The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-12-02
TARIFF AND RECIPROCITY.


What the President Has to Say ON These
Two Subjects.
I congratulate the congress and the coun
try upon the passage at the first session Of
the Fifty-irst congress of an unusual num-
Der of laws of very huge Importance. That
the results of this legislation will be the
quickening and enlargement of our manu-.
featuring industries. larger and better mar
kets for our bteadstuffs and provisions
both at home and abroad, more constant
employment and better wages for our work
ing people, and an increased supply of g
safe currency for the transaction of bust
ness, l do not doubt. Some of these meas
ures were enacted at so late period that
the beneficial effects upon commerce which
we're in contemplation of congress have as
yet but partially manifested themselves.
The general trade and industrial conditions
throughout the country during the year
have shown marked improvement.
For many years prior, to 1888 the
merchandise balances had been largely in
our favor; but during that year and the
year following they turned against us. It
is very gratifying to know that the last
hscal year shows balance in our favor of
$6SOOO.OOO. The bank clearings, which
furnish good list of the volume of BUSH
AACoo oAuAooOU0O AOI VIC AI6G Gou mO0GQS OF
the year 1881, show, as compared with the
same months of 1889, an increase for the
whole country of about S.4 per cent, while
the increase outside of the city Of New
York was over Is per cent. During the
month of October the clearinRs OF the
whole country showed an increase of 81 per
cent. over October, 1889, while outside of
New York the increase was liz 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 g safe
ana profitable basis IS shown by the fact
that there we're thirty less failures repor.ed
in October, 1890, than in the same month of
the preceding year, with liabilities dimin-
ished by about $5,OOO,OO0.
The value of our exports of domestic
merchandise during the last wear was over
$ll5, O0O 600 greater than the preceding year,
and was only exceeded once in our history.
About $1OO,UOO,OU of this excess was in ar-
ricultural products. The production of pig
lron-always good gauge of general pros
perity-is shown by recent census bulletin
to have been 153 per cent. greater in 1890
than in 1880, and the production of steel
go per cent. greater. Mining in coal has
from the effect of transportation. The gem
eral testimony is that labor is everywhere
fully employed, and the reports for the last
year show smaller number OF employees
affected by strikes and lockouts than in any
year since 1894.
The depression in the prices of agricu,
tural products had been greatly relieved
and buoyant hopeful was beginning to be
felt by all our people. These promising in
huences 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 this did not grow in any degree out
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 money strinRency 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 q foreign
monetary agitation accompanied by such
incidents as characterized this. 1t is not
believed, however, that these evil incidents
which have for the time unfavorably affected
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 legitimate trade and industry. The APP
prehension that our tariff may again and at
once be subjected to important general
changes would undoubtedly add depress-
ing influence of the most serious char
acter. The general tariff act has only par
italy gone into effect, some of its import
ant provisions being limited ito take effect
at dates yet in the future. The general
provisions of the Law have been in force
lsss than sixty days. Its permanent effect