Evening journal., 1891-12-10
TARIFF End SILVER.
Important Extracts From the
Presidents Message.
GRRAr DILIGENCE IN PENSIONS
our Condition mishs he Better ON :
Free Trade Basls. Bur Our Condition
Now Is Too Good TO Be Improved by
ANY Possible Change.

Now Is TOO Good TO BE Improved by
Any Possible Change.
The general interestin the operations Of tho
treasury department has been much augment
ed during the last year by reason of the con-
ficting predictions, which accompanied and
followed the tariH and other legislation Of the
last congress affecting the revenues. Us 10 the
results of this legislation upon the treasury
and upon the country. On the one hand il WAS
contendcd that imports would 90 fell OF ~
TO leave the treasury bankrupt and that the
prices Of artices entering into the living Of the
people would be SO enhanced as 10 disasirously
affect their comfort and happiness. while on
the other H. was argued that the loss To the
revenue. largely the result Of placing sugar on
the free list, would be a direct gain 70 the peo-
pie, that the prices Of the necessaries Of life,
including those most highly protected, would
not be enhanced; that labor would have a
larger market and the products Of the farm
advanced prices, while the treasury surplus
and receipts would be adequate TO meet the
appropriations, including the large exceptional
expenditures for the refunding TO the states
Of the direct tax and the redemption of the ~
per cent. bonds.
II Is not my purpose 10 enter At any length
into discussion Of the effects Of the legislation
70 which have referred, but brief examine
ton of the statistics Of the treasury and a gen
eral glance a. the state Of business throughout
inquirer that its results have disappointed the
evil prophecies OF It's opponents and in a large
measure realized the hopeful predictions of its
friends. Rarely, il ever before, in the history
Of the country has there been a time when the
proceeds Of one days labor, or the product Of
one farmed acre, would purchase 50 large an
amount Of those things that enter into the liv-
ing Of the masses OF the people believe that
a full test will develop the fact that the tariff
act Of the Fifty-trst congress is very favorable
in its average effect upon the prices OF articles
entering into common use.
During the twelve months from Oct /, ls90
l 70 Sept. 30 1891 the total value Of our foreign
| commerce imports and exports combined WAS
Sl,iA $685. l5, which was the largest Of any year
in the history Of the United States. The larg-
est ia ANY previous ycnr was ia 1890, when our
commerce amounted 70 81 ,687 l39093, and the
last year exceeds this enormous aggregate by
| over one hundred millions. It Is interesting
and TO some viii be surprising 20 know that
during the year ending Sept. %, 1891, our im-
/ ports Of merchandise amounted 10 &S24, 1890
which was an increase Of more than eleven
million dollars over the value Of the imports OF
the corresponding months OF the preceding
! year, when the imports Of merchandise We're
unusually large in anticipation Of the tariff
/ legislation then pending. The average annual
value Of the imports Of merchandise for the
ten years from 1881 70 1893 was S692 1856 52. and
i during the year ending Sept. 30 1921, this an
i
The value of free imports during the twelve
months ending Sept. 90 1891 was Slls,0813s
| 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 SioJ, ,S4G FNs Ia the value OF imports
of dutiable merchandise. The percentage Of
/ merchandise admitted free Of duty during the
i year 10 which have referred, the first under
| the new tariff WAS 4s.is while during the pre-
ceding twelve months under the old tariff, the
| percentage was 3is1, an increase Of 1891 per
i cent. If we take the six months ending Sept.
10 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 10 be $751; which is
| larger percentage Of free imports than during
| any prior fiscal year In the history Of the gov
| ernment,
II We turn to exports 81 merchandise the
statistics are full Of qualification. The value
Of such exports of merchandise for the twelve
months ondiBg sept ~ lsai. was ses7.o 40.
while for the corresponding previous twelve
9li,02l, which is nearly three times the average
annual increase Of exports Of merchandise for
the preceding ewenty years; this exceeds in
amount and value the exports Of merchandise
during any year In the history Of the govern
mcnt. The Increase in the value OF exports Of
agricultural products during the year referred
10 over the corresponding twelve months OF
the prior year was Si5.si6,lM, while the in
crease in the value OF exports OF manufactured
products was Sl8siS,240.
There Is certainly nothing in the condition
of trade foreign or domestic, there is certainly
: nothing Ia the condition OF our people Of any
class TO suggest that the existing tariff and
revenue legislation bears oppreasively upon the
: people or rctards tho commercial development
OF the nation. II may be argued that our con.
dition would be better If our tariff legislation
= were upon a free trade basis, but IL cannot hs
G denied chat all the conditions OF prosperity
a and of general cOntentment are present in
a larger degree than ever before In our history
4 and that, too, just when It was prophesied they
4 would be in the worst state. Agitation fo
\ radical changes In tariff and financial legisla
tion cannot help, but may seriously impede
business, 70 the prosperity of which some de
gree Of stability in legislation is essential.
/ think there are conclusive evidences tha
n the new tariff has created several great indus
: tries which will within few years give EN-
h ployment to several hundred thousand Ameri
Z can workinemen and women. In view Of th
u somewhat overcrowded condition Of the labo
market OF the United States every patriot
q citizen should rejoice at such a result.
e. The report Of the secretary Of the treasur
lg shows that the total receipts OF the govern
nent from all sources for the fiscal year end
ing juno 30 1891, were S45s,5ti, ,2g30a, while TIA
expenditures for the same period were Sk2l
% 3Oi, ,tTOl6 leaving a surplus OF So ,Za, ,7d25i
Z The receipts Of the fiscal year ending Jur
~ ~, lhE actual and estimated, are $4A8NNN,U NJ
re and the expenditures Sf00,Om,0o0 For the Il
m cal year ending june ~, lsaa the estimated r
n ceipts are sts5, ,5l6,sd0 and the expenditur
ia S44l,SOUS.
NJ N The silver Laws.
Under the law Of July IA. 1890, the secrctal
Of the treasury has purchased sinee Aug ]
during the fiscal year 4S,s liS ounces OF silv
1. bullion at an average cost Of SlOt5 per ounc
- The highest price paid during the year vi
NJ 3l.atS and the lowest, so@S8. In exchan
le- for this silver bullion there have been ISSUE
he S605I7, ,4oe OF the treasury notes authorized
en- the act. The lowest price OF silver reach
- during tho FISCAL year was S0q6B on April
1871, but on Nov the market price was on
S0SS, which would give 10 the silver collar
bullien value OF T4i4 cents.
Before the influence Of the prospective sily
NJ legislation was felt in the market silver "
mt worth in New York about 0a5 per ounce. T
zen ablest advocates Of free coinage in the last q
OF gress were most confident in their predictio
rec that the purchases by the government
~ Quired by the law would at once bring
price OF silver to i.egsa per ounce, which wol
make the bullion value OF dollar 100 Gel
and hold il there. The prophecies Of the an
i'd silver men Of disasters 20 result from the co
,,ea age OF Sa,000OO0 per month were not wider
NJ the mark. The friends OF free silver are
~ agreed. think, as 20 the causes that hroui
tne their hopeful predictions to naught So
} OF facts are known. The exports Of silver fr
his London 70 India during the first nine mon
of this calendar year fell or over 30 per ce
or 81. .sl2. 100 compared with the same mon