The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-12-02

to foreign countries during the year ending June
30, 1854, was as follows:
Domestic merchandise ............... S724 96i 952
Foreign merchandise. dise...-.......-.-.... 15,54S,T57
Total merchandise e................ $40 513, ,GO9
Specie ..-.--..---.......-'.....-. g. 1883
Total exports of merchandise and
specie, 1907 .6i6,992
The cotton and cotton manufactures included
in this statement were valued at $20S 900.415,
the breadstuffs at $lG2 544 715 the provisions at
STA 416, 54I and the mineral oils at $47 l032 242
During the same period the imports were as fol
lows
Merchandise e..-......................$ .$667 697 G93
Gold and silver. ACKNOWLEDGEMENTS. 37426,262
Total. ......................S705, ,123, ,955
More than 63 per cent. of the entire value of
imported merchandise consisted of the following
articles:
Sugar and molasses. @103 sS4 PA
Wool and woolen manufactures. .,-,... 53542, ,292
silk and its manufactures. ........---.. 49949,12a
COtee 4J.GS6, ,I00
Iron and steel and manufactures there
Oh ACKNOWLEDGEMENTS. 4I,16l O99
Flax, hemp, jute and like substances '''''0'
and manufactures thereof. .......... 33,163. 1913
Cotton and manufactures of cotton. 30 154. .476
Hides and skins, other than fur skins. %, $50 906
TIE SILVER DOLLAR.
concur with the Secretary of the Treasury
in recommending the immediate suspension of
the coinage of silver dollars aud of the issuance
of silver certificates. This is matter to which,
in former communications, 1 have moro than
once invoked the attention of the national leg
islature. 1t appears that annually for the past
six years there have been coined, in compliance
with the requirements of the act of Feb 28
1878, more than twenty seven million silver dol
lars. The number outstanding is reported bv
the Secretary to be nearly one hundred and eighty
five million, whereof but little more than forty
million, or less than % per cent, are i'll actual
circulation. The mere existence of this fact
seems to me to furnish, of ITSELF cogent argt
ment for the repeal of the statute which has
made such fact possible; but there are other
and graver considerations that tend in the same
direction. The Secretary avows his conviction
that unless this coinage and the issuance of sill
yer certificates be suspended, silver is likely,
at no distant day, to become our sole metallic
standard. The commercial disturbance and the
impairment of national credit that would be thus
occasioned can scarcely be overestimated
l hope that the Secretarys suggestions re-
specting the withdrawal from circulation of ths
81 and So notes will receive your approval 1t is
likely that considerable portion of the silver
now incumbering the vaults of the Treasury
might thus find its way into the currency
While trade dollars have ceased, for the pres
ent at least to be an element of active disturb
ance in currency system, some provision
should be made for their surrender to the gov
ernment. In view of the circumstances under
which they were coined and of the fact that they
have never had a egal-t tender quality, there
should be offered for them only sllSht advance
over their bullion value.
The Secretary in the course of his report con.
siders the propriety of beautifying the designs
of subsidiary silver coins, and of 50 increas-
ing their weight that they may bear their due
ratio of value TO the standard dollar. His CON
clusions in this regard are cordially approred.
TAXATION AND FOREIGN CoMMERCB-
In my annual message of 1882 recommended
the abolition of all excise tariff except those re
lating to distilled spirits. This recommendation
is now renewed. In case these taxes shall bt.
abolished, the revenues that will still remain to
the government will, in my opinion not only
suffice to meet its reasonable expenditures, but
will afford surplus large enough permit such
tariff reduction as may seem TO be advisable
when the results Of the recent revenue laws and
commercial treaties shall have shown in what
quarters these reductions can be most iudiciously
effected
One of the gravest of the problems which ap-
peal to the wisdom of Congress for solution il,
the ascertainment of the most effective means Of
increasing our foreign trade, and thus relieving
the depression under which our industries are
now languishing. The Secretary Of ;he Treas
ury advises that the duty of investigating this
subject be lntrusted, in the first instance to a
competent commission. White fully recognizing
the considerations that may be urged against
this course, | am, nevertheless. of the opinion
that, upon the whole no other would be likely
to effect speedier or better results
That portion of the Secretary 5 report which
concerns the condition of our shipping interests
cannot fail to command your attention. He
emphatcally recommends that, incentive
to the investment of American capital in Amer
lean steamships. the government shah. by lib
eral payments for mail TRANSPORTATION or other
wise lend its active assistance to individual en-
terprise, and declares his belief that unless that
course be pursued our foreign carrying trade
must remain as it is today-almost exclusively
in the hands of foreigners One phase of this
c nNOrt pf-pt in Nlpxu ot
the repeal, by the act of June 26 1884,
OF all statutory provisions arbitrarily
compelling American vessels to carry the mails
TO and from the United States. As it is neees.
sary to make provision to compensate the owners
OF such vessels for performing that service after
April, 1882 it is hoped that the whole subject
will receive early consideration that will lead to
the enactment of such measures for the revival
of our merchant marine as the wisdom OF Con
greSs may devise.
The per cent bonds of the government,
to the amount of more than $lD0, 000, 900, have,
since my last annual message been redeemed
by the Treasury. The bonds of that issue still
outstanding amount TO little over 5000, 900 000
about one-fourth of which will be retired
through the operations OF the sinking fund dur
ing the coming year As these bonds still con-
tinue the chief basis for the circulation of the
national banks, the question how to avert the
contraction of the currency caused by their re-
tlrement is one OF constantly Increasing impor-
tance. 1t seems to be generally conceded that
the law governing this matter exacts from the
banks excessive security. and that, upon their
present bond deposits larger circulation than
is now allowed may he granted with safety. |
hope that the bill which passed the Senate at
the last session, permitting the issue OF notes
equal to the face value of deposited bonds, will
commend itself to the approval of the House Of
Representatives.
Condition of the Departments
In the expenses of the War Department the
Secretary reports decrease of more than So
600 00o of which reduction s5, GOO 900 was effect.
ed in the expenditures for rivers and harbors,