Morning journal and courier., 1891-12-10

work which, if no other means offered for | securing its promotion, is of such tran cendent interest that the government should, in my opinion, secure it by direct | appropriation from its treasury. A guar | anty of the bonds of the canal company to | the amount necessary to the completion of the canal could, think, be so given as not to involve any serious risk of ultimate l loss.
 RESULTS OF TARIFF LEGISLATION. The general interest in the operations of the treasury department has been much l augmented during the last year by reason of the conflicting predictions which accom- panied and followed the tariff and other legislation of the last congress affecting | the revenues, as to the results of this leg islation and upon the country. On the one hand it was contended that imports would so fall off as to leave the treasury bankrupt, and that the prices of articles | entering into the living of the people would be so enhanced as to disastrously affect their comfort and happiness, while on the other hand it was argued that the loss to the revenue, largely the result of placing sugar on the free list, would be a direct gain to the people; that the prices of the necessaries of life, including those most highly protected, would not be en- hsnced; that labor would have 8 larger
 
 vanced in price, while the treasury sur plus and receipts would be adequate to meet the appropriations, including the large exceptional expenditure for refund ing to the states their share of the direct tax and the redemption of the 4 per cent. bonds. It is not my purpose to enter at any length in discussion of the effects of the legislation to which I have referred; but brief examination of the statistics of
 
 the state of business throughout the country will, I think, satisfy any impartial inquirer that its results have disappointed the evil prophecies of its opponents, and in a large measure realized the hopeful prediction of it's friends. Rarely, if ever before in the history of the country, has there been a time when the proceeds of one days labor or the products of one farm acre would purchase so large an amount of those things that enter into the living of tine masses of the people. believe that full test will develop the fact that the tariff act of the Fifty-frst congress is very favorable in its average effect upon the prices of articles entering into common use during l the twelve months from October 1, 1890, to September 20, 1891. The total value of | our foreign commerce Gmports and exports combined) was $1, 747, ,S06, ,106, which was | the largest of any year in the history | of the United States. The largest in | any previous year was in 1890, when our commerce amounted to $1 ,647, 1S9, 900 and the last year exceeds this enormous aggregate by over $100, 100000. It is in | teresting, and to some will be surprising, to know that during the year ending Sep tember 30, 1891. our imports of merchan- disc amounted to SS24, 715, ,270, which was an increase of more than S11 ,000, coo over the value of the imports of the correspond | Ing months of the preceding year, when | the imports of merchandise were unusual | ly large in anticipation of the tariff legis- lation then pending. The average annual l value of the imports of merchandise for | the ten years from 1881 to 1891, was S692, 1 1S6, ,522 and during the year ending Sep | tember 30, 1891, this annual average was exceeded by S132, ,52S, ,469. The value of free imports during the twelve months ending September 30, 1891, was SIS, ,092,- 3S7, more than the value of free imports during the corresponding twelve months of
 the preceding year, and there was, during the same period, a decrease of s106, S46.-
 50S in the value of imports of dutiable merchandise. The percentage of merchan- disc admitted free of duty during the year
 to which I have referred, the first under
 the new tariff, was 4S. IS while during the
 preceding twelve months, under the old
 tariff, the percentage was 34.7 an increase
 of 1891 per cent, if we take the six
 months ending September 30, last, which
 covers the time during which sugars have
 been admitted free of duty, the per cent of
 value of merchandise imported free of
 duty is found to be 55.37, which is a larger
 percentage of free imports than during
 any prior fiscal year in the history of the
 government. If we turn to exports of
 merchandise the statistics are full of grati q zas
 merchandise for twelve months ending
 September 30, 1891, was 1923, ,09l, , 136
 which when compared with the correspond
 ing previous twelve months, showed au
 increase of S62, ,914 ,021, which is nearly
 three times the average annual increase oi
 exports of merchandise for the preceding
 twenty years; this exceeds in amount and
 value the exports of merchandise during
 any year in the history of the govern
 ment This increase in the value of ex ports of agricultural products during the
 year referred to over the corresponding
 twelve months of the prior year wa'
 $45, ,S46, 197, while the increase in the
 value of exports of manufactured pro
 ducts was SIG, ,s3S, ,240. There is certainly
 nothing in the condition of trade, foreign
 or domestic; there is certainly nothing ir , the condition of our people of one class .. to suggest that the existing tariff
 and revenue legislation bears op
 pressively upon the people or re
 tards the commercial develop
 ment of the nation. It be argued that this condition would be better if oul
 tariff legislation were upon free trad,
 basis; but it cannot be denied that all tn, , conditions of prosperity and of genera contentment are present in a larger de gree than ever before in our history, anc |. that, too, just when it was prophesieC
 they would be in the worst state. Agi tation for radical changes in tariff ant
 financial legislation cannot help, but ma!
 seriously impede business, to the pros
 perity of which some degree of stability
 in legislation is essential.
 ) I think there are conclusive evidence l that the new tariff has created severa r great industries which will within a feV l years give employment to several hun 8 dred thousand American workingmen ana 8 women. In view of the somewhat over t crowded condition of the labor market O 8 the United States every patriotic citizel 8 should rejoice at such a result
 THE SILVER QUESTION.
 1 Upon this subject, as upon the tariff v my recommendation is that the eIistini s laws be given full trial and that our bus 8 mess interests be spared the distressing in D fiuence which treats of radical changes al e ways imparts Under existing Legislation |. it is in the power of the treasury depart Il ment to maintain that essential condition V of national finance as we'll as of commeI :; cial prosperity, the parity in use of tn s coin dollars and their paper represents ,- tives. The assurance that these power @ would be freely and unhesitstingly use Y has done much to produce and sustain tn ]. present favorable business conditions. l. am still of the opinion that the free coin D age of silver, under existing condi O tions, would disastrously affect ou is business interests at home an e abroad. We could not hope IT maintain an equality in the purchssin Q power of the gold and silver dollar in ou 1t own markets, and in foreign trade th e stamp givee no added value to the bullio IT contained in coins. The producers of tn I. country, its farmers and lsborers, have th ', highest interests that every dollar, pape l. or coin, issued by the government shall !, as good as any other. If there is one les r. valuable than another its sure and COT e stant errand will be to pay them for thei T., toll and for their crops. The money lende
 will protect himself by stipulsting for pay
 ment in gold, but the lsborer has neve
 been able to do that. To place bushes le upon a silver basis would mean 8 sudde le and severe contraction of the currency b ss the withdrawal of gold and gold note IS and such an unsettling of all value Il AS would produce a commercial panic.