The Portland daily press., 1884-12-02
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Manufactured. ...................... 431 ,92I ,76l
1otal.......'.. ..,.....-........ 1867 ,697, 693
Our imports were s9,651 OS0 less during the
quarter which ended Sept. 30, 1884 than they
were during the cOrrespol ding quarter Of 1888 and
our exports S7,132, $50.
Protective duties were undoubtedly needed to in
ducs investment In cotton iron and woolen mills
and what not In the various lines Of our mannfac-
turing industry. Whether or not protection has
been extended teo long too far, and to what ex-
lent II now stands in the way Of other great inter-
ests, are questions that can only be settled by full
investigation Government aid is now needed to in
duee Investment in shipping. To what extent and
for what period this aid should be granted must be
settled ia the same way.
THE PUBLIC DEBT AND THE CONDITION OF THE
TREASURY.
The Secretary congratuIates the country ON the
great reduction of the public debt. He shows that
IN August. 1865, the debt reached the highest
point, 81 755, ,431 81 1.59 and that the annual in
terest charge was $3.50 977 697 87 AID the ave.
age rate pad 6.34. Nov. 1865 the indebtedness
OF the nation was 50 484. 1856 55 ss2, aud the ar
h1at interest," charge Was $Iz6. .4O8 .343, and the
average rate per cent was 5.8 Nov /, 1884 the
net pub 10 debt was 81, ,4O8, ,4S2 94S SO. The an
anai interest charge was $s7 32s, ,ss1 80, and the
THE SILVER COINAGE.
The Secretary expresses the opinion that yre ara
incurring great risk in continuing tn coinaae Of
tne slvsr dollar and in the continued issue of silver
certificates. On this point he says:
After giving the subject careful consideration. I
nave been forced to the conclusion that uness both
INC VI silver QOlldrS and the asua
CERTIFICATES are suspended there is danger that all
yer, and not gold, may become our metallic stand
srd Not only would the national credit be serious
~ impaired If the government should be under tha
necessity OF using silver collars or Certificates In
payment of gold obligations. but business Of All
i mus you'd be greatly disturbei not only but
go'a would at once cease to be circulating medium
and severe contraction would be the result
IL the coinage OF silver Is continued In despite Of
sos acslon OF Germany in demonetzing it aud the
limitation OF its eoinage by what are known ss the
Latin nations, there DO bat one result esl Yer
Slli practically become the standard Of vaius Our
mlnes produce produce large amounts Of silver
and it is important therefore that tbere
should DO good demand far IL at refnn
Tetauye prices for the OUTLAWS in obtaining a.
ine suspension Of its c8iasge might depress
the market price of silver ror q time bur tba uiti
mate effect would doubtless be to enhance il. The
Rro1uce9e sou Is diminishing that OF silver has
PrAeelcally reached ito maximum, aod there are
strong indications that from this time the Weld Of
oltn soiu and silver mines will speedily decline At
tne same time the demand or both Tor COINAGE and
In manufactures viii increase The very nscessi
ties OF ths commercial worli will prevent General
ana continued dsuse OF either as money. Ihs Euro
PeAn nAuons winch hold large amounts Of silver
must sooner or later come to its rescue and the
suspension of coinage IN the United States ycorld
90 much 70 bring about ON their part action in its
1aVer But Whatever might be the effect of the sus-
pension OF tho coinage upon the commercial value
OF silver 1t is very clear hat the coinage cannot ia
continued without detrimeat TO general busnsss
and danger to the national credit. eS''' '~''A's9
he suggests he retiring Of the one dollar
and two dollar notes in order to get silver into cir
II
lar at a small advance oVor heir bnliioa yalne
II necessary, in order that they NAV be recsived
as part Of the So, 100000 per month. He sue-
gests the recoinage Of our subsidiary silver with
new AID more artistic designs Silver certideares
have increased $31 ,977, $3.50 daring the pssf wear
and sl1 loz,6Oo more are il circulation now than
= year age.
OUR SHIPPING INTERESTS
After discussing ~ some length th causes of the
dec inc OF our shipping interests the Secretarv ar
presses the following opinions:
First. hat without Government aid to United
States steamship lines tho fsreign carrying trade
will remain In the hands Of foreigners
Second. That AS We ought to have an iuterest in
ING business Whicn we create, and a. the restora-
ton ot our shipping interest Is important il not es
sential 10 the extension of our foreign trade sub
sides in the form of liberal payments for tha
transportation OF mails or in some other forms
OF capital in steamships.
The amount of necessary aid would be insigpis
cant In comparison with what has been granted to
manufacturers by protsctive dutiss and notbinO
would De paid until the services we're rendered ~
the subject were investigated it would be- fonnd
tnat All the European steamship hnes that led the
way Ia tne great traffic by steam power have re
eeived Government aid. 1t is admitted that ali
protective duties and subsidies are iueopsisteat
Win tne teschlngs OF political economy, but true as
these teachings may be in the ABSTRACT they are
oisregarded by all nations when they stand in the
way Of welfare No rules are equally applicable to
stages OF its growth.
NATIONAL BANKS
Inc secretary calls attention to the fact that
M b.
45z during the year, and S35, ,005.65 In TWO yesrs
In regard 70 the relief necessary he says:
Among the measures Of relief recommended In
the last report were an increase of the issue OF
notes to the face value Of the bonds deposited a
biil to authorize which passed the Senate du ing
the last session OF Congress- the acceptance of the
800 per GEM. bonds of 1924 Of the Distrtet IN
Columbia. the payment of which is guaranteed Nv
the United States; and repeal of the tax on cir
culation. earnestly commend these propo-itionz
to the wisdom of Congress, believing thar n
adopted, they will enable banks which now con-
template surrender Of their circulation in conse
qusnce OF the calling of their per cent bonds n,
maintain 1t on the long time bonds with a small
profit. or at least without loss '-N''AA
Inasmuch as about $135 .0JO, 900 of the circuIa-
tlon OF oauks is based upon our per ceut bonds
.. Wulcn are nov redeemaole and being rapidly re-.
deaneu, remedial action cannot be postponed bs
yond the present session If a rapid reduction of onr
nank- note circulation is to be avoided. The suh-
lect Is nery important one, and should receive
dhese, however, would be measures of tsmporarv
re1et only. Something more must be done if ~,
system is to be established on permanent basis .
1he Secretary concludes this topic wi b the rs-
max that the preservation of the netional bankiny
system is a matter OF national Importance: its as
continuance would be anational calamity.