The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-12-04

4 4ory The Imports uf erchapnsses ICE lI w.
6scai rear ending June a0s z, were 49,
i tll6 ,0s7, aud tie exports, sttnlated 10 goia,
leaving g balance a IS sls
4 rather apparent tl1nr real. The 30tn or
i ,It,ne. 1871. the value of goods remaining In
/ warehouses was 500 1924 $50, while on the
3osh OF june, 1877, it was S122,2u ,a66,
\ showing nh excess nit the close OF the last
fiscal year OF s53,sS8, GOT. Deducting the
| excess. the balance, based upon the actual
consumption of the country, Is 81 1923 ,662, 1874;
| from this further reduction should be
made Of See,1 81, S45. being the excess of ex-
ports over the imports Of gold. After all
deductions, there is an adverse balance Of
s62,b2s,559. .@.sES3,.s.s, ls.s 10 b :
The exports OF merchandise for the year
l1s72 were $1s,28s, 953 less than for the year
1871. The exports Of wheat, wheat -four,
raw cotton, cotton manufactures, gold and
silver, firearms, manufactures Of leather,
illuminating oil, and beef fell off Ss2, 065, 1926,
while there was q gain of S68, 767 1882 IN the
exports Of corn; fnrs, hides, skins, bacon.
ham, lard, leaf tobacco; manufactures of iron,
wood, leather, and fnahy minor articles.
There was an increase of exports In every
branch Of manufactures except cotton,
leather, and firearms. tx
AuN va oOA 10 tu hOo4
was twelve million dollars raw cotton,
fthirty-seven million dollars; manufactured
| cotton, one million two hundred and fifty
thousand dollars; gold and silver, eleven
million six hundred thousand dollars; fire.
of leather, six hundred thousand dollars !;
illuminating oils, three million five hundred
thousand dollars; and beef two million dol
lars.
The statistics of imports show an increase
of seven millions in coffee, eighteen millions
in sugar, nearly six millions In tea, nearly
three millions Id tin plate, more than seven.
teen millions In raw wool, two millions in
pig iron, ten millions in manufactures of iron,
1--we millions In manufactures of cotton, four
millions In manufactures Of silk, and about
seven millions in manufactures of wool.
The Secretary is of opinion that no at
tempt should be made to introduce silver as
currency, but that coinage should be used
exclusively for commerce with foreign ma
tons. If the policy should be adopted of
issuing irredeemable silver coin 1t would
depreciats and not be used In the channels
Of trade.
The Secretary exonerates Assistant Trea-
surer Hillhouse from neglect Of duty in the
stamp division Of the assistant treasurer,
New York.
The Secretary agains recommends the pas.
sage of bill to amend and consolidate the
navigation and customs collection laws of
the United States. AS the leading pursuits
of the country are now stronger than ever
before in the possession Of adequate capital
and supply of intelligent laborers, there
may be moderate reduction, from time to
time, in the rate of duties as the diminishing
expenses of the Government shall permit,
without either alarming capital or injuring
labor.
He says the circulation of banks should be
fixed and limited, and that the power to
change the volume of paper in circulation
within the limits established by law should
remain in the Treasury Department. a de-
gree Of flexibility in the volume Of currency
is essential for two reasons: First, the busi-
| ness of the Department cannot be transacted
properly if limit is fixed, and the power to
| raise the circulation above or reduce it below
that limit is denied; secondly, there is ne
cessity every autumn for moving the crops
without delay from the south and west to the
seaboard, that they may be In hand for eX-
port and consumption as wanted. The pro-
blem is to find way of increasing the cur
rencv for moving the crops, and diminishing
it at once when that work is done. This is
a necessary work, and, inasmuch as it cannot
be confided to the banks, the power should
be reposed in the Treasury Department.
| Believing that the country is not prepared
to sustain the policy of contraction, the Sec
rotary considers the means by which the
value of our currency may be improved.
The basis of policy Of Improvement must
be found in sturdy refusal to add to the pa
per in circulation until it is OF the same value
essentially as coin. This being accepted as
the settled purpose of the country, there can
be no permanent increase in the difference
between paper and coin, and an opportunity
will be given for the influence of natural
causes tending upon the whole to better
financial condition.
All legislation limited in its operation to
the paper issues Of the Government, whether
bearing interest or not, and which in its eff
fects shall! tend to diminish the market value
of coin, will he found upon analysis to con-
tain plan for contracting the volume Of pa
per currency; and all legislation SO limited
which does not contain such plan will
prove Intellectual.
The Secretary, without proceeding to the
discussion of the subject of resuming specie
payments, thinks all will have been gained
that is of value when the Treasury shall be
prepared to pay the demand notes of the
Government in coin and the banks shall be