The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1884-12-06

THE VALUE OF EXPORTS
from the United State, u foreign countries
during the year end ne June 30, 1884, was as
follows:
= Domestic merchandise ......... 1924, Gs64, $50
!, Foreign m rchan,lise. ........... l5,5+S, Isl
Total merchandise. $40 BIB, f0G
Specie. Observation-Disclosures. 81. l33, 3Ss
Total exports OF merchandise
and specie. ..SSO7, GAG, 30.
The cotton and the cotton manufactures
included in this statement were valued at
sos, 800, 4l5, the br adstufs at 8l62, IA, 7la
the provisions at lI,4l6, SAT, and the min
eral oils at SAT, l03, PAS.
IMPORTS.
During the sam, period the Imports were
as follows: Merchandise, S667, G97 ,693; gold
and silver, S37, 42', 1852; total, $705, 1873 9a
More than 63 per cent OF the entire value
OF imported merchandise consisted of the
following articles: Sugar and molasses,
sos, M 214; wool and wooden manufac.
lures, $50, 40, 2y2; silk and its manufac
lures, S49, 949, l2S; COFFEE, S49,6S6, 705; iron
and steel and manufactures thereof, Sal,
GA, 800; chemicals, SIS, 464, 965; flax. hemp,
Jlte and like substances and man ,ctnres
thereof, S3S 463, S9S; cotton and manufac
lures, $50 454, 478; hides and skins other
than fur skins, 81, S5O,9O6.
THE SILVER COINAGE.
concur with the Secretary of the Treas.
ury in recommending the immediate SuS-
pension OF the coinage OF silver dollars and
the issue OF silver certificates. This Is q
matter to which in former communications
ton OF the national legislature. 1t appears
that annually for the past six years there
have been coined, in compliance with the
| requirements Of the act of February IS
1878 more than twenty-seven million silver
dollars. The number now outstanding is
hundred and eighty-6ve millions, whereof
but little more than forty millions, OF less
than % per cent are In actual circulation.
The mere existence of this fact seems to
me to furnish of itself cogent argument
for the repeal of the statute which has
made such fact possible, but there are other
and graver consideration that tend in the
same direction. The Secretary avows his
conviction that unless this coinage and the
issuance of silver certificates be suspended,
silver is likely at no distant day to become
our sole metallic standard. The CONNER
cial disturbance and the impairment of ma
tiOnal credit that would be thus OccaSoned
can scarcely be over-estimated. hope that
the Secretary's suggestions respecting the
withdrawal from circulation of the 81 and
S2nOteS will receive your approval. 1t is
likely that considerable portion of the
silver now encumbering the vaults of the
Treasury might thus find Its way into the
currency. While trade-dollars have ceased
for the present at least to be an element of
active disturbance in our currency system,
some provision should be made for their
surrender to the Government. In view of
the circumstances under which they were
coined, and of the fact that they have never
had legal-tender quality there should be
offered for them only q slight advance over
tEeir bullion value. The Secretary, in the
course of his report, considers the prOpri-
ETY. of identifying the designs of our sub
sidiary silver coins, and of so increasing
their weight that they may bear their due
ratio of value of the standard dollar. His
conclusions in this regard are cordially APP
proved.
INTERNAL REVENUE TAXES.
In my annual message of 1889, recon-
mended the abolition Of all excise taxes ex-
cept those relating to distilled spirits. This
recommendation is now renewed. In case
these taxes shall be abolished, the revenues
that will still remain to the Government
will, in my opinion, not only suffice Omeet
its reasonable expenditures, but will afford
surplus large enough to permit such tariff
reductions as may seem to be advisable
when the results of recent revenue laws
and commercial treaties shall have shown
in what quarters these reductions can be
most judiciouSy effected.
OUR FOREIGN TRADE.
One of the gravest of the problems which |
appeal to the wisdom of Congress for sOlu-
ton is the ascertainment of the most effect !
i've means of increasing our foreign trade
and thus relieving the depression under |
which our industries are now languishing. !
The Secretary OF the Treasury advises that |
the duty of investigating this subject be III !
trusted in the first instance to a competent !
commission. While fully recognizing the |
that may be urged against !
this course, am nevertheless of the opin-
ion that, upon the whole, no other would be
likely to atfec. speedier or better results.
SHIPPING INTERESTS.
That portion of the Secretary's report
which concerns the condition of our ship
ping interests can not fail to command your
attention. He emphatically recommends
that as an incentive to the investment of
American capital in Am nrican steamships.
the Government shall by liberal pay ments
for mail transportation. or otherwise lend
its active assistance to individul enterprise,
and declares his belief that unless that
course be pursued our foreign carrying trade
must remain as ii iS-almOSt exclusively in
the hands Of foreigners. One phase of this
subject is now especially prominent, in
view of the repeal by the act of June %,
1884, OF all salutary provisions arbitrarily
American vessels to carry the
mails to and from the United States. AS it
is necessary to make provision to compen-
safe the owners of such vessels for perform
ing that service after April, 1885, il is hoped
that the whole subject will receive early
that will lead to the enact
ment of such measures for the. revival of
our merchant marine as the wisdom Of
Congress may devise
THE NATIONAL BANKS.
The 3 per cent. bonds of the Govern
ment, to the amount of more than
Sl00, 600, 900 have, since my last annual
been redeemed by the Treas
ury. The bonds of that issue still out
amount to little over S20O,C00,
900, about one-fourth of which will be
retired through the operations of the
fund during the coming year.
As the bonds still continue the chief
basis for the circulation of the national
banks, the question how to avert the
contraction of the currency caused by
their retirement is one OF constantly
Importance.
1t seems TO be generally conceded
that the law governing this matter ex-
acts from the banks excessive security,
and that upon their present bond-de-