St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-12-10
NATIONAL FINANCES.
Receipts and Expenditures-SiI
yer Legislation.

Vet AcSISldUIOn.
The report of the secretary of the treasury
shows that the total receipts of the govern
ment from ali sources for the fiscal year end
ing June 30, 1891, were SIS, 544, 233 O3, while
the expenditures for the same period were
S42l, 30i, 40. As leaving surplus of S37, 239.-
1921. The receipts of the fiscal year ending
June 80, 1872, actual and estimated, are Sab
O90,00a, and the expenditures S4O9, 600, 900.
For the fiscal year ending Jnne 3D. 1893, the
estimated receipts are S455, 336, $50 and the
expenditures Sal, 300 093.
Under the law of July II, 1890, the secre-
tary OF the treasury has purchased since Aug
ID during the fiscal year, a, 1913. lib ounces of
silver bullion at an average cost of 81 045 per
ounce. The highest price paid during the
year was Sl.2025 and the lowest S09636 In
exchange for this silver bullion there have
been issued $50 577, 49S of the treasury notes
authorized by the act The lowest price of
silver reached during the fiscal year was
S0.9636 on April % 1891; but on Nov. the
market price was only 1896 which would
give TO the silver dollar a bullion value of
74l4 cents.
Before the influence of the prospective
silver legisistion was felt in the market silver
was worth in New York about S0955 per
ounce. The ablest advocates OF free coinage
IN the last congress were most confident in
their prediction that the purchases by the
government required by the law would al once
bring the price Of silver 10 81. 2929 per ounce
which would make the bullion value of
prophecy of the antisilver men of disaster
to result from the coinage of 100000 per
month were not wider of the mark
The exports of domestic silver bullion from
this country. which had averaged for the last
ten years over Si70O00c0 fell in the last
fiscal year to SID, 797, 39l. while for the first
time in recent years. the imports of silver
into this country exceeded the exports by the
sum of Sa,745,365. The production of the
tnited States increased from 100000 ounces
in 1889 to "a, 500, 00l in 1890. The government
is now buying and putting aside annually
54,0O0,0C0 ounces. which, allowing for 7.I4O,-
900 ounces of new bullion used in the arts is
664Q0e0 more than orr domestic product
available for coinage.
hope the depression in the price of silver
is temporary, and that a further trial of this
legislation will more favoraby affect it.
Upon this subject, as upon the tariff, my
recommendation is that the existing laws be
given full trial, and that our business In
terests lie spared the distressing influence
which threats of radical changes ALWAYS i'm
part. l am still of the opinion that the free
coinage of silver under existing conditions
would disastrOusly affect our business inter
ests at home and abroad. We could not hope
to maintain an equality in the purchasing
power of the gold and silver dollar III our
markets. and in foreign trade the stamp
gives no added value to the bullion contained
in coins.
The producers of silver are entitled to Just
consideration, but they should not forget
that the government is now buying and put
ing out of the market what is the equivalent
OF the entire product of our silver mines
This is more than they themselves thought
of asking two years ago. The business of
the world requires the use of both metals:
but do not see any prospect of gain. but of
much loss. by giving up the present system,
in which full use is made of gold and
large use OF silver. for one in which silver
alone will circulate.