The times. [volume] (Richmond, Va.) 1890-1903, 1891-12-10
THn TIMES RICHMOND VA THURSDAY DECEMBER I'D 1891


sugar on the free list. would be direct
gain to the people: that the prices
If the necessaries of life. including
those most highly protected, would not DO
enhanced that labor would have larger
market and the products Of the farm adj
yanced prices while the Treasury surplus
and receipts would be adequate to meet the
Appropriation including the large exceptional
expenditures for the refundng TO the States
of the direct tax and the redemption OF the -
per cent bonds 1t il not my purpose TO enter
| al any length into discussion OF the effects
Of the legislation to which ] have referred:
| but a brief examination of the statistics OF
the Treasury and q general glance at the state
| Of business throughout the country Will l
think. satisfy any impartial inquirer that
its results have disappointed the evil
| prophecies and its opponents and IN large
measure realized the hopeful predictions OF
its friends Rarely, il ever before, IN the MS
tory of the country has there been time
when the proceeds of one days laDor or the
| product Of ono farmed acre would purchase
so large an amount of the things THAT enter
! into the living OF the masses OF the people.
believe that full test will develop the TACT thst
the tariA act # the tifty-hrst Congress ls
very favorable in its average effect on tine
prices of articles entering into common
! use. During the twelve months from Octo-
Der /. 10 0, 10 September 30 1891 the total
value of our foreign commerce I'm
ports and exports combined, was
/ 81. 7ls. SOC, 4O6. which was the largest OF
/ any year III the history OF the United states
/ The largest in any previous year was In 80
| when our commerce amounted 70 sl,Off,i55'-
| 0g3 and the last year exceeds this enormous
aggregate by over one hundred millions. IL
! isinteresting. and 10 some will be SURPRISING
10 know that during the year ending Septein-
Der 3d. 1891. our imports OF merchandise
amounted TO IS 4.715.Zi0, which was an IN
crease OF more than eleven million collars
! over the value Of the imports OF the correspond
| ing months of the pre- ing year. when the
! imports of merchandise were unusually
! large in anticl alton Of the tarlt legs
| laton then pending. The average annual
value OF the imports OF merchandise tor the
/ ten years from 1891 to 1880 WAS 0y2. lso.04-,
( and during the year ending September 80
| 1891 the annual average was exceeded ny
/ S13z. SIS. 4G9. The value OF free imports dur
ing the twelve months ending Septomoer so:
| 1891 was 1850 38I, more than the value Of
J free imports during the corresponding twe ye
months of the preceding year. and there was
| during the same period decrease OF slp.,-
/ $3.50, in the value OF imports OF dutla)ie
merchandise the percentage of merchandise
admitted free Of duty during the year o
| which I have referred the hrst under
the new tariff, was 1915, while during
the preceding twelve months under
the old tariff the percentage was
a. o. an increase Of 13. ~ per cent. If we take
which covers the time during which su ,ars
have been admitted free Of duty the per cent
of value OF merchandise imported tree OF duty
is found TO be j537, which ~ o larger percent
age OF free imports than during any previous
fiscal year in the history Of the Government.
IL We turn to exports Of merchandise the
statistics are full OF qualification. The value
Of such exports Of merchandise for the twelve
months ending September 30. 1871. was +y23.-
0H,lSG while the corresponding preyl-
Gus twelve months was Se6O, il9,
an increase of sC2,yl4.921. which
is nearly three times the average
annual increase of exports of merchandise
for the preceding twenty years. ms exceeds
In an unit and value the exports OF mercnan-
disc during any year 10 the hist r. or the
Government. The increase IN the value OF
exports OF agricultural products during tie
year referred to over the corresponding twelve
months of the prior year was 10, "a ,l9i.
while the increase IN the value OF exports OF
manufactured products was 1858 0. There
Is certainly nothing IN the condition OF trade,
foreign or domestic. there Is certainly moth
ing IN the condition Of our people OF any
elias 20 suggest that the existing tariff and
revenue legislation bears Oppresslyey on
the people or retards the commercial
development OF the nation. The condition !
would BIO better If our tariff legislation were /
upon a free trade basis but II cannot DO de-
MED that all the conditions of prosperity and |
general contentment are present IN larger !
degree than ever before IN our history and |
that. too. Just when II was prOphesled |
they would be in worse state. Agitation for /
radical changes IN tariff and financial legisla- |
ton cannot help but may seriously impede |
business. 20 the prosperity Of which some de- |
gree OF stability in legislation ID essential.
think there are conclusive evidences that /
the new tariff has created several great INDUS |
tries which will within few years give en- |
plOyment 10 several hundred thousand Amer !
fpnu yVorkinpmeu and women view OF the ]
somewhat oyercrOwded condition OF tho labor |
market Of the United States every patriotic /
citizen should rejoice at such a result. The /
report OF the Secretary Of the Treasury shows /
that the total receipts OF the Government |
from all sources for the fiscal year ending 1
June 90 1891 were Sf53544 233.03. while the |
expenditures for the same period were /
x42I. 30i. 47O.46. leaving surplus of |
S37, 23J, 1921. The receipts OF the fiscal |
year ending June 30, 1892, actual and /
estimated are s4a3.OOO. 600 and the eXpendi-
lures :409 600 coo. For the fiscal year ending
June 80. 1898. the estimated receipts are $780,
1886, $50, and the expenditures $40, jO0.0Jj.
TIE SILVER QUESTION
Under the law # July H. 1880. the Sec
rotary Of tho Treasury has purchased since
August 18th. during the hscal wear 81, 1888 lis /
ounces OF silver bullion at an average cost OF
SL0l5 per ounce. The highest price paid
during the year WAS 1.20lj, and the lowest
Og436. In exchange for this silver bullion
there have been issued 5O.517. i95 OF the
Treasury notes as authorized by the act. The
lowest price of silver reached during the
fiscal year was 1896 on April %, 1921. but on
November st the market price was only 0.96,
which would give TO the silver dollar u bull
hon value OF IA cents Before the
influence of the prospective silver
legislation was felt in the market silver was
worth in New ) ork about 0.a55 per ounce.
The ablest advocates of free coinage in the
last Congress were most confident IN their
predictions that purchases by the Govern
ment required by law would at once bring
the price OF silver 20 1929 per ounce, which
would make the bullion value Ot a dollar 100
cents. amt hold II there The prophecies Of
the anti-silyer men of disasters 10 result from
the coinage OF Il 0G000 per mouth we're not
wide OF the mark. The friends Of free silver
are II Il agreed. / think. % the causes that
brought their hopeful prediction to naught.
some facts are known. The exports Of silver
from LONDON to India during the first nine
months OF this calendar year fell Oh over SO
per cent, or .i7.202.730 compared with the
same months OF the preceding year The ex-
ports OF domestic silver bullion from this
country, which had averaged Tor the last ten
years over 100000 fell in the last fscal
year 10 5l3, 1881, while Tor the first time in
recent years the imports OF silver into this
country exceeded the exports by the sum OF
s2745.365. In the previous year the net e1-
ports Of silver from the United States amount