Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-12-02
THE PnEsIDEGr.


FCostinued from let rsse
TIE S-crss.-y OF -he Treasury ceres-s in
| tie resois..s, essSt.:on tf the >sc,ets-i Of
A g.isalate HAT the etfslzi supsrs "a
| pfssi ed ~ tie rsrif as fer ssT4r o. 90
mes;ie prSaoc.isp sal b. trsIsiesFtj 10
the Department of AgricEssass-
The civil service.
Ths lar resasiug to the esrll sersses tss,
! 80 far as can learn. been sxsestei by
til &c having tie power OF sp-
| Do u ss,-ns in tee classified service 9TH e.
deli'y Aaa ifppsssislity sHi the servi-s "a
b.en Increasingly sat sf.etory- fss -
pei. o. the commission shV~s a ie -
ar esr, o. ro,d w5-z Gore daii-g ;he war
wish very limited aprr prialions. [ ca--
s-a;aiatz Copgre and tAe e~uatfy Ya5a
TIE ra-ssgA II the frs; sessian Of re 5 81
Cossress Of an usasasi naabr 4
laxs of ysry higa inIa a-ez.
| TIE results Of his iegis.s.i-a si,l
| be see il thu q1isseei1g 4rd enisTg =
| ner. of oar manufacturing dG,ttiss,
larger and better msrke.. for ca- Bread
.,uds aad provisions bon a. hage and
abruai, more eensfah, ern2ios meat eni
better wages for Sorsirg pecris ard "a
Increased supply OF safe currency fyr the
| Transaction OF business. | j, nst doubt
some OF th-ss mgasuras were enscted at 80
late u period TIA. ;te ben, fetal eHecIs
upon commerce which were in the conteui-
p.stio2 Of Congress have as yet but partially
G4aeifes,sd themselves.
Busln.ss OF the G. untry.
! The general trade sad industrial conai-
;igns Throughout the country during the
| yesr have SHOWN large improvements,
| + Of many years prior - 1888 the merehan-
dice balances Of foreign trade had been
largely ia our favor, bat during that yeai
and the year following they turned
against Us. Il IS very gratifying &c
knox that the las, fiscal year again show.
balance in QUE favor of over SGs 900. 600
| The bark clssriugs which furnish good
tes: Of the volume of business transacted
| for the f;sl 10 months of the year 1890
show, as compared with the same months
| Of 1889. an increase for the whole country
of aoolt 3 4 per cent, while the increase
outside of the city of New York was over
| Is per cent. During the month of October
the eles,ings Of the whole country showed
an increase of 81 per cent over Oct. 1888,
while outside of New York the increase was
III per cent. These figures show that TIE
incresse in the volume of business was very
general throughout the country. That this
larger business was being conducted upon q
SAT and profitable basis is shown by the
fact that there were 800 less failures re
ported in October, 1890, than in the same
mon h of the preceding wear with liabilities
| diminished by about S. eco, 600. The value
Of our exports of domestic merchandise
during the Lass year was Sis, 900, 900
greater than the preceding year and wa.
only exceeded once in our
history. About 800, C000C0 of this
excess was in agricultural products. The
production of pig iron, ALWAYS good
gauge of mineral prosperity is shown by a
recsn, census bulletin to have been 1853 per
cart greater in 1890 than in 1880, and
the production of steel 300 per cent. Nj
ming coal has had 70 limitation except that
resulting from deficient transportation.
| The general testimony is that labor is every
where fully employed aud the reports for
the past year show smaller number of
employees affected by strikes AMI iockouts
than in any year since 1884. The dspres-
sion in the prices of agricultural products
had been greatly relieved and q buoyaut
andshesl,hy tone VAS beginning to be fit By
ali cur people. These promising influences
have been in some degree checked by the
surprising snd very untavorable none
tary events which have recently taken
place in England. 1. is gratifying to
know that these did not grow
IN any degree out of the financial
questions of London with our people or cut
! g attached e. q
held in that market. The return of our
| bonds and stocks vas caused by q money
strn2ency in En2lsnd and not by any loss
of any credit in the securities themselves.
| W. could not. however, wholly escape the
/ lit effects OF foreign mlneta.y ag.tsto1,
accompanied By such extraordinary Incl
/ dents ~ characterized it. Il is not be-
J lieved, however, that these evil incidents
which have for the time unf4yora6ly at
/ 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 sill branches
Of legislative trade and industry.
The Tariff Changes
The apprehension that our tariff msy
again aud at once be subjected to impor-
/
add depressing influence of the most seri-
Gus character. The general tsrif of Oc.o-
Der has only partially gone into operation,
some of its important provisions being lin
tie to effect at dates Yeti the future. The
general provisions Of the law have been in
force less than sixty days Its per
msnent effect upon trade and prices still
largely stand in conjecture. 1t il curious
to note the advance in the prices of articles
wholly unaffected by the tariff and be
many ha,tily sscrhed to that act. Notice
wss not taken of the general tendency
of the markets upward, from infuer ces
~bolly apart from the recent lie 1islaton.
The enlargement OF our currency by the
silver bill undoubtedly gave an upward
tendency to trade and had marked effect
upon prices, blt this natural and desired
effect OF the silver legislation was by many
enormously attributed to the tariff act.
There is neither wisdom For justice in the
suggestion that the subject of tariff revision
shall be again opened before this Law has
had fsir trial. 1t is quite true that every
tariff schedule is subject to objections. No
bill was ever framed suppose, that in all
of il. rates and clsssifications hal the full
approval even of party caucus. Such leg
islation is always and necessarily the
product of compromise as 10 details and
the present Law is no exception. But in
its general scope ard effect, think it will
justify the support of those who believe
that American legislation should conserve
and defend American trade and the wages
of American workmeD.
The transformation a. to the terms of
the act which has been so widely dissem
mated at home and abroad, viii be cor
rected by experience and the evil auguries
as to its results confounded by the market
reports, the savings banks, international
trade. balances and the general prosperity
Of our people. Already we beeio to hear
from abroad and from our custom houses
that the prohibitory effect upon impo1ts,ions
imputed TO the act is not justified. The i'm.
ports ut the port of New York for the first
three weeks of November we're nearly per
cent greater ;han for the same period in
1889 and 20 per cent greater thsn for the
same period of 1888 and so far from being
~ act to limit exports l coDfiientlysbelieve
that under it we shall secure larger and
more profitable participation in foreign
I trade than we have ever enjoyed and tina.
Ne shall receive propcrtiora'e particips-
ton in the ocean carrying trade Of the
world.
The criticisms of the bill that have come
to Us from foreign sources may well be
r. IL