Year: 1876

BOSTON. July tc, lc''.


The readers of the REPUBLICAN vii! re-
member that as late as last fall, during the
State elections, then taking place III ONO,
Pennsylyania and New York, your cor
respondent called attention to the tact that
the business depression which afflicted all
sections OF the American Union, embracing
all interests alike was due to the feeling OF
uncertainty which prevailed in financial
circles in regard to the future political
policy of the national government. l: wss
shown that never in the history OF the
country had SO many elements confined 10
p-cdlce activity in trade, and that not
vithstand;ng thie, trade was paraiyzed.
Our staple crops Of cotton, rice, sugar and
tobacco were pouring .'coin" into the treas
urv. Our breadstuff product was over
abundant. Our gold and silver mines
were turning out increased stores OF
treasure. The death rate was diminish
ing, the birth rate was increasing, and to the
natural growth of our native population,
was being added the steady stream OF
adult life from the Old World. The state
Of Europe was also favorable to trade.
Under all these circumstances trade de-
cliued. cotton mills were closed while with
a starving population il Europe, corn was
being used as fuel at the West Conditions
40 remarkable as these demanded explana
tiou. and l showed that the one screw
which was needed to tighten up all these
elements into compact and working har-
rnony was capital, and that this same
capital. for some reason known to itself, de-
clined to invts st in commercial enterprise,
and that this reason was connected with
the uncertain future of the country as in
volved in its political administration.


Events have fully confirmed these views.
1t is now understood that from purely
business point of view Confederate-Dem-
ocratic restoration would unsettle great
many things besides the political rights OF
the colored citizen. It would unsettle the
national credit; it would unsetsle the cur.
rency; it would unsettle United States
bonds; it would unsettle the tariff.


Among the facts bearing on this question
and proving the animus Of the opposition
in carrying out it's purposes or gratifying its
resentments is the course pursued by the
Confederate Democratic House of Repre-.
sentatives in the current appropriation
bills. Here we see the public interest and
credit made secondary to partisan interests
and partisan hate. We see Congress en-
gagged in promoting party ends at the sacri
fee Of the public good and the public credit
We see this spirit applied even to the cast
Of an expenditure voted BY the Senate in {
matter relating exclusively to the Senate
The attempt of the Confederate-D emocratit
House to withhold from Governor Pinch
back the sum voted to him by the Senate i:
an act of discourtesy combined with par
tisan naiignity of which no European legis
Iatira body, under any form OF government
would % guilty.


It's pleasant to feel that the business IN
serests of the country, SO far as the NORTH
is concerned, will see to it that these politi
oai obstructionists and wire pullers are
displaced and Conservative men placed IL
their seats. How far the Southern Con
servatives will Join the North in getting
rid of this raw head and bloody bones
party of the "ire-eating" South On thel
part remains to be seen.


A Republican administration OF TIE gov
ernment under President Hayes will i'm
part renewed confidence to capital aud
thus lead at once to activity in all depart
rnents of trade. 1t will lead also to an in
crease of Republican strength from the
North in both branches of Congress. Il
the Southern Wings would now cut loose
from the Democracy and leave the negro
question to settle itself, under The opera
tion of impartial laws, we should have such
q restoration of general prosperity as the
nation has never seen. Our cotton, sugar,
rice and tobacco would command advanced
prices. Our surplus breadstufs would &c
abroad at remunerative rates. Ship build
ing would revive. Capital would flow out
in all directions.


In this connection it will be well to re
produce the speech delivered by our new
ambassador tn England, Judge Pierrepont
He reflects in his remarks the commercial
opinion of the United States in the follow
ing address, and which he gave in response
to the greeting of the members Of the Liver
pool Chamber of Commerce who boarded
the steamer which carried him to Europe
to welcome him before ne had touched Brit
len soil:


You surprise me by taking me On this
awift steamer before have been recognized
bv the government of England. If haC
been Recognized I might have had some
fbInr TO say, or if had not been recognized
should not have had anything to say. A
laugh am going to make an effort in 3
few oays to be recognized. If l am sue
cessful I may have the pleasure OF seeing
you again, and if 80 I may be able to say
more than l can be expected on this occa
s;on to say. 1t would be unfit at this stage
that l should say much, except to thank
you most heartily for your kind reception
Coming from the great commercial country
of America. as do, and having been fol
more than year member of the Cabinet
at Washington, hope may be able to ap
preciate your wants and your wishes, and
that may be of some service between the
two countres-[" Hearm "Hear"l-in cul.
tivating those commercial relations and
that friendship which are natural and which
have so long existed. ["Hear!" Hear!
know that you who are engaged in com


nercial affairs with America are at this
present time much depressed, because
srade in my own country le in the most
depressed condition in which it has ever
been since my memory. But allow me to
say this, from having been an observer and
a reader of the history Of the past, that the
time is very ehort when you will see com.
mercial relations more active between
England and America-[IIear, hear. and
applause land you will see revived CON-
merce, and revived enterprise and great and
vast activity in my country. which is now &c