Wichita eagle., 1889-12-05
the last fiscal year was 81 .613. 1S7, 633, an In
crease over the preceding year of SS7.473,

crease over the preceding year of STATS
S43, and was greater than for any year
since 1881. OF this amount there was
| gold exported to the amount of $50, 952, 2S5;
the imports were $40, 2S4.858. This excess
of exports over imports of gold was mainly
| due to the increase of foreign travel on the
part of our people and the consequent for
eign increased demand for foreign ex-
| change. The total value Of exports
Of domestic merchandise was $3.50, 49,. 600.
An increase of SAG, Az. sos over the preced-
| ing year. The imports during the last
| fiscal year was the largest on the history
of our commerce, amounting to s!45. ISL, :
year 1885.
| MERCHANT MARINE.
| It is but few years since we stood first
among the nations in ship building and
were excelled only by Great Britain in the
| amount of our ocean tonnage.
! Now so tar as our foreign trade is con-
| cerned our ship yards are comparatively
silent and our flag has almost disappeared
| from the high seas. Once Is per cent of
| tonnage was carried by our own ships;
| now 81 per cent is carried in foreign
| bottoms. 5llen capital now levies
upon the people an annual tribute of
| s150,000,0v0 for freight and fares. Our
| farmers and mechanics are practically eX-
cluded from the markets of the world. An
| overwhelming public sentiment demands
that this humiliation and loss should
cease.
The report goes on to state various
amounts paid by foreign nations out Of
| their treasures to steamship companies
for mail contracts and subsidies while the
United States GaS utterly neglected and
abandoned her great foreign maritime in
| terests, even declining to pay fair rates for
services rendered by vessels of the United
| States, although congress had appropri-
ated money for the purpose.
| Fully convinced that American steam
| ship builders and owners can not uuaided
compete with the governments of Europe:
| that without proper aid and encourage
| ment from the United States, we
shall fail to retain the small amount of
| foreign trade that remains and that the
extension of our foreign trade is dependent
upon the restoration OF our merchant
| marine, | do no hesitate to recommend
| that liberal aud judicious aid and en-
enlargement be given for the construction
| or steam merchant vessels; that fair and
liberal rates be paid to American steamers
for transportation of mails to foreign
countries.
TRADE WITH AMERICAN NATIONS.
Excluding specie Mexico and estimat-
ing from the trade returns of the fiscal
year 1883, Mexico imported S43,3SO, 600; of
this amount came from the United States,
Sl9.OO0,O00; Central America sl4 SOC, OO0,
from the United States s., 592 Uo0; South
America 1864, $50, COS, from the United
States S29. $40, 227; West Indies s97, 5A. $50,
from the United States s., $685. l02; Brazil
81 ,335, &C. from the United States 81, 49,
00S; Argentine Republic $l13, 244,S sol, from
the United States S6,643, 553; Chill S62,-
6n, 1871, from the United States 81, 49,, 221.
SILVER COINAGE.
The continued coinage of the silver dol
lar at constantly increasing monthly
quota is disturbing element in the other
wise excellent financial condition of the
country and a positive hinderance to any
international agreement looking to a free
coinage Of both metals at a fixed ratio.
Since the passage of the act of February
%, 1884. there have been coined i3,63S, Col
silver dollars. To coin this amount of
money the purchase of 1896, $50. 416 standard
ounces of silver was required at cost of
$3.50, $50 ,633. On November l of the pres
eat year there were in circulation 60,09S,-
$50 silver dollars. the remainder, 2S3. 539,-
52l, being stored away in government
vaults, of which S377 3l9, 944 was covered by
outstanding certificates. The price of silver
on March /, 1878. was 81 1916 pence, on
June 80. 1888, 2.499 pence. The lower the
price of silver the greater the quantity
that must be purchased and the larger the
number Of silver dollars to be coined to
comply with the act of February Is, 1873
No proper effort has been spared to put
Into circulation the dollars coined under
this law. The stock Of these dollars which
can perform any useful function rs cir
culating medium must soon be leached il
it has not been already and the further
coinage and storage of them will
then become waste OF public money
and a burden upon the treasury.
In this country public sentiment
and commercial and industrial necessity
demand the joint use of both silver and
gold as money. With a stock of 343 63S,
coo silver dollars sharing equally with our
gold coins the function of full 'egal tender
money. and an annual product from our
mines approxImating $50, 900, 900 (coinlng
value), it would not be the wisesu policy to
discontinue the use of either metal as
money. Therefore the question is, ''how
shall we use both" Various solutions of
this problem have been proposed. among
which may be mentioned the following:
First, an international agreement liking a
ratio between silver and gold, and opening
the mines of the leading nations of
the world to the free coinage of both met
ais at the rate SO established second, the
policy OF purchasing and coming 100000
worth of silver per month; third, increased
coinage and purchase of silver TO the max
imum of 100000 per month, how au
thorized by law. Since March !, 1873,
there has been no contraction, but on the
contrary an expansion of our currency, as
appears from the following statement:
Total increase of circulation of ali kinds
has been S1l3, 916, 403, total decrease Sll4,-
To-, 2i0; net increase S599, 224, 1913. The
statement therefore, that this country is
suffering paralysis from severe contrac
ton does not seem to be sound; fourth, free
coinage of standard silver dollars; fifth,
the coinage of silver dollars containing
dollars worth of bullion; sixth. issue
certificates TO depositors of silver bullion
at the rate of one dollar for 4l21s grains of
standard silver.
The secretary recommends the following
measure: Issue treasury notes against
deposits of silver bullion at the market
price of silver when deposited payable on
demand in such quantities of silver bul-
lion as will equal in value. at the date of
presentation, the number of dollars eX-
pressed on the face of the notes at the
market price o. silver Cor in gold at
the option of the government or in silver
dollars at the option of the holder; repeal
the present features Of the present coinage
law Special attention is called to this
proposition by the secretary. The advant-
ages to he derived from such measure
are obvious.
The report then treats of the purchase of
silver, deposits of public money, the ma
tional bank system, immigration, the
Chinese exclusion act and ends with civil
service laws.
CAPITAL NOTES.
WASHINGTON, Dec. SENATOR Cockrell