, 1890-12-04

has, so far us | can learn. been executed
by those having the power OF appoint
ment In the classified service with hdel-
ity and impartiality, and the service has
been increasing satisfactorily. Tho re
port of the commission shows large
amount of good work done during the
year with very limited appropriation
==a=aa=-
New Economic Legislation.
| congratulate the congress and the
country upon the passage at the hrst
session of the Fifty-iirst congress of eco
nomic laws OF very hugo Importance.
That tho results of this legislation will
be tho quckening and enlargement OF
our manufacturing interests, larger and
better markets for our btoadstutls and
provisions both at homo and abroad,
constant employment and better wages
for our working people and an increased
supply of safe currency for the transac-
ton of business, do not doubt Some
OF these measures were enacted at so
late periol that the beneficial results
upon commerce which were In contem'
plation by congress have as yet but pa-'
italy manifested themselves.
The general trade and industrial con
ditiun throughout the country during
the year have shown marked improve
ment. For many years prior TO 1883,
| tho merchandise balances had been
| largely in our favor, but during that
| year and The year following they turned
against us. 1t Is very gratifying to know
that theiast fiscal year shows balance
| in our favor of SOS, 900 900. The bank
clearings, which furnish good showing
! for the volume of business transacted
for the first ten months OF the year OF
| 1880, show, as com pared with the same
months of 1850 an increase for the
whole country of about S.i per cent,
while the increase outside of tho city
of New York was over l3 por cent.
| During the month OF OCTOBER
the clearings of the whole
country showed an increase Of 81 per
cent. over October. 1850, while outside
OF New York the increase was Ia per
cent. These figures show that the in
crease in the volume of business was
very general throughout the country.
! That this larger Increase was being con
| Quoted upon safe and profitable basis
is shown 10y the fact that there were
thirty less failures reported in October,
| loOD than in the same month of the pre-.
| Ceding year, with Liabilities diminished
| by about 81, j,0OOO0O.
The value OF our exports of domestic
merchandise during last year was over
Sll5, 900. 900 greater than the preceding
| year, and was exceeded only once in our
| history. About SlOO, 100000 of this ex-
cess was In agricultural products. The
production OF pig iron, always n good
gauge of general prosperity as shown by
"a recent census bulletin, has cen 1853
per cent greater in 1880 than in 1880 and
the production of steel 200 per cent.
greater.
Mining in coal has had no limitation
except that resulting from a lack OF
| transportation. The general testimony
| is that labor is everywhere fully en-
ployed, and the reports for the last year
| show smaller number of employees
| affected by strikes and lockouts than in
any year since 1891. The depression in
the prices Of agricultural products has
been greatly relieved, and u buoyant,
hopeful spirit is beginning to be felt by
all our people. These promising in
| tluences have been in some degree
checked by the surprising and very un-
| favorable monetary events which have
recently taken place in England. Ii is
| gratifying to know that this did not
grow in any degree out of the financial
Citations of London with our people,
nor out of any discredit attached to our
securities held in that market.
The return OF our bonds ana stocks was
caused by money strlngency In En-
| gland, not by any loss OF value or credit
in the securities themselves. We could
not, however, wholly escape the i'll ef-
fects OF II foreign money agitation, ac-
companied by such incidents as charac-
terizcd this. 1t Is not believed, how
ever that these evil incidents which
have for the time, uuGavOrably affected
| values in this country, can long with
stand the strong safe and wholesome in
| iluenccs which urt operating to give our
people profitable returns in all branches
Of legitimate trade and industry.