. The official statement of the values
represented in foreign commerce will show the unprecedented magnitude
to which the movement has attained, and the protection thus secured to
the public interests at the time when commercial security has become
indispensable.

The agencies through which this change has been effected must be
maintained and strengthened if the future is to be made secure. A
return to excessive imports or to a material decline in export trade
would render possible a return to the former condition of adverse
balances, with the inevitable outward drain of gold as a necessary
consequence. Every element of aid to the introduction of the
products of our soil and manufactures into new markets should be made
available. At present such is the favor in which many of the products
of the United States are held that they obtain a remunerative
distribution, notwithstanding positive differences of cost resulting
from our defective shipping and the imperfection of our arrangements
in every respect, in comparison with those of our competitors, for
conducting trade with foreign markets.

If we have equal commercial facilities, we need not fear competition
anywhere.

The laws have now directed a resumption of financial equality with
other nations, and have ordered a return to the basis of coin values.
It is of the greatest importance that the commercial condition now
fortunately attained shall be made permanent, and that our rapidly
increasing export trade shall not be allowed to suffer for want of the
ordinary means of communication with other countries.

The accompanying reports contain a valuable and instructive summary of
information with respect to our commercial interests in South America,
where an inviting field for the enterprise of our people is presented.
They are transmitted with the assurance that any measures that may be
enacted in furtherance of these important interests will meet with my
cordial approval.

R.B. HAYES.

EXECUTIVE MANSION, _Washington, January 7, 1879._

_To the House of Representatives_:

In answer to the resolution of the House of Representatives of the 4th
of December last, I transmit herewith a report from the Secretary of
State, with its accompanying papers.[23]

R.B. HAYES.

[Footnote 23: Correspondence relative to commercial relations with
Mexico.]

WASHINGTON, _January 13, 1879._

_To the Senate of the United States_:

In answer to a resolution of the Sena