Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-12-02

ment. For many years prior 10 1888,
the merchandise balances of foreign
trade had been largely in our favor, but
during that year and the year following
they turned against us. IL is very graft
fying to know that the last fiscal year
shows Il balance in our favor OF over $685.
600. 600. The bank clearingS which fur
nish a good test of the volume OF bust
ness transacted, for the first ten months
of 1890 show, as compared with the
came months of 1889, an increase for
the whole country of about 81 per
cent, while the increase outside OF the
city of New York was over l3 per
cent. During the month of October
the clearings of the whole country
showed an increase of 81 per cent. over
October. 1889. while outside of New
York the increase was ~ 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 on
n safe and profitable basis is shown by
the fact there were 300 less failures re-
ported in October, 1890. than in the
same month OF the preceding year, with
I
600. The value of our exports of do
nestle merchandise during the last year
was over S1l5,OO0,0O0 greater than
the preceding year, and was
only exceeded once in our his
tory. About 100000, 900 of this
excess was in agricultural products.
The production of pig iron, always 4
good gauge of general prosperity" is
shown by recent census bulletin TO
have been l53 per cent greater in 1890
than in 1880. and the production OF steel
300 per cent greater. Mining in coal
has had no limitation except that re-
sulting from deficient transportation.
The general testimony is that labor is
everywhere fully employed, and the
reports for the last year show smaller
number of employees affected by strikes
and lock-outs than in any year since
1854, the depression in the prices Of
agricultural products had been greatly
relieved and buoyant and hopeful
tone was beginning to be felt by all our
people.
TIE FINANCIAL SITUATION.
These promising Influences have been
in some degree checked by the surprs
ing 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
ont 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 Il 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 agita-
ton, accompanied by such extraordinary
ncideats as characterized this. 1t is
not believed, however. that these evil
incidents, which have for the
time unfavorably affected values
in this country, can last long
without the strong. safe and wholesome
Influences which are operating To give
our people.{profitable returns in all
branches of legitimate trade and in
duStry.
TARIFF LEGISLATION.
The apprehension that our tariff may |
again and at once be subjected to i'm
portant general changes would UNI
doubtcdly add depressing influence
of the most serious character. The |
general tariff act has only partially |
gone into operation, some of it 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 effects
upon trade and prices still
largely stand in conjecture. 1t is curl
Gus TO note that the advance in the |
price of articles wholly unaffected by
the tariff act was by many hastily AS
cribed to that act. Notice was not taken
of the fact that :he general tendency of |
the market was upward from influences
wholly apart from the recent tariff leg
islation, and 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 of justice in
the suggestion that the subject of tariff
revision shall be again opened before
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 party caucus. Such legislation is
always and necessarily the product of
compromise as to details, and the pres
ent law is 10 exception. But in its gen.
cral scope and effect, think it will JUS
tify the support of those who believe |
that American legislation should con-
serve and defend American trade and |
the wages of American workmen.
The transformation as to the terms of
the act. which has been so widely dis
seminated at home and abroad will be
corrected by experience and the evil
auguries as to its results COMPOUNDED by
the market reports, the savings banks,
international trade balances and the
general pros perity OF our people. AL
ready we begin TO hear from abroad and
and from our custom houses that
the prohibitory effect upon i'm
portations 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 1889. and 90 per cent. greater
than in the same period of 1855. And
so far from being an act 10 limit eX-
ports, 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 pro-
portionate participation in the ocean
carrying trade of the world. /
The criticisms of the bill that have !
come to MS from foreisT>> sources may
be well rejected for repNSnancy. II |
these critics really believe \ that the
adoption by US of free trad% policy,