The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-12-11
SECRETARY FosTER,S REPORT.

/
! piled to the reduction of the public DEBT
| the sum OF S134, 947. 635.
| AS compared with the fiscal year of 1890
| the receipts fell off s., AIS, ,347. The largest
| falling off were as follows: Customs SlO,-
| 146 37Y; profits on coinage, assays. etc,
3. 5l2, 252; sales of public lands, 81, 32S, /.
! The largest increases III revenue were:
From postal service, S5,049, ,6S7; internal
, revenue s., ,543
There was an increase of S57, 636. 1913 in
the ordinary expenditures, the principal
| increase being in the following items:
Refund of direct taxes, 81, %, ,4o1; repay
ment to importers: excess of deposits, So
! 039 763; debentures or drawbacks. Sl,aS3,-
S30 French spoilation claims, 81, 0S5. 240;
expenses of eleventh census, 81, ,93S 1873;
colleges for agriculture and mechanic arts.
81 0Sl 900; salaries and expenses United
States courts, 81, 1893, ,29S; increase OF the
navy, S. III, 1874.
For the present fiscal year the revenues
are estimated at $433 900, 900 and the eX-
penditures at S409, 900. The cash III the
treasury at the end of the fiscal year end
ing June 80 1892, is estimated at Sl53,S ,S9S,
SOB: surplus of receipts over expenditures,
$24 000000; deposits during the year for
the redemption of national bank notes,
s., 100000; total amount available, $780,
1913. $685. less amount for redemption of
national bank notes, bonds, etc, S41, l65,
June 80, 1892, of $138, 728, AS.
The report gives the status of the AZ
per cent. loan and gives the reasons for the
offer of extension when those bonds be-
came due There were extended at 2 per
cent ;25, ,4l2, 200, leaving So, 364, 500 for re-
demption.
Regarding the circulation, the report
holds that the amount of money in the
country is adequate to the business needs.
The amount of money in circulation on
July l, 1891. is given at S23 Al per capita.
The amount in circulation has very largely
increased during the year, and, on Dec. l.
1891, was 81 ST, ,262, ,070 or S24.3 per capita,
The amount of each kind of money in the
United States il circulation on Dec 81,
1891, is given as follows: Gold coin, in
cluding bullion in treasury, S405 93l. .402;
standard silver dollars, including bullion
in treasury, $50, G97. .204; subsidiary silver,
S62 S45, ,431; Gold certificates, $142, ,649, 1863;
silver certificates, 1920. .S13 $40; treasury
notes SO, ,9S2, ,2S6; United States notes. 1885,
4809; currency certificates, 50, 165, ,00G;
national bank notes, Sl6S, Isl, ,S53.
The value of gold deposited at the mints
and assay offices during the fiscal year was
S57, Cps, ,e7S. The deposits of silver aggre-
g,,'et II $50 6f3 standard ounces of the
coinage value o sS3 $50, 154 OF the silver
uepoolUeu p1,o54, ,030 worth was foreign
silver.
The coinage of the mints during the fis-
cal year was the largest in the history of
the country, aggregating 119, 547, SIT pieces
valued as follows: Gold, S24, IL, ,203; silver
dollars, $36, ,232, SOP; subsidiary silver,S2,-
039, ,3lS; minor coins, 81, l66, ,936; total $63.
Gil, 1873
The price of silver fiuctuated during the
last fiscal year from so 964 to 81. .2l per fine
ounce, variation Of nearly 20 cents an
ounce
At the commencement of the fiscal year
the price in New York was 81 05 per ounce;
by July a. 1890, the date of the passage of
the new law, the price had advanced to
81. .0S per ounce and by August 13 the date
the new silver law was to take effect, to
81 IA per ounce. The highest price reached
in New York was on August l9, 1S9O-Sl.2l
per fine ounce. In September decline
commenced, extending to the end of the
calendar year, when the price had touched
SL0415. The closing price, June 80, 1891,
was SI.0l14 per tine ounce. The price on
November l, 1891, was 1896.
The average price of silver during the
year. based upon London quotations, was
Sl.045 a fine ounce, and upon New York
quotations, 81 053 a fine ounce, an average
difference of nearly l cent an ounce.
The exports of silver from London to In
dia during the first nine months of the
present calendar year show falling off of
Sli, ,O20, 80, over 80 per cent rs compared
with the same months for the previous
year
The loss of gold by net export during the
fiscal year was S67, ,946, 76S, while there was
gain of silver by excess of imports over
exports amounting TO s., 145, ,365
The loss of gold by export was material |
ly larger during the last fiscal year than in |
any recent year The heavy movement |
commenced in February 1891, and did not !
cease until the close Of july. The total !
~, tsaI . bo ,f
York during this period was SO, 223 494 81. !
IL is gratifying TO report that a return !
movement of gold is well under way.
which has aggregated since the 1st of |
July, at the port of New York alone, S27,- !
S54, 900, aud il is believed that owing to the |
large exports of breadstuffs and other ma |
terials from the United States, this fall !
country will continue for some months, |
and in increasing amounts.
THE NEW TARIFF.
Concerning the new tariff law the report |
says:
The existing tariff went into effect as |
to most of its provisions on the 9th of DC. |
tober, 1890 Under IFS operations during |
the twelve months ending September 30 !
1891. the first five days of October being |
under the old tariff. the value of imports |
of merchandise was SS24, 1l6, 507 an in |
crease OF Sl1. pa, ll6 over the value of inn !
ports of the corresponding months OF the |
preceding year. OF this total the value !
of free goods was S;}97, ,352, l07. an increase |
of Sis, ,O92 456 over the value of free i'm
ports during the corresponding months of !
the previous year. The proportion of |
merchandise admitted free was 4S1 per /
cent. OF the total Importation, rs against /
"a 32 per cent. of the preceding year, thus /
exceeding the proportion Of free goods un- |
der any previous tariff for u CORES sponding |
period
For the six months ending September |
50, 1891, during which sugar has been ad- |
mitted free, the proportion of free impor- |
tatonS was 55Sl per cent. as against |
3&2l per cent. for the CORES sponding |
months Of the previous year. For six /
months ending March 81, 1921. when sugar /
was dutiabIe under the new tariff, the free /
lmportaIlous were 40.6S per cent. and for /
the corresponding period of the preceding |
year, under the old tariff, they were s. IS |
per cent of the total importatiuns.
he articles now admitted free OF duty !
are chiefly n~cessaries Of life, such a /
sugar. tea, coffee, and other articles Which |
are not largely produced in this country, /
and do not successfully compete with our /
domestic productions. The removal OF /
the duty on sugar has reduced its price 70 !
the consumer, and this result i NOT il I
conflict with the doctrine of protection to I
home industries. because the limited 4
domestic production OF sugar under the
most favorable protective rates WAS not
suihclent 10 influence Jhe price IN the
home market The receipts from customs
Tor the year ending Sept -, 1881. during
I ne last SIX months OF which sugar WAS
Tree, we've Sl96, ,2b9. 654 o., as against S25S-
: - ~ Il for the preceding year. a decrease
Of S43, 505. .%.5lI
DuIlnS Tie twelve months ending Sept
81, The value of Our experts Of mere han