Year: 1872

CAUSES OF THE UNEAsINEss IN BUSINESS CIRCLES.


1t thus appears that during these four years the net
exports Of specie have amounted to about two hundred
and twenty-six millions Cs22OOOOD0, while the whole
production of the Mines including what is employed in
the arts, has little exceeded s2iCOOoOOO II this contn
ues is our condition grow any beeri Does it promise
such an accumulation OF gold in tho country as would
the hope of early assumptions Does it Ocr the
prospect Of early restoration 10 the sound basis
The trouble is not merely that we are shipping such
large quantities OF gold abroad. but that import
ing such immense quantities OF foreign merchandise
W hch makes constant drain OF gold bonds 20 pay
for IT, our redundant currency has so expanded prces
that this is one OF the best markets the world The
rapid increase OF imports attracts the attention and
eAcltes the Apprehension OF every rejecting Observer
The ratio thus far for present year greater than
ever before All this creates demands aud leads 10
drafts which enhances the embarrassment aud difficulty
OF financial situation aud which the Admins traton
has failed 90 point and suggest remedy. The pre-
ponderance OF trade Is against us and is likely TO be
dition. which is repugnant 10 natural and healthy


There is throughout the whole realm of business and
toll an uneasy and unreliable feeling Tariff trade.
oussit for some cbanoe or with some new ror,,,j DE-
mand. 1t is the duty OF Government rather Is the
Government TO devise methods Of relief ana Drmly meet
the question in other words To ameoate the currency
and remove unnecessary burdens. You Will not expect
within the limits OF one meeting TO discuss the plan
relief only that Il apparent 10 every student
OF finance, and 70 every careful observer that such
policy should he inaugurdted will be gradual IN its
operations and sure in Its results. Aud have said
enough trust, satisfy You that tns whole
ating TO the currency which springs brood Of evils
Is either impertecty understood 10y those nirsed VIII
authority that has been grossly neglected There
is either want OF patriotism aud courage OF want of
comprehension and foresight is the "eXpocta-
tiOn OF the PhllIdeP Convention under suc0 cir
eumstances.


PUBLIC DEBT AND ITS PAYMENT.


Turning from this branch Of the financial problem,
desire say something about the pubic debt and its
payment great deal has been claimed by the Admin
stIaton In regard to the rapid payment of the debt and
the claim is made though the reduction under Gen
Grant IS an achievement wrought out by him; indeed
1t asserted that he Is entitled ths to
measured PRAISE Some OF the special organs OF the Ad
claim for it the merit which belongs alone the people
for their patient toll and sacrifices paying the interest
and reducing the principal OF debt. This is the
have made themselves acceptable TO majesty Tue king
POUNDS the city; the King builds the temple Justuan
and Napoleon gave codes of laws, aud Grant pays on
the national debt They forget that the people have
been educated into the belief that they sovereign;
that the Government belongs 10 them; that they mSti
especial privilege aud benefit OF ruling class They
regard the men whom they select for the discharge
of public trusts their servants, ana not In any
sense their masters ana when they combine
their energies in great work, the achieve
mcut * theirs, aud that OF the at the helm Of
State. Nothing indeed could DO more perverted than
the claim up for Gen. Grant that the merit OF pa)ag
OF the public debt belongs 10 him. The tacts are, not
unkndy spoken, that lao Is hot hnaucer In tnat
h CHER aud better sense OF winch We speak O the qu


fcaiuns OF many OF our public men, The study OF or
financial and commercial system NAV NOT have 0ees