Warren sheaf., 1891-12-17
direct tax and the redemption Of The ~ per cent

direct tax and the redemption Of the AZ per cent
bonds.
It is not my purpose to enter at length into a
discussion OF the effects OF the legislation to
which have referred; but a brief examination
OF The statistics OF the treasury and a general
giance al the state OF business throughout the
country Will, think, satisfy any impartial in
qulry that its results have disappointed the evil
prophecies OF its opponents and i'll a large msas-
nre realized the hopeful predictions OF it's friends.
Rarely, If ever beIore in the history OF the coun-
Try has there been a time when the proceeds of
one days labor or the product of one farmed
acre would purchase SO large amount OF
those things that enter INTO the living Of the
masses OF the people. l believa that a full test
WI disclose the fact that the tariff act OF the
tlfty.tirst congress is very favorable in its
age effect upon the prices OF articles entering
into common use.
During the twelve months from Oct. 1. 1890,
to Sept. 30, 1891, the total value of our foreign
commerce imports and exports combined) was
Sl,747, ,SU6, ,4OG. which was the largest OF any
year in the history OF the United States. The
largest III any previous year was in 1890, when
our commerce amounted to 81 .647, 129 .O93
and the last year exceeds this enormous aggre-
gate by over one hundred millions. 1t is inter-
estlng, and to some will be surprising. to know
that during the year, ending Sept 80, 1891, our
imports OF merchandise am ounted to SS24, 7l5,-
20, which was all increase of more then eleven
million dollars over the value of imports OF the
corresponding months OF the preceding year.
When the imports OF merchandise were unusually
large In anticipation of the tariff legislation then
pending. The average annual value OF the i'm
ports OF merchandise for the ten years from
1881 to 1890 was $G92. .1S6,522 and during
erage was Exceeded by si32, ,52S, ,16s. W '' CIV
The value of free imp ports during the twelve
months ending Sept. 30, 1891, was Sis. .O92,-
SS more than the value Of free imports during
the corresponding twelve months of the preced
ing year. and there was during the same period
a decrease Of Sl06, ,s46 sos i'll the value OF i'm
OF merchandise admitted free OF duty during the
year to which have referred. he first under the
new M tariff, was 4s. 8, while during the preced-
ing Twelve months under the old ia riff, the per-
eentage was 81 ~, an increase OF 1891 pc, cent
II we take the six months ending Sept. 30 last,
which covers the time during which sugars have
been admitted free OF duty the Der cent of value
OF merchandise imported free of duty is found to
De oo37, which is larger percentage OF free i'm
Ports than during any prior fiscal year in the
history OF the government.
II We turn to exports of merchandise the sta
tlstlcs are full OF qualification The value OF
such exports OF merchandise for the twelve
months ending Sept. 30, SO 1.was 1928, ,O91 1885,
Whllefor corresponding previous twelve months
IL was $500, 171,115, an increase OF S62, ,0l4,-
OH, which is nearly three times the average an
nual increase OF exports OF merchandise during
any year in the history Of the government. The
increase III the value OF exports of agricultural
products during the year referred to over the
year While the el increase ere eeth IN the
value OF exports OF manufactured products was
S16.S33, 24O.
There is certainly nothing in the condition Of
trade, foreign or domestic; there is certainly
nothing in the condition of our people OF any
class suggest that the existing tariff and reve
nue. legislation bears oppressiyey upon the peo-
pie Or retards the commercial Development of
the nation. IL may be argued that our
condition would be better if our tariff Iegisa-
ton We're upon u free trade basis; but it cannot
be denied that all the conditions of prosperity
and OF general contentment are present in
larger degree than ever before in our history
and that, too just when it was prophesied they
would be in the worst state Agitation for rad-
cal changes in tariff and financial legislation
cannot help, but may seriously impede, busi-
ness, to the prosperity OF which some degree Of
stability i'll legislation is essential. I think
there are conclusive evidences that the new
tariff has created several great Industries which
Will, within few years, give employment tosev
eral thousand American workngmen and
women In view OF the somewhat crowded
condition of the labor market of the United
States, every patriotic citizen should rejoice at
such a result.