, 1872-12-03

Since tho institution of the sinking fund in 1869 and
in accordance with act Of Feb 25 1862 there las peen
30 1872 $685. 900 in bonds Of the various issues
known as sos, at net cost, In gold Of S94
In addition to these purchases for s1nkng a IunaS
$780, st net cost in currency Of $195 or an
estimated cost, in gold, of The cost Of
these bonds estimated in god bas Vnried from g. Per
100 9os per 100; the most recent purchase being
ut the rate Of 1856 per 10o The average cost IN gold
Of the whole amount Of the purchased nP to and H.
cIudng the Last day OF September was 9464 per 10o
In this connection would call attention to the yari-
GUS tables accompanying this report, which furnish
elaborate details Of the money operations ana accounts
Of the Government.
OUR CARRYING TRADE.
The condition Of our carrying trade with foreign
countries is always subject Ct interest ana 81 Tue
ports and exports Of the United States, e1clu-
ding gold md silver, amounted to 1o1o 81 l63 for
the fiscal year ending June &c. 1872 and Of this vast
trade only 2sE per cent in American resse1s. In
the year 1860 nearly Il cent Of our foreign CON-
was sin in a but tS3 and IN naa tafn n
less than 80 per cent The earnings ot vessels
in the foreign carrying trade probably exceed $780,
oooooo year q which less than onethro 1s earned
under our own flag.
The acts Of Congress allowing drawback On Tor
egn articles used in the construction Ct american
but T am Of opinion that the measure Is entirely
Inadequate When we cansider that nearly three
der foreign ags It il plain that there be con-
siderable and speedy change unless the Government
shall act ut once and In noera1 anu COMPREHENSIVE
spirit.
The rso in the price OF iron and the advance in the
wages Of labor in England during the past
States; but this advantage due to national causes
should not lead us to trust the future to the force OF
those causes but .nd should 1h ndses us rather
] eoaEro Of the direct trade betTsen Europe and The
cuped upon the Pacific Ocean, and in the South At
lanic. England controls the markets Of the world BY
controlling the channels Of communication.
am Convinced that wonderful impetus win be
given to agricultural and manufacturing interests
ct the country by the increase Of our commercial
marine Merchants in distant countries must pur.
and regular communication, and when such comuaun-
cation exists With one country , only, tue
there Of comparison nor is there oppor-
tunity for the advantages Of competition, Hence
great producing country can afford to establish and
maintain lines Of steamships upon the ocean as the in
direct benefits will much exceed the cost,
QUE FOREIGN COMMERCE
The details Of our trade with foreign countries as
pears that the imports Of merchandise for the isea
year ending June 80 sS we're az M ana snn ,ne
Ing balance against the country
Of This balance is in some degree ssp sp
the m va valuo e Of goods remaining in warehouse was
s68, ,a24 659, willie the aoth Of june, 1872 It vas
@ 6 w !; an ea edte At t6s eias e O.
we have balance based upon the actual consumption
Of the country of Fl y, a ehH hs 1ares ts
excess Of exports over the imports Of gold. After
these deductions, there still remains an adverse bal
ance Of s62, ,s2s, $50.
The adverse balance has been met, probably, By
freight merchandise carried in American Vesaels
profits exports made on account Of American 1ner
ehants and shippers tho sale OF bonds abroad ana n
Vestuents in the United States by the inhabitants OF
other countries.
The exports Of merchandise for the year 1872 were
wheat, -four, cotton, cotton manufaeturea gold
and silver, firearms, manufactures Of LEATHER ilum
nane Oh and beef te of 81 while ni5s s
bacon, hams. lard, leaf tobacco, manufactures
an of e1ors enp y
manufactures except cotton, leather, and firearms
The decrease Of our exports in wheat md wheat
0oo: firearms l2o00, boo manufactures Of leather
$Soo, ,ooo illuminating oils, sa,5oo,ooo; and beef,
The statistics Of imports show an increase of $780,
9 IN n coss y SG 5SS GOO in nearly
ST. ooo 600 in raw wool $40 oooo oo0in pig iron s1o-
100000 in manufactured Of iron; s5oooo5o in manu-
and about $, ,o4o, Il MANUFACTURING Of WOOL The
satiscs not presented aordng basis tor leg
ialahon, but rather because they exceptiopnl in
| character, and not likely to be repeated.
] During the last year thorough examinations have
Deen made Of the Mint at Philadelphia, and Of the
Branch Mints at San francisco and Carson Cty md
exhaustive reports On the condition Of each, and also
upon several questions Of general character connect
ed with the mint service, were made by Dr. Lndcuan
and Professor Torry and to be printed for tho use
Of the Department and Congress. From these reports
It appears that the service is in satisfactory cond
| Hon.
In the last ten years the commercial value Of silver
has depreciated about per cent compared with
god and its currency has been discontinued by
| Germany aud other countries. The financial
condition Of the United States has prevented the
Of silver currency for more than ten years, and
Of the opinion that, upon grounds Of public pol
fcy no attempt should pe made to introduce it. but
that the coinage should be limited to commercial pur-
poses and designed exclusively for commercial uses
| with other nations.
| The intrinsic value Of metallic currency ehould
correspond to its commercial value, or the metal
should be used only for the connge of tokens redees-
! bic by The Government st their nominal value. As
the depreciation Of silver 1s likely to continue 1t ts t
possible to issue coin redeeaable in gold without u
mats loss to the Government for, when the difference
become considerable, holders will present the silver for
redemption and leave it In the AandR uf the Goveru-
| u1ent to be disposed Of subsequently,