The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-01-01

Secretary WinCionI has issued his an
i4pa report, showing u pletiolie Treas
ury y diminishing debt and nnqtiestion
ati public credit 80 accustomed have
HE people become to this prosperous
tate ii The financial department of The
Government that il Is taken entirely az
{, .n,ftter Of course. Perhaps the major
jty 81 Americans would regard Us ri;lie
uiotss lie animation thft any other CON
! ditica was possible III 4 state OF profound
peace.
4Aild set we have not 10 so back many
yeats 0aly to the time preceding tile IN
4 augur:ition CT our present Protective
4 s%stoni-to find the exact opposite 81 ey-
] cry favorable feature in oar present
iinaneai condition. Instead Of an al
nHal reduction OF %l05, 09l091 ia tho ma
fi0Hat debt, it was increased s47 tlrr cent.
4 from 1885, to 1856, and was still rapidly
! growing, Instead OF q sarplus OF s&5,-
4 OGa eco, Secretary OF the Treasury Dix
4 informed the COMMITTEES III Ways and
Means that the revenue exhibited on
i February !, 1861, q deficit Of s2l So J224.
4 So fiji from issuing call after call i'll rap
id succession Tor bonds to be presented
FOR redemption from an oNerioWintg
treasury, as occurred during last year,
the Government Was itself called upon
\ current demands Premiums on Govern
TRENT bonds were unknown III these clos
ing Years OF i'reeIrade Tariff \ loan
1 OF $40 oct, 900 authorized ia December,
1859, could hardly be placed, and then
GIlly 8 an average interest rate Of ten
;llld five cigllths per cent. Indeed almost
half tile amount had to be accepted at
i2 per cent, interest. Still the need of
money continued urgent, aud an addi-
ticnal loan Of $50, 00A eco was authorized
OH February ), 1851 In order TO dispose
OF lie authorized bonds, which b re six
per cent. interest, hey had to be sold at
an average rate OF 5000 per cent, and
0NiA eighteen aud a half millions or
aboat tllreefourtEis Of the loan could be
placed! ven at this discount. Tn the
4tIis0f March, 1861, another loan of $10,-
000 eco was found to be necessary, and
was negotiated partly in treasury notes
payable in sixty days and partly in 5Wo
yesF bonds Contrast this dep!ofahie
state oil public credit gwitb that shown
III tile late report Of Secretary Window.
Bonds bearing only four per cent. inter>
est weio purchased to the amount OF Sal,
0G0, SEQ, and ia order 10 induce their hold
ERA to part with them seven wears before
Ihey we've due, tile Secretary had to
pay AL ay erage premium Of 33.54
per cent. For $50 ,000, 600 four and one
ualf lse.' cent bonds, due next year, their
NWseis demanded and received 4,G5 per
cent premium. Or the 100000, 0;iA ,..na
itgisine he outstanding interest bearing
debi, 5at}2 .GG0 $50 bear the low rate Of
four per cent, ana Sl89, 0Mu. eco pay fear
and enc half per cent. Instead Of 4
yearly Balance OF trade aeainst us
amounting to almost Z coco, 900 in 1861,
we have & balance in OAR favor OF about
The same amount.
let 10 one make the mistake Of sup
l'osin& that our present liatterng finan
;-iaitouditione exists asa lnatteg of course.
1t is directly due 10 oar Tariff system,
and there can be little doubt that If we
We're t. return To- the Free Trade system,
Which ended with the outbreak Of the
WAR; lie system lauaed b. Mills, Car
ise and the leading Democratic states
men Of to day, We woUid again lie otig
ca 10 yainy iaWl< orr securities in the
worli'a financial eenters and be subject
"a 80 TIE hilniiiating necessity 81 offer
iag flisna: & disgraee!ul discount. With
the immense Increase ia our annual ex-
penditages, . return to TIE system in
vogue before lie war would shatter the
splendid Structure Of national credit
buiided BY the PARTY of Protection du-
ring more than . quarter d y century
Of wise and careful legislation.