Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-12-12


stitution OF the sinking fund in 1869.
PURCHASE OF BONDS,
And in accordance with the act OF February
Is, 1852, there has been purchased on this &C.
count up to and including June 80, 1872, $685.
397. 600 in bonds Of the various issues known
% fve-twenties, at net cost in gold Of $94,-
097,z ,z43.62. In addition to these purchases
chased to the amount of $17S, ,2S7, $50. at a net
cost in currency OF $195, ,O08. 1885, or an esti-
mated cost in gold of $l63, 376 O54 IS. The
cost Of these bonds estimated in gold has va
ried from $S2.21 per 500 to $99.89 per 800 ;
the most recent purchases being ut the rate oi
1896 per 500. The. average cost in gold Of
toe whole amount Of the purchases up to and
including the last day Of September was
$9464 per 500. In this connection I would
call attention to tho various tables accomDany-
ing this report, which furnish elaborate de.
tails OF the money operations and accounts o1
the Government.
THE CARRYING TRADE.
The condition of our carrying trade with
foreign countries is always subject of inter.
est, and at thepresent moment is one OF solici-
tude.
Tho imports and exports of the United
States, including gold and silver, amounted to
41,O7O, ,641, 1853, for the fiscal year ending June
80, 1872 and of this vast trade only % ia per
cent. was in American vessels. In the year
1860 nearly II per cent. of our fo,eign COM
merce was in American ships, but in 1864 1t
had fallen to 46 per cent. in 1868 to A pcr
cent, and in 1871 to less than 81 per cent.
The earnings Of vessels engaged in the foreign
carrying trade probably exceeded $1OO, ,OOO. .O0O
year, OF which less than one-third is carried
under our own flag. The acts of Congress
allowing drawback on foreign articles used
in the construction OF American vessels has
given encouragement to shipbuilding, but am
NJ tho 0OlOI0n tn at the 10 out o1xy in,
adequate.
When We consider that nearly three-fourths
OF the foreign commerce Of the country is un-
der foreign days, it is plain that there can be
no considerable or speedy change unless the
.nS eo%prshense sp se 1se IN 0f1s Sa
price OF iron and the advance Of wages of labor
in England during the past year favor the Gov
ernment and people Of the United States, but
this advantage, due to national causes, should
not lead us to trust the future to the force OF
these causes, but should induce us rather to
that We cannot regain the control of the
dire trade between Europe and the
United States, but there is an i'm
mense field to be occupied uron
the Pacific Ocean, and in the South Atlantic.
England controls the markets Of the world by
controlling the channels Of communication.
! am convinced that wonderful impetus
will be given to the agricultural and manu-
featuring interests Of the country by the in.
crease OF our commercial marine. Merchants
in distant countries must purchase goods at
points with which they have frequent and
regular communication, and when such COM
munication exists with one country only the
COST cost OF merchandlse becomes unimportant, as
there are no means Of comparison, nor is there
opportunity for tho advantages oflcompetition !;
hence great producing country can afford to
establish and maintain lines of steamships up-
on the ocean, as the indirect benefits will
much lessen the cost.
EXPORTS AND IMPORTS.
The details of our trade with foreign coun
tries, a. represented by The returns to the
statistical bureau, are also unsatisfactory.
From these returns it appears that the imports
Of merchandise for the fiscal year ending June
30th, 1872, were $62G, ,595, ,O77, and the exports
estimated in gold were $444, on, ,O86 showing
e balance against the country OF $l82, 548, ,991.
er than real. On the 30th OF June, 1871, the
value Of goods remaining in warehouses was
$66, So. .659, while on the SOth of June, 1872, it
waS 22,2ll ,266, showing an excess at the
close Of the last fiscal year Of $49 $50, co., De-
Quoting this excoss, we haze = balance based
upon the actual consumption OF the country
Of $128, ,662, ,384. From this = further reduc-
ton should be made Of @66, ,l99, ,S45, being the
excess Of exports over the imports Of gold.
After these deductions there still remains an
adverse balance of So, so, ,539. This adverse
balance has been met probably by freight on
merchandise carried in American vessels,
profits on exports made on account OF Amer
abroad, and tho Investments in tho United
States by inhabitants Of other countries. The
exports OF merchandise for tho year 1879 were
$lS,298, ,933 less than for tho year 1871. Tne
exports Of wheat, wheat flour, raw cotton, cot
ton manufactures, gold and silver, firearms,
m AVn1n $n0t,V To- -
beet, fall of $82, ,O66. .325, while there was gain
OF $60, 0,76! ,S92 in the exports of corn furs,
hides, skins, bacon, hams, lard, leaf tobacco,
manufactures OF iron, wood, leather and minor
articles. There was on increase Of exports in
every branch OF manufactures, except cotton,
leather and firearms. Tho decrease of our OK
ports in wheat and wheat -four was $l2, ,OOO, 600.
raw cotton $37, 7,OO0, 900, manufactured cotton
$1,2jO,OOO, gold and silver export $l1 600 600.
firearms $12, ,OtO, 900, manufacturers OF leather
5000, 1000. 'o''
I.c .sos statistics o OF imports show an increase
OF t7W o00 in coffee, e16, ,00O, 900 in sugar,
nearly 81 OOO, 600 in tin plates, moro than $i7. ,
0OO,OOO in raw wool, $4,000. 900 IN pig iron.
0O.O00 in manufactures OF iron, IS, Coo. 600
IN manufactures OF cotton, 1900, 600 in the
manufacture Of silk, and about $40, ,4O0. 900 in
presented as affordng basis for legislation,
pnt rather lccaus, they arc exceptional in
character and not likely to bo repeated.
SILVER AND BASE COIN,
Tic Secretary reports tho mint in u satisfac-
tory condition and says:
In the last ten years the commercial yaluo
OF silver has dcprcciatcd about throe per cont
as compared witt! gold, and its use an currency
has been discontinued by Germany and some
other countries. Tho financial conditon nt
the United States has prevented the use Of
silver AZ currency for NOR" than ten years.