600, 900.
There are no exact statistics, or even
close estimates, of the timber felled for
home consumption and foreign export,
nor of the products of our fisheries, but
the amount is very large. The cotton
yield was wei 6,OOO.O 600 bales of $50
pounds each, of which 1000, OO0, 900
pounds have been consumed at home
and twice As much exported. The cash
value of this is not less than $500, OOO,-
600. The wool crop has been not less
than $50, 900, 600 pounds, worth about
one hundred million dollars. The su-
gar, rice, and molasses produced at the
South are valued at $50. O00, 900. The
output of coal is estimated At IS. 600 900
tons as against 90, 600, 900 in 1880. and
this. at s. per ton, will aggregate $225,-
900, 900. The output of gold and silver
did not sail below SIS, 900, 600. Three
million tons OF pig-iron were smelted
during the year, representing . still
greater value. Then $3.50, O0O, 600 may
be added for provisions not included in
the above. The sum total thus reached
exceeds 81. 500, 600, 900, q vast sum to
be added in one year to the general
wealth. Taking all the items named it
has been . year hat fully equals the
average in the production Of wealth.
our prosperity. Manufactures have
prospered, and the export Of manufac-
tured products have been. veEyIlkEgeal
OF agricultural implemsnts ~eursexports
were nearly g. 600, 600; clocks and their
parts, $l,5OO. 900; manufactured cotton
goods, $40, 600, 900; articles in iron and
steel, 1900, 600; leather and its man
ufactures, 81, 200, 600; musical instru-
ments, 81, SOC, CO..; refined mineral oil.
$35, 600, 600; ordnance and stores, ST.
600, 900; wood and its manufactures.
&l7, 600, 600. These represent surplus
products over and above what was c
essary for the supply of u needs, and
were sold at lucrative prices. Added to
these are our exports of fruits and liv-
ing animals. OF the latter our exports
have aggregated $4,000 00. while
bread and bresdstuffs have been e1
ported to the aggregate of $500. 600, 600.
Over $2, coo, 900 worth Of fruit has been
sent abroad to supply the Deficiencies Of
Europe, and also 1920 ,OOO, 600 of cotton
to keep their looms busy. Cottonseed,
linseed. and other seeds, In natural or
manufactured form, have been exported
to the amount of $3.50, 600. 600, while
bacon, butter, cheese, lard, &C., TO the
amount Of $40, 600, 600 have been ship
ped abroad. Tobacco to the value of
500, 600, 600 has been exported. Taking
oil our exports, . grand total of nearly
5000, 900, 600 was reached in 1881.
1t appears from this statement that
an active foreign demand leaves the
balance of trade, amounting to two hun.
dred and fifty millions, in the hands of
the American people.
Our finances seem prosperous. 1t is
a striking fact that our bonds, payable
ut q day certain, with . fixed rate of in
terest, have been exchanged by the
voluntary action of our creditors for
other bonds, payable at our pleasure
and bearing a less rate Of interest. The
reports Of the Treasury demonstrate
that during the first half of the present
fiscal year SIS, 100, 900 of the national
debt has been paid to the national cred
itors; and the present year will most
likely witness the payment of one hun
bred aud fifty millions more toward the
extinguishment of the public indebted
ness: At this rate, then, in three years
our bonded debt, now payable at the
option Of the Government, will be fully
paid and discharged, and then for six
years and eight months thereafter We
will have 10 debt payable at u option.
Our credit is SO good and our securities
are 50 valuable that our creditors prefer
our bonds to our money. This is on its
face . most gratifying showing, and ap
parent reason for national selfgratula- |
ton.
Unfortunately much Of the brightness
of this picture is fictitious, and mis-
leading, as we'll a. unstable. and liable
to be clouded with storms an disaster q
any moment. There are three men
who can start . national panic in an !
hour. The very fact that millionaires
prefer to surrender their six per cent
bonds, and accept three per cents.
shows that our manufacturing enter
prises are not well-founded, and that |
real estate is too high; else would
these bondholders invest their money in
other ways. Moreover, the fact that so
many millions are idle" testi6es to the
great inequalities OF the American fnan
cial system. VIM. H. Vanderbilt and
Jay Gould each have fifty millions Of
dollars worth of Government bonds,
which are untaxed, and unproductive
to anybody except those two men, who
can sit down in their p~arlors, once every
three months, with . pair Of scissors,
and clip off fifty or an hundred thousand
dollars in coupons for interest, which
twenty millions of poor men. women
and children are toiling all the year to
pay.
The Senate confirmed the following |
w f.. Chandler IF New |