An additional and not unimportant, although secondary, reason for fostering and enlarging the Navy may be found in the unquestionable service to the expansion of our commerce which would be rendered by the frequent circulation of naval ships in the seas and ports of all quarters of the globe.  Ships of the proper construction and equipment to be of the greatest efficiency in case of maritime war might be made constant and active agents in time of peace in the advancement and protection of our foreign trade and in the nurture and discipline of young seamen, who would naturally in some numbers mix with and improve the crews of our merchant ships.  Our merchants at home and abroad recognize the value to foreign commerce of an active movement of our naval vessels, and the intelligence and patriotic zeal of our naval officers in promoting every interest of their countrymen is a just subject of national pride.

The condition of the financial affairs of the Government, as shown by the report of the Secretary of the Treasury, is very satisfactory.  It is believed that the present financial situation of the United States, whether considered with respect to trade, currency, credit, growing wealth, or the extent and variety of our resources, is more favorable than that of any other country of our time, and has never been surpassed by that of any country at any period of its history.  All our industries are thriving; the rate of interest is low; new railroads are being constructed; a vast immigration is increasing our population, capital, and labor; new enterprises in great number are in progress, and our commercial relations with other countries are improving.

The ordinary revenues from all sources for the fiscal year ended June 30, 1880, were—­

From customs — $186,522,064.60

From internal revenue — 124,009,373.92

From sales of public lands — 1,016,506.60

From tax on circulation and deposits of national banks — 7,014,971.44

From repayment of interest by Pacific Railway companies — 1,707,367.18

From sinking fund for Pacific Railway companies — 786,621.22

From customs fees, fines, penalties, etc — 1,148,800.16

From fees-consular, letters patent, and lands — 2,337,029.00

From proceeds of sales of Government property — 282,616.50

From profits on coinage, etc — 2,792,186.78

From revenues of the District of Columbia — 1,809,469.70

From miscellaneous sources — 4,099,603.88 —

*** End of the project gutenberg EBOOK of addresses by Rutherford B. Hayes ***

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