Morning journal and courier., 1890-12-02

larger and better markets for our bread
stuffs and provisions, both at home and
abroad; more constant employment and
better wages for our working people and
an immense supply Of safe currency for
the transaction of business, I do not
doubt. Some of these measures were en-
acted at SO late period that the beneficial
contemplation of congress have as yet but
partially manifested themselves. The gen
eral trade and industrial condition through
out the country during the year have
showed marked improvement. Formany
years prior to 1888 the merchandise bal
ances of foreign trade had been largely in
our favor, but during that year and the
year following they turned against us. 1
THE BUSINESS SITUATION. \
It is very gratifying to know that the
last fiscal year again shows balance in
our favor Of over sixty-eight millions The
bank clearings, which furnish a good test
of the volume of business transacted for
the first ten months of the year, 1890,
show, as compared with the same months
of 1890, an increase for the whole country
of about 8.4 per cent, while the increase
outside of the city Of New York was over.
ID per cent. During the month of Octo-
Der the clearings of the whole country
showed an increase of 81 per cent. over
October, 1889, while outside of New York
the increase was II per cent. These fig.
ures show that the increase in the volume
Of business was very general throughout.
the country. That this large business was
being conducted upon safe and profitable
basis is shown by the fact that there were
three hundred less failures reported in
October, 1890, than in the same month Of
the preceding year with liabilities dimin-
ished about 5000, 900.
Tho value of our exports of domestic
merchandise during the last year was over
$115, 000, 900 greater than the preceding
year and was only exceeded once in our
history. About $3.50, 900, 900 of this excess
was in agricultural products. The pro-
duction of pig iron, always a good gauge
Of general prosperity, is shown by recent
census bulletin to have been 1853 per cent.
greater in 1890 than in 1880, and the pro-
duction of steel 800 per cent. greater. Min
ing in coal has no Limitation except that
resulting from deficient transportation.
The general testimony is that labor is
everywhere fully employed, and the re-
of employees affected by strikes and lock-
outs than in any year since 1884.
The depression in prices of agricultural
products has been greatly relieved, and a
buoyant and hopeful tone was beginning to
be felt by all our people. These promis-
ing influences have been in some degree
checked by the surprising and very un-
favorable monetary events which have
recently taken place in England. It is
gratifying to know that those did not
grow in any degree out of the financial re-
lations of London with our people or out
of any discredit attached to our securities
hall ~, fhof Iro& IL of
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 extraordinary Incl
dents as characterized this. It is not be-
lieved, however, that these civil incidents,
which have for the time unfavorably af-
fected values in this country, can long
Withstand the strong, safe and wholesome
influences which are operating to give our
people profitable returns in all branches OF
legitimate trade and industry.
THE TARIFF.
The apprehension that our tariff NAV
again and at once be subjected to impor-
tant general changes would undoubtedly
add depressing influence of the most Sc
rieus character. The general tariff act has
only partially gone into operation, some OF
its important 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
effects upon trade and prices still largely
stand in conjecture. 1t is curious to note
that the advance in the articles wholly un.
affected by the tariff act was by many
heartily ascribed to that act Notice was
taken of the fact that the general tendency
of the markets was upward, from infiu.
ences wholly apart from the recent tariff
| legislation. The enlargement of our cur.
| rency by the silver bill undoubtedly gave
an upward tendency to trade and had a
marked effect on prices, but this natural
and desired effect of the 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 re-
vision should be again opened before this
law has had fair trial. It is quite true
that every tariff schedule is subject to OBJ
lection. No bill was ever framed, ! suppose,
that in all of it's rates and classifcations
had the full approval of even party eau.
Gus. Such legislation is always and neces-
sarily the product of compromise as to de-
tails, and the present law is no exception.
But in its general scope and effect it will
justify the support of those who think
American legislation should conserve and
defend American trade and the wages Of
American workmen.
The misinformation as to the terms of
the acts which has been so widely dissent
mated at home and abroad will be corrected
by experience and the evil auguries as to
its result, COMPOUNDED by the market re-
ports, the savings banks, international
trade balance and the general prosperity
of our people. Already we begin to hear
from abroad and from our custom houses
that the prohibitory effect upon importa-
ton imputed to the act is not justified.
The imports at the port of New York for
the first three weeks of November were
nearly 8 per cent. greater than for the same
period in 1889 and 80 per cent greater than
in the same period in 1888; and so far from
being an act to limit exports, confidently
believe that under it we shall secure larger
and more profitable participation in foreign
trade than we have ever enjoyed, and that
we shall recover proportionate participa-
ton in the ocean carrying trade of the
world.
The criticisms of the bill that have come
to us from foreign countries may well be
rejected for repugnances. If these critics
really believe that the adoption by us of a
free trade policy, or Of tariff rates having
relation solely to revenue, would diminish
the participation Of their own countries in
the commerce Of the world, their advocacy
and promotion by speech and other forms
of organized effort of this movement
among,,our people is an exhibition of unsef-
ishness in trade. On the other hand, I
very sincerely believe that the adoption Of
protective tariff policy by this country
inures to our profit and their hurt. 1t is
noticeably strange that they should lead
the outcry against the authors Of a policy
so helpful to their countrymen and crown
with favor those who would snatch from
them substantial share of the trade with
other lands already inadequate to our
necessities There is no disposition among
any of our people to promote prohibitory
or retaliatory legislation. Our policies 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 it's Incl
dent of universal suffrage, makes it imper-
alive that we save our working people from
agitation and distresses which scant work
and wages that have no margin for COM
fort always beget. But after all this is
done it will be found that our markets are
open to friendly commercial exchanges Of
enormous value to the other powers. From
the time of my induction into office, the
duty Of using every power and influence