Year: 1878

COMING PROSPERITY.


SPECIAL COMMUNICATION.


Unless Congress in it's folly shall DO some
thing to unsettle the present condition OF our
finances the signs Of the times unmlstakabiy
betoken coming prospenty-just as certain as
the early grey Of the eastern horizon peholds
the approach of the rising sun. few years
since and a thousand million of our govern
ment bonds were held in Europe, and we we're
compelled to send annually from fifty to sixty
millions of our coin abroad 10 discharge our
interest obligations. The balance Of trade was
also against US; that s, we purchased moro
than we sold. As we held no foreign bonds,
these balances had to be settled in com. But
for the fact that we are coin producing ma
tion, these balances would have utterly bank
rupted US, and the strain we passed through
was one, severeas 1t was. But how is it to-
day? The total of our national indebtedness
has been lessened over seven hundred millions,
reducing our annual interest account over Fifty
millions, (and did you ever stop and figure the
result OF putting that saving IN interest into a
sinking fund each year? At four per cent. in
terest it would balance the present total in
debtedness of our country in 25 years.) The
balance OF trade is now in our favor Our cir
cumstances have changed, as the farmer who
after series of years. wherein he has been
compelled to purchase more than he could
possibly sell, finds the tables turned and sells
twice or even thrice as much as he purchases.
In the case OF the farmer, no sane man would
question that il gave evidence Of better times,
and why should we in the other case Not
more than two hundred and fifty millions of
our bonds are now owned abroad, and instead
of sending our coin 10 replenish the Golfers Of
Europe, they are beginning to empty them
upon our shores-the imports of com last year
exceeding the exports by several millions. Add
this to the eighty-four millions produced and
we have an increase during the last yeaI Of
nearly or quite hundred millions OF COIN. The
balance of trade in oar favor last year, was
over two hundred and eighty millions, and with
q fair prospect OF not being less for some years
to come, and these balances remember, must
be settled either in European gold or Amer-
can securities either public or private. They
will undoubtedly be largely settled for the next
few years in these securities, but this viii add
equally to our wealth, as the interest and pnn-
cipal will thus be payable at home. The com
productions OF the next ten years alone, will
in all probability exceed five hundred millions,
swelling our present volume Of currency by
that amount il we pursue the resumption
policy; and this will be healthy expansion,
too-hke the development of bone and muscle
ing on of superabundsnce OF adpose matter
whose very weight may in turn, crush us
Better tunes come slowly-never suddenly, ex
cept it be the result of stimulant always fol-
lowed by a reaction. A days sickness may
PROSTATE US, SO that months or years may be
needed to restore to perfect health. Chicago
fell in a single night, but it took years TO re-
build it, decade may fail to remove all OF
the evidences OF weeks panic. anc lo6s OF
business confidence careful student OF the
worlds history, will see that it is simply re-
peating itself. Following wars that are attend
ed by speculative periods, come seasons OF
depression and the consequences Of these, fall
most heavily upon the poor. Despite these
modern sages(?) of finance, many of whom
we're never able to accumulate q dollar they
could call their own such men as Washington,
Jefferson, Madison, Hamilton, Jackson, Lin
coin, and in fact, nearly every prominent
American Statesmen have declared the only
safety OF the LABoRING man to be in q sound
currency, convertible into coin at the will Of
the holder. Don't ask us to cast ASIDE the
judgment OF these and accept the wild vagar-
les of Cary, Pomeroy and Field. A. II. II.
Il