The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-12-03
TOTAL OF customs. .................
N total reduction of x3Og- 35(l. III.

Total Of customs. $S06s9in
"a total reduction of 5000, $50, III. as
Since the institution OF the sinking fund IN
March, 1859, and in accordance with the act Of
February Is. 1852 there has been purchased on this
up to b sna o tn y Se 80
known as 1ve-twenties, at net cost
IN currency Of $l1o,oea 1856, or an estimated
purchases for the sinking fund bonds have
been purchased to the amount Of $173, 237, $50,
at es os cost IN eoa Of q S
cost OF these bonds, estimated in gold, has varied
from S22l per 100 to 5000 per 1oo the most recent
average cost in gold Of the whole amount Of the
purchases up to and including the last day OF Sep
would cali attention to the various tables accom-
panying this report. which furnish elaborate details
OF the money operations and accounts OF govern
ment The condition of our carrying trade with
foreign countries is always q subject OF interest,"
and at the present moment i is one q solcitude.
Guiding gold and silver. amounted TO $I.O70 cd 1853
for the fiscal year ending June 30 1872 and Of this
vast trade only 2s cent In american yes
eign commerce was In American ships, but in 1854
It had fallen to 40 per cent in 1858
SO per cent. the earnings Of vessels engaged
In the foreign carrying trade probably exceed
" a Of s
allowing drawback on foreign articles used in
the construction Of American vessels has given
opinion that this measure is entirely made
quate. When we consider that nearly three fourths
OF the foreign commerce of the country is under
foreign nags 1t is plain that there can be no con.
siderable and speedy change unless the govern
ment shall act at once and In liberal and compre
hensive spirit The rise in the price of iron and
the advance In the wages OF. labor in England
during the past year lavOr the government and the
due to natural causes should not lead us to trust
the future to the force Of those causes but should
induce usrather to act at once and with vigor.
1t may happen that We cannot regain the
control Of the direct trade between Europe
and the United States, but there is an i'm.
mense field to be occupied upon the Pacific ocean
and in the South Atlantic England controls
the markets OF the world by controlling the chan
nes o. commnncation, ana am convinced tnat
ana manufacturing interests OF the country by the
increase OF our commercial marine. Merchants in
with which they have frequent and regular COM
muncation, and when such communication
oo the as
are no means OF comparison. Nor is there
opportunity for the advantages OF competition.
Hence a. great producing country can afford to
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 for
eIgn countries, represented by the returns made
to the statistical bureaus, are also unsa tlsactory.
From these returns it APPEARS that the imports Of
merchandise for the fiscal year ending June so,
1874 were S626 S9So77, and the exports, estimated
Is in some degree apparent rather than real. ON
the 3Oth OF June, lS71 the value OF goods remain
Of june 1872 it was s122, u 1895, showing an ex-
cess at the close Of the last fiscal year Of 1858 co.,
Deductng TINS excess we have balance based "a
SIPS 662,3s4. From this further reduction should
be made OF $685. s45 being the excess OF exports
there still remains an adverse balance or $6 $780,
Adverse balance has been met probably by freight
on merchandise carried in American vessels profits
ON exports made on account OF American mer.
chants and shippers, the sale OF bonds abroad and
investments In the United States by Inhabitants OF
ntrtn Thn oya<1fC
the year 1872 $13 933 less than for the year
1871. The exports Of wheat, wheat flour, raw cot
manufacturers OF leather, llumnat oil, and beef,
fell or $50 ,325, while there was gain OF
$6s,767,S92 in the exports OF corn, furs, hides,
lures OF iron, wood, leather and many minor arti-
ces. There was an Increase OF exports In every
branch OF manufactures except cotton, leather
and firearms. The decrease or our exports in
wheat and wheat hour was $12 200, raw cotton,
600; man u act cotton goo; gold
ssso 600, and beef $4,000, Ooo The statistics 81
$is, 600 600 in sugar nearly seOooOOo in tea nearly
49, 600 900 In tin plates, more than $17000,000 in
wSS &c son e Ds To !.
or cotton, $4000,000 In manufactures OF SILK and
about $7,000,0OO In manufactures OF WOOL These
legislation but rather because they exceptional
In character and not likely to be repeated.
THE UNITED STATES MINIS.
During the last year thorough examinations
have been made at the mint at Philadelphia and
OF the branch Mints at San Francisco and Carson
CITY. and exhaustive reports on the condition OF
each, and also upon several questions OF general
character connected with the Mint service, made
by DIR. Linderman and Professor Torrey, and to be
printed for the use OF the department and Con-
gress. From these reports II appears that the SER
years the commercial value OF silver has depre-
ciated about three per cent as compared with gold
and LIS use AZ currency has been discontinued by
Germany and some other Countries. The lnali-
cial condition OF the United States has pre-
vented the use Of silver as currency for
more than ten years, and I am OF opinion
that, upon grounds OF public policy, no
attempt should be made to Introduce 1t, but that
the coinage should be limited 10 commercial pur-
poses and designed exclusively for commercial uses