Evening star. [volume] (Washington, D.C.) 1854-1972, 1872-12-02

Total Of internal l4s ISL 900
By the act Of July 4. eSs1OMs go 50, Al
Dy the acts of May I, 1874 and June s, 1877 a,7276
Total of customs $50 6sg .l7l
A total reduction of-........... Ss,e $50 ,I71
May, 1869, and in accordance with the act OF
February 25, 1862, there have been purchased
on TINS account, up to and including June 30
1877, 81, 3S1 900 in bonds Of the various issue
known Is ive-twenties, at a net cost in currency
OF IiOsgi 1850, or an estimated cost, in gold
OF Se4 ,OG ,2i3. So.
In addition to the purchases for the SINKING
luhu, ponds have been purchased to the amount
OF sIiS,Z5. ,95O, at a net cost, in currency, OF
sso'O0s ISIS, or an estimated cost, in gold, OF
The cost of these bonds, estimated in gold. ba.
varied rom se2l per S1CO To S99 80 per SfOO-
Ihe most recent purchase being at the rate Of
The average cOst, in gold, of the whole amount
OF the purchases, up TO and including the last
day OF September, was S9i64 per 800.
In this connection i would call attention TO
me various tables accompanying this reDort,
which furnish elaborate details OF the money
Operations and accounts of the government
Inc condition OF our carrying trade with for
elgn Countries Is always subject of interest,
ana al the present moment il Is one of sOlici-
Jude The imports and exports of the United
States, NciuOing gold and silver, amounted to
sl,b1O,6il ,los for the fiscal year ending June 80
IotZ, AID OF this vast trade only p y Der cent
vas IL American vessels. In the year 1850
nearly 81 per cent. of our foreign commerce
was IN neTican ships; but in 1861 il had fallen
- 20 PEI cent, IN ls6s TO III per cent, and in
ISL 10 less than 3 Per cent. The earnings OF
Nesseis engaged In the foreign carrying trade
probably exceed one hundred million dollars a
year, OF which less than one.third is earned
under or own flag. The act of Congress allow
ing drawback on foreign articles used in the
construction OF American vessels has given en-
couTSgement TO ship-building; but I am of
opinion that this measure is entirely inade0 uste
when We consider that nearly three-fourt of
TIE foreign commerce of the country is under
foreign nsgs. II Is plain that there can be no
considerable and speedy change unless the gov
6rnmeDt shall act at once and in q liberal and
comprehensive spirit.
The rise in the price of iron and the advance
IN the wages Of labor in England during the
past car, favor the Government and the peo-
pie OF the United States, but this advantage
cue 10 na;ui al causes, should not lead to trust
the future to the force of those causes, but
should induce US rather to act at once and with
vigOr. II may happen that we cannot regain
the control OF the direct trade between Europe
the United States, but there Is an immense field
South Atlantic. England controls the markets
OF the world by controlling the channels of com
municatiOn, and am convinced that a wonder
N impetus will be given TO the agriculture
"a manufacturing interests OF the country by
the iUrr. &c Of our commercial marine. Mer.
chants in lis, ut countries must purchase goods
at points with vp,,~ they have frequent and
regular communication, ana Wnen such COM
~
cost Of merchandise becomes unimpv- tant, as
there are no means of comparison; nor Is there
opportunity for the advantages OF competition.
Hence great producing country can afford =. -
establish and maintain lines OF steamships upon
the ocean, as the indirect benefits will much ex-
coed the cost.
The details of our trade with foreign conn
-! ne, a. IePlsSshteu ~ the returns made to
From these r. ,urns il appears that the imports
oi ineII IDdise for the fiscal year ending June
oVI q, we're SOS SOS or and the exports esti-
. ated III gold, were eiA,0i6, os6, showing .
balance against the country OF slS2. 5i6, % l..
This balance 10 in some degree apparent rather
than real. On the 30th of June, 1871, the value
OF goods remaining in warehouse was Sos, 324 $50
while on the 3Oth OF June, 1872, il was si22,
zee showing al excess at the close OF the last
fiscal year Of SO st, 6OI. Deducting this excess
We have 4 baapce based upon the actual con-
this further reduction should be made OF S6s-
lS SIS, being the excess of exports over the i'm
ports OF gold. Alter these deductions there still
remains IN adverse balance of go, 52S, $50. This
adverse balance has been met probably by
freight on merchandise carried in Ameri-
can vessels, profit on exports made on
account OF American merchants and shippers
the sale "a bonds abroad, and investments in
the United States by inhabitants OF other coun-
tiles.
The exports of merchandise for the year 1872
were Is zys'.S3 less than for the year 1871. The
exports OF wheat, wheat -four, raw cotton, cot
ton Manufactures, gold and silver, lire arms
manufactures OF leather, Illuminating oil and
beef, Eel! on 50 ,OG6 y325, while there was a gain
OF IS, ,E- Ia the exports Of corn, furs, hides
skins, bacon, hams, lard, leaf tobacco manu-
facture. OF iron, Wood, leather, and many mi nor
articles. There was an increase OF exports in
leather, and firearms.
The decrease OF our exports in wheat -four
was twelve million dollars raw cotton, thirty
seven million dollars; manufactured cotton,
one million tEo hundred and fifty thousand dol
lars gold and silver, eleven million SIX hundred
thousand dollars; firearms, twelve million dol
iars, nsnuiactnres of leather, six hundred
thousand collars; Illuminating oils, three mil
lion hive hundred thousand dollars and beef,
two million dollars.
The statistics OF imports show An increase OF
seven millions in coffee, eighteen millions in
nliIlCn III tin plates, more than seventeen NIL
non IN law wool, two million in pig iron. tan
!ala.lO. a. manufactures OF iron i've million in
manufactures OF cotton, four million In maui
fractures OF six, and about seven million In
manufactures OF wool.
These statistics are not presented as atordng
DsAls TOT legislation, but rather because thsy
lie created. t'' "
DuIiDs the last year thorough examination
nave been nnafe Of the Mint at PhiiadefpniS.
snd or the branch minis At San Francisco And
Carson City and exhaustive reports upon tbe
eonditi OF each, and also upon several Quss-
lions OF general cha scter come cted with the
mint service, made by DIR. Linder man and Pro-
lessor ToETey, are TO be printed for the u.e OF
IRE Department and Congress. From these re-
Iort IL appears that the service 10 In a satsfnc q
tory condition. In the last ten years the com
mercisl value OF silver has depreciated ahoo
three FER cent. as compared with GOLD and il,
use A. currency has been discontinued by &, .r-
many and some other countries.
The financial condition OF tho United State
has prevented the use OF silver as currency FOL
more than ten years, and Am OF opinion TIA
upon grounds of public policy no attempt
should be made to Introduce IL, but that thu
coinage should be limited to commercial pur
ppses, and designed exclusively for Commercial
uses with other nations.
The intrinsic value OF q metallic curreuc,
should correspond TO its commercial value, Of
metal should be used only for the coinage O.
tokens redeemable by the Government at theh
nominal valve AS the depreciation OF silver \
likely TO continue 10 Is impossible to issue COLI
redeemable In gold without ultimate los to tn
Government; for when the difference become
considerable holders wiz pressat The silver foI