Fergus County argus., 1890-12-11

the Fifty-first congress of an unusual num-
ber of laws Of very huge Importance. That
the results of this legislation will be the
| quickening and enlargement. of our manu-
| featuring industries. larger and better mar
kets for our breadstuffs and provisions
both at home and abroad, more constant
employment and better wages for our work
ing people, and an increased supply of a
| safe currency for the transaction of bust
| ness, do not doubt. Some of these meas
ures were enacted at 50 late period that
the beneficial effects upon commerce which
were in contemplate of congress have as
vet but partially ma-iifested themselves
The general trade and industrial conditions
throughout the country during the year
have shown marked improvement.
For many years prior to 1888 the
merchandise balances had been largely in
| our favor; but during that year and the
year following they turned against us. Ii
is very gratifying to know that .he last
| fiscal. wear shows q balance in our favor of
| StiS,UOO.OOO. The bank clearings. which
| furnish good list of the volume Of bust
ness transacted for the first ten months of
| the year 1s.,O, show. as compared with the
| same months of 1859, an increase for the
| whole country of about 81 per cent, while
| the increase outside OF the city of New
York was over l.: per cent. During the
month of October the clearinRs of the
whole country showed an increase Of 81 per
cent. over October. 1859, while outside of
New York the increase WAS 11la per cent.
These figures show that the increase in the
volume Of business was very general
throughout the country. That this larger
business was being conducted upon Ia safe
and profitable basis il shown by the fact
that there we're thirty less failures reported
in October. 1850, than in the same month of
the preceding year, with liabilities dimin-
ished by about x5,UO,OW.
The value of our exports Of domestic
merchandise during the last year was over
$ll5,OO,OOO greater than the preceding year,
and was only exceeded once in our history.
Abc ut SlOuUUO.0UO of this excess was in ag-
ricultural products. The production of pig
iron-aiways good gauge of general pros
perity-is shown by recent census bulletin
to have been LIB per cent. greater in 1s9O
than in 1850, and the production of steel
2.U-per cent. greater. Mining III coal has
had no limitation except that resulting
from the effect of transportation. The gem
eral testimony is that labor is everywhere
fully employed, and the reports for the last
year show a smaller number of employees
affected by strikes and lockouts than in any
year since 1854.
The depression in the prices OF avricul-
tural products had been greatly relieved
and buoyant hopeful was beginning to be
felt by all our people. These promising in
1uences have been in some degree checked
by the surprising and very unfavorable
taken place in England. 1t is gratifying to
know this did not grow in any degree out
Of the financial relations of London with
our people, or out of any discredit attached
to our securities held in that market. The
return Of our bonds and stocks was caused
by money stringency in England: not by
any loss Of value or credit in the securities
themselves. We could not. however,
wholly escape the i'll effects of foreign
monetary agitation accompanied by such
incidents as characterized this. 1t IS not
believed, however, that these evil incidents
which have for the time unfavorably affected
values in this country, can long withstand
| the strong, safe and wholesome
influences which are operating to give to
our people profitable returns in all branches
| of legitimate trade and industry. The ap-
prehension that our tariff may again and at
once be subjected to important general
changes would undoubtedly add depress-
ing influence of the most serious char
| acter. The general tariff act has only par
TALLY gone into effect, some of its import
ant provisions being limited to take effect
at dates yet in the future. The general
provisions of the law have been in force
less than sixty days. Its permanent effect
upon trade and prices still largely stands
in conjecture. 1t is curious to note that
the advance in the prices of articles wholly
u0aueCteu Dy the tAIlli uct. WIS ny uittly
hastily ascribed to that act. and notice was
not taken of the fact that the general ten
dency of the markets was upward from in
fuences wholly apart from the recent tariff
legislation.
The enlargement of our currency by the
silver bill gave an upward tendency to, and
had marked effect on prices, but this nat
ural and desired effect of silver legislation
was by many enormously attributed to the
tariff act. There is neither wisdom nor
justice in the suggestion that the subject
of tariff shall be opened before this law has
had fair trial. II is quite AS true that
every tariff schedule is subject to OBJ
jections. No bill was ever framed. sup
pose. that in all of its rates and classifica
tions had the full approval of party
caucus. Such registi ations always and
necessarily are the product of compromise.
As to the details, the present law Is no ex-
ception-but in its general scope and effect
it will justify the support Of those who be-
lieve that American legislation should con-
serve and defend American trade and the
wages Of American workmen. The mis-
information as to the terms of the
disseminated at home and abroad. will be
corrected by experience and the evil
auguries as to its results confounded BY the
market reports. the savings bank, interna-
tional trade balances. and the general pros
perity of our people. Already We beIin to
hear from abroad and from our custom
houses that the prohibitory effect upon
importations imputed to the act is not
justified. The imports at the port of New
York for the first three weeks Of November
were nearly eight per cent. greater than for
the same period in 1889, and - per cent.
greater than for the same period of lssS.
and SO far from being an net t. limit 1t we
shall secure larger and IaOre profitable
participation in foreign trade than We have
ever enjoyed, and that we shall recover
proportiOnate participation in the ocean
carrying trade Of the world.
Criticisms of the bill which have come to
Us from foreign sources may we'll be reject
ed for repugnancy. Ii these critics really
believe that the adoption by US of free
trade policy or of tariff rates having refer
ence solely to revenue, would dimish the
participation of their own countries in the
commerce of the world. their advocacy and
the promotion by speech and other forms
Of organized effort of this movement among
our own people is rare exhibition OF un-
selishness In trade; and ON the other hand,
if they sincerely believe that the adoption
of n protective tariff policy by this country
will insure to their profit and our hurt, II
ia noticeably strange that they should lead
the outcrv against the authors of a policy
90 hopeful to their countrymen, and crown
with their favor those who would snatch
| from them substantial share of the trade
with other lands, already inadequate to
| their necessities. There IL no disposition
among any of our people to promote pro-
hibitory or retaliatory legislation. Dur pol
| icies are adopted, not to the hurt of Others,
| but to secure for ourselves those advantages
that fairly grow out of our favored position
as a nation. Our form of government,
with its incident of universal suffrage.
makes it imperative that we shall save our
working people from the agitation and dis
tresses which scant work that has no mar
gin for comfort always begets. But after all
this is done it will be found that our mar
kets are open to friendly commercial ex-
change of enormous value to other great
powers.
From the time of my induction into Of