Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1890-12-12

| Of foreign trade had been largely in our ia
vor, but during that year and the year fol-
| lowing they turned against Us. 1t IS very
| gratifying to know that the last fiscal year
| again shows a balance in our favor
| OF over $6S. O0O, 600. The hank clear
| the volume OF business transacted. for
| the first ten months of the year 1890 show, as
compared with the same months Of 1889, an
| increase for the whole country of about : Il
| per cent, while the increase outside the t:'y
| of New York was over Is per cent. During
i the month of October the clearings OF :ne
whole country showed an increase of 3. l per
cent. over October, 1889 while outside OF New
| York the increase was IL 4 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 a safe and profitable
basis is shown by the fact that there were
800 less failures reported in October 1890
than In the same month OF the preceding
year, with liabilities diminished by about
$50. 900, 900.
INCREASE IN EXPORTS.
The value of our exports OF domestic mer-
chandise during the last year was over Sll5,-
600 600 greater than the preceding year, and
was only exceeded once in our history. About
800, 900, 900 of this excess was in agricultural
products. The production OF pig iron
always good gauge of general prosperity
Is shown by a recent census bulletin
to have been 153 per cent greater in
1890 than in 1880, and the production
of steel 800 per cent. greater. Mining
in coal has had no limitation except that re-
sulting from deficient transportation. The
general testimony is that labor is evarywhere
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 1884 The depression in the prices
of agricultural products had been greatly
lieved, and buOyant and hopeful tone was
beginning to be felt by all our people.
These promising influences have been in
some degree checked by the surprising
and very unfavorable monetary events which
have recently taken place in England. 1t is
gratifying to know that these did not grow
in any degree out of the financial relations of
London with our people, or out of any dis
credit attached to our securities held in that
market. The return OF our bonds
and stocks caused by a 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 a foreign monetary agitation &C
companied by such extraordinary incidents
as characterized this. It is not believed,
however, that these evil 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 to our
people profitable returns in all branches of
hension that our tariff may again and at
once be subjected to important general
changes would undoubtedly add a depress-
ing influence of the most serious character.
THE NEW TARIFF
The General Tariff act has only partially
gone into operation, some of its important
provisions being limited to take effect at
dates vet in the future. The general pro-
visions of the law have been in force less than
sixty days. It's permanent effects upon
trade and prices still largely stand in con-
lecture. It is curious to note that the
advance in the prices of articles wholly
unaffected by the Tariff act was by many
hastily ascribed to that act. Notice was not
taken of the fact that tbs general tendency
of the markets was upward from influences
wholly apart from the recent tariff legiSla-
ton. The enlargement OF our currency by
the Silver bill undoubtedly gave an upward
tendency to trade and had marked effect
on prices but this natural and desired effect
of the silver legislation was by many erro-
neously attributed to the Tariff act
There is neither wisdom justice in the
suggestion that the subject of tariff revision
shall be again opened before this law has had
a fair trial 1t is quite true that every tariff
schedule is subject to objections No bill was
ever framed, suppose that in all of its rates
and classifcations had the full approval even
Of a party caucus.
Such legislation is always AMI necessarily
the product of compromise as to details, and
the present law is no exception. But in its
general scope and effect think it will Justify
the support of those who believe that Ameri-
can legislation should conserve and defend
American trade and the wages of American
WOrkmen.
The transformation as to the terms of the
act which has been so widely disseminated at
home and abroad will be corrected be expert
ence, and the evil auguries as to its results
confOunded by the market reports, the saw
ings' banks, international trade balances and
the general prosperity of our people. Already
we begin 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 per cent. greater than for the
same period in 1899 and 90 per cent. greater
than In the same period of 1888. And so far
from being an act to limit exports, [ conf
IDENTIFY 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 a proportionate partici-
patton in the ocean carrying trade of the
world.
The criticisms of the bill that have come to
us from foreign sources may well be rejected
for repugnancy. If these critics really be-
lieve that the adoption by us of a free trade
policy or of tariff rates having reference
solely to revenue, would diminish the partici-
patton of their own countries in the com
merce of the world, their advocacy and pro-
motion by speech and other forms of organ
lied effort of this movement among our
people is a rare exhibition of unsefishness in
trade. And, on the other hand, if they sin
cerely believe that the adoption of a protec-
tive tariff policy by this country insures to
their profit and our hurt, it is noticeably
strange that they should lead the oUtcry
against the authors of policy so helpful to
their cOuntrYDlen. and crown with their