National Republican. (Washington City (D.C.)) 1872-1888, 1872-12-03

ANNN ANNA HNhNiNA ~ WV A''NiAANAAAA NlAAANAo I
Of the Treasury.
Further negotiations Of 1--WE per cent. bonds
ran now DO made upon the basis Of the former
negotiation.
think II CxpodlCnt, Us means Of giving
additional value to the bOnds authorized by
the funding act Of July n, 1870 aud add
tional security TO the owners, that registered
bonds Of every Issue should be made convert
iblc Into coupon bonds ut the will OF the
holder. When this privilege Il granted, the
desire to rcconyyert them will cease i
The condition Of our carrying trade with
foreign countries Is always a subject Of inter
est aud at the present moment It Is one Of
sollcltudc. The imports and exports Of the
United States, excluding gold and silver
amounted to sl,O7O, gu, 163, for the fiscal
year ending .IuuC 80, 1872, and Of this vast
trade only Isl per cent. was In American ycs-
sells. In the year 1880 nearly II per cent. Of
our foreign commerce was In American ships;
but In 1874 II had fallen to 10 per cent, IN
1873 to ~ per cent, and In 1871 to lcss than
3S per cent The earnings Of vessels engaged
In the foreign carrying trade probably exceed
ono hundred million dollars year, Of which
less than one third Is earned under our own
hag. The act Of Congress allowing draw
back on foreign articles used In the cOustruC-
ton Of American vessels has given encourage
Inent TO shipbnlding; but / am Of opinion
that this measure j. entirely inadequate.
When we consider that nearly threc-iOurths
ut the foreign commerce Of the country Is uu-
der foreign hags, II Is plain that there can be
no considerable and speedy change unless the
Government shall act at once aud In II liberal
and comprehensive spirit.
The rise In the price Of iron aud the nd
vance In the wages Of labor In England during
the past year favor the Government and peO-
pie Of the United States; hut this advantage
duo TO natural causes, should not lead us to
FttW 40, Nha N.Nrsa - fh1aa
but should induce US rather to act at once and
with vlgor II may happen that we cannot
regain the control Of the direct trade between
Europe and tho United States, but there Il on
Immense field 10 BE- occupied upon the Pacific
ocean and Ia the south Atlantic England
controls the markets Of the world by control.
ling the channels Of communication, and
am convinced that wonderful impetus will
he given to the agricultural and manufactu.
ing Interests Of the country by the increase Of
our commercial marine. Merchants In dis.
tant countries must purchase goods at points
with which they have frequent and regular
communication, and when such communities
tiOn exists with one country only the cost OF
merchandise becomes uuimportant ns there
are no meQns Of comparisons nor Is there OPP
pOrtunlty fNF the advantages of competition
Hence, u great producing country can aftorC
to establish and maintain lines OF steamship
upon the ocean, rs the indirect benefits vii
much exceed the cost.
The details Of our trade with foreign coun
tries, Us represented by the returns made It
the Statistical Bureau, arc also unsatsfactO
~. From those returns II appears that the
Imports Of merchandise for the fiscal yCal
ending june 30, 1877, were SG96, sos on, and
the exports, estimated In gold, wcru SlII,
OiB, 0SB showing q balance against the COun.
try Of SlS1, $3.50 This balance Is Ia
s,Hno degree apparent rather than real. On
the 18th Of June, 1871, the value Of goods NJ,
manning In warehouse was s6S, 324, $50, while
On the Both Of June, 1879, 1t was 5l22, 2ll, :
268, showing an excess ut the close Of the last
fiscal year of esq. SSGBO7. Deductlng thi,
excess, we have balance based upon the ac
tuafcousumption Of the county Of sl2S, 662,
3Si. From this further reduction should
be made Of sG6, l33, S45, being the excess O
exports over the imports Of gold. Aftei
these deductions there still remains an ad
verso balance of S62, 52S $50. This adverse
balance has been met probably by freight OF
merchandise carried In American vessels
profits on exports made on account Of Amer
lean merchants and shippers, the sale O
bonds abroad, and investments In the United
States by inhabitants Of other countries.
