The Dalles daily chronicle. [volume] (The Dalles, Or.) 1890-1948, 1891-12-09
CONTINUED from frst paael

eral some very gratifying results are
exhibited and many betterments
of the service suggested. The revenues
of the department show an increase of
SOC, ,000, 900, while the estimate of the
wear 1873 show surplus of receipts over
the expenditures. The presidents mes
sage reviews the postmastec-general
recommendations on an ocean mail
service and saws: 81 do not think there
is any reason for encouragement or for
any turning back from the policy of
this legislation. Indeed, a good begin
ming has been made and as the subject
is further considered and understood by
the capitalists and shipping people,
we may date from the passage of this
law the revival of American shipping
interests and the recovery of a fair share
of the carrying trade of the world. /
commend to your favorable considera-
The tariff is discussed at great length
by the president. 81 believe" said the
president, ''