Year: 1870




hundred millions year. The only exoepuon,
or, to be more precise, partially exceptional
case to this general fourishing state OF things
ia that of the farmers of the West. The
great cost Of transportation to the Atlantic
seaboard OF the produce Of the West practically
excludes their produce atpresent prices, from
foreign markets. They cannot pay the freight
and compete with Russia and other agricul-
t,,ral countries in European markets. There
is, consequently, q vast accumulation and glut
of the products Of the soil In the West. With
this exception the industrial pursuits Of
the whole country are in prosperous con-
dition. The South, probably, is more prosper
GUS than any other section, considering the
great amount of labor and money that was
needed to repair the disastrous effects of the
the Middle States are, for the most part, in
healthy and progressive condition, though the
high tariff protectionists, from selfish motive,
endeavor to show they are not 80. The import
trade continues large, giving great activity to
mercantile business and vast revenue to the
government. The tide Of immigration swells
more and more, which brings money and labor
to the country aud increases its productions.


We adverted yesterday to the fattering con-
diton of the national finances as exhibited by
the monthly statement of the public debt.
Indeed, the figures of the Secretary of the
Treasury from month to month for some time
past have shown the revenue to be far
larger than the expenditures and increas-
ing all the time. Though taxation, which
keeps the Treasury in such plethoric
state, is heavy, and too heavy, no doubt, the
people are able to bear It. Such is the well-to-
do condition of the people generally, industry
is so well paid and there Is such o demand for
labor that few suffer. No other country in the
world could bear the same weight of taxation
without feeling the burden oppressive. We do
not express this as an argument to support
excessive taxation. There Is no reason to
exact 80 large revenue from the people
because they are able to bear 1t. On the con-
trary, it should be reduced to the lowest pos
sible amount that an economical administration
and the exigencies of the government would
admit. We merely state the fact to show the
wealth, resources and Industrial productiveness
Of the country. And oil this is increasing from
year to year to an extent that was never known
before in the history of nations. A quarter
of a century from this time there win be, pro-
badly, nearly hundred millions of inhabit-
ants in the United States. We have at pre-
sent almost every product Of the soil
needed for the sustenance Of man or
that enters into commerce. The vast
extent of our territory and the varied
productions of our prolific soil make this the
richest country on the globe. And in what
other country can be found such variety Of
climate, such mineral wealth, such advantages
for manufacturing and such means of cheap
water communication Then what is not our
free, independent, Industrious, intensely active
and ambitious population capable of accom-
plishing? Looking at all these. things there is
nothing to fear and everything to hope for in
the future financial condition of the country !;
and as to the national debt, that is compara-
lively bagatelle.


Still this country, like every other, must
expect to pass through temporary difficulties
and financial trouble. At present we are
swimming along pleasantly in the sunshine of
prosperity. Even the financial quacks and
theorists at Washington, with all their crude
measures, have not stayed our progress
materially. They have, however, laid the
foundation for some temporary trouble
hereafter, and it will be well to look that
in the face The men who have been
at the head of the Treasury Depart
ment, and those in Congress who have shaped
| the financial policy of the government, have
done all they could to increase our indebted.
ness abroad. BY sending, or rather by
driving, our securities abroad they have
imagined they were obtaining foreign capital
| and benefting the country. Their great aim
has been to appreciate our credit, as they call
| it. abroad, and to induce foreigners to take
our securities. This Is just such an expedient
as the spendthrift resorts to for relieving
present necessity, without considering that pay
day must come some time and that his sub
stance will be consumed by the interest he
| has to pay on the debt. Our national deb
| has been going abroad at great rate to pay
| for imported luxuries and to make up tht
balance of trade against us. Over Thousand
millions of government bonds, probably, arr
now held in Europe, besides State bonds, rail
road and other securities, and they are still
going The interest to be paid to foreigner
on government securities alone is not less thai
sixty millions Of dollars in gold year. This Il
perpetual drain of specie from the country


We may continue for while to pay this in
terest in more bonds; we may make up tn


balance of trade by securities, and class thes


with exports; but we are getting more an


more in debt, and the yearly drain Of speci


becomes greater. If the purchase money {
| londa a,a,aliad to oneninr n