Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-12-18
ANNUAL TREASURY REPORT.


The foregoing statements Indicate steady ad.
vance in the national prosperity. The reality Of
this advance is ouly 10 b measured BY aggregate
results, ascer;ained al proper intervals of time
II IS useful TO present such results. They show
the general condition of the country viewed, not in
parts, but under one undivided whole. They al.
test the positive growth of its riches, and the ra-
pdity OF the growth, by comparison. They afford
resting points for doubtful opinions, when all de-
sire to arrive at those that may appear best sup.
ported by results. No single eye can take them
all in, unassisted by the authentic returns which
IL is the province of the Governmentand chiefly of
the Department oil the Treasury, 10 watch over
and proInuIgate; endeavoring, also, to trace them
TO their causes. A State whose natural resources
and territory are abundant, whose institutions are
free, and whose interests diversified, may wit
ness occasional and temporary pressure upon some
OF those interests, whilst all the great branches OF
Its industry are in course of sure deyelopement
But transient Inconvenience is lost in the aggre-
gate prosperity, and must i'll the end participate in
that prosperity. 1t is thus that great States under
successful systems OF legislation, go onward in
their career of riches and power Not oniy has
there Ieen a marked increase OF imporaions and
revenue in the United States during the last four
years, and OF expectation Of domestic commodi-
ties, but like dimiBution in re. expectations The
latter is very striking, and justifies the inference
not merely OF increased desire import for the
pur pose OF meeting the contingencies of trade or
speculation, but OF an increased ability in the
country TO purchase foreign fabrics The increased
consumption OF the latter, and the increased re-
venue, have exceeded the ratio OF the increase OF
duties under the tariff OF 1924, and the presumed
increase o! population also The exports of do
nestle ducts have increased more than fourfold
faster THAI the increase of population as given by
the census at periods the most favorable. These
facts cannot mislcad. They point to an unequivo.
cal increase, so far, in the prosperity of tie na.
ton. Statistical testimonials for single year, or
for more than one, may rise fall in amount from
causes That postpone al permanent conclusions;
bu where they s. en- 10 80 on in an incrco SIR
train throughout esson Of years, il is ration
nj TO ascribe them 10 causes beginning TO assume
fixed character II we review the last four wears
period OF time in commercial history we find
litle III the circumstances Of the world, either
f ON general war otherwise, 10 affect foreign
markets beyond the ordinary fluctuations incident
TO trade at all times The extraordinary operations
in the cotton market that fell upon the first of these
years, viz. 1928, are not conceive 10 impair the
Applicability OF the remark because there has been
time enough for diminished expectations, as a con
sequence Of the large expectations OF that year
No term, indeed, of eight years, snca the estab-
lisament OF the Government, has been as exempt
from the influence of external events that disturb
she regular operations Of national industry and
commerce, as the last eight. None, therefore,
could be so fairly taken for the comparative state
ments that have been made. II does not esc5pr
recollection, thai, fom 1871 to 1925, there were
epochs when the foreign commerce Of the country
advanced with even more rapidity than is here
stated; when IL was greater al outely, aud there.
fore greater in proportion 20 the population of tn
country. But during that long interval, there
prevailed in Europe, with scarcely a perceptibIe
interruption, dcsoldting wars, which created an
unparalleled demand for our staple productions,
and brought them UP to eXtrtyagant prices. This
with our neutral attitude, which gave to our car
ryIng trade scope almost unbounded, raised
expectations and imporations TO an artificial
pitch that can never he REQUIRED TO as a stand
ard OF compare on for commerce Under circuin-
stances more ordinary aud regular. IT is known,
that, during portions Of that interval, our trade in
foreign produce far exceeded that in domestic IL
IS wholly otherwise now. The mere profits o..
eur tonnage Il that earlier day OF the Republic bv
the capital which II introduced, gave OF t-sif the
capacity for an enlarged CONSUMPTION of foreign
articles on comparatively smaller basis Of popu-
lation.
The increased consumption Of foreign articles in
the United States, during the last -four years, a.
compared with the four that preceded, may, it j,
believed, be ascrIbsd, ia 90 incOn,dt fa IT, degree
70 the advance which home labor h1s been NIX
ing in various ways IN the country, since 1924
The creation and subdivision Of home labor mus
bring new wealth 10 this country, as Niey evei
have to other counties; and, with it, incfe aseC
abilIty TO buy articles Of AL kinds. The report
from this Department within these four ears
have resp ciiuly, but earn ,stly urged upon Con.
gress the e1pcdicncy Of fostering manufacturing
labor, under the conviction. deeply entertain ID
that, 10 its success s largely 70 be found the tru.
ground work Of financial pow g. II will ultimate.
jy unfold the means Of providing revenue for the
public wants, when war, or other external events
not 10 be controlled, may abridge foreign com
rrerce How difficult il has been heretofore 10
obtain any efficient supplies Of revenue from sour.
ees Of internal industry and wealth, when such