The exports of merchandise for the yea
1873 were Sl3 2BS, 0}3 less than for the yea
1871. The exports of wheat, wheat flour, raw
cotton manufactures, gold and silver, fire
arms, manufactures Of leather. lllumlnatin!
oil, and beef fell off sS9 OBB SsI5, while Their
was gain Of SOS, T87, 800 in the exports o
corn, furs, hides, skins bacon, hams, lard
lcui tobacco manufactures of Iron wood
leather, and many minor articles. There wa
au Increase Of exports In every branch o
manufactures, except cotton, leather and fire
arms.
The decrease Of our exports in wheat an,
wheat -four was twelve million dOllars; raw
cotton, thlrty-sCvCu million dollars; manu-
inctured cotton, one million two hundred an,
aity thousand dollars; gold and silver, clCyc
million six hundred thousand dollars; fire
arms, twelve million dollars; manufactures q
leather, six hundred thousand dollars; illuml
mating oils, three million five hundred thou
sand dollars, and beef, two million dollars.
The statistics of imports show an inCrcas
Of seven million in coffee eighteen million Il
sugar, nearly six million In tea, nearly tire
million in tin plates, more than seventeen mil
lion in raw wool, two million In pig iron, tel
million In manufactures OF iron, Ave million i
manufactures of cotton, four million In man
ufaCturGs of silk, and about seven million Il
manufactures Of wool.
These statistics are not presented as afford
lug basis for legislation, but rather becaus
they arc exceptional In character, aud no
likely to be repeated.
During the last year thorough examination
have been made Of the Mint at Philadelphia
aud Of the branch minis ut San Francisco
and Carson City, and exhaustive reports upO
the condition Of each, aud also upon severn
questions of u general character COnnCctc
with the mint service, made by DIR. Lindcr
man aud Prof TOrrcy, are To be printed 70
The use Of the Department and Congress
From these rCpoGis II appears that the sCTvic
is In Il satisfactOryNCOnditiOn. In the last tel
years the commercial value Of silver has dc
preciRtcd about three per cent. Us compared
with gold, and its use Us currency has bCcI
discontinued by Germany and some othe
countries. The financial condition Of tn
United States has prevented the use Of nllye
Us currency for more than ten years, and
am Of opinion that upon grounds Of publ
policy no attempt should be made to intro
ducC It, but that the coinage should be lin
tied To commercial purposes, and deslgnct
exclusively for commercial uses with othc
nations.
The intrinsic value Of metallic vurruuc,
should correspond to its commercial value, u
metal should be used only for tho coinage 0
tokens redCCmabG by the Government u
their nominal value. As the depreciation U
silver Is likely to continue, 1t Is impossible 4
issue coin redecmablC In gold without ulti
mate loss TO the Government; for when tn
difference becomes considerable holders will
present the silver for redemption, and Icav
II In the hands OF the Government, ~ be dis
posed Of subsequently NJ q loss.
II the policy should be adopted Of i,suiu,
silver coin irredecmablC, but whose lutTinsi
and nominal value should correspond To gold
the time must come when the country wOul,
suffer from the presence Of deprecated sil
yer currency, not Tedeemablc by the Govern
mont nor current In the channels Of trade.
Tokens Of base coin, except for small dc
nominations, are less convenient than paper
and are subject to many other serious objuC
tiOns. The provision made by the TrcasuT
Department for the redemption Of mutilatei
paper money Is much more ample than for
merly, and think II practicable, through tn
Post Office Department, 10 make an arrnngg
ment by which the whole country shall b
SUPPLIED with fresh issues Of fractional cur
rency.
Therefore, In renewing the rcvOmmCnda
lions heretofore made for the passage Of ID,
mint bill, suggest such alterations us vii
prohibit the coinage of silver for circulation
In this country, but that authority be givcI
for the coinage Of u silver dollar that shall b,
Us valuable as the Mexican dollar, and to b,
furnished at lis actual cost. The Mexican
dollar Is used generally In trade with China
and Is now sold at premium Of about eigh
per cent over the actual expense Of coming
As the production Of silver Is rapidly inCreas
ing such coinage will at once furnish
market for the raw material, and facilitate
commerce between the United States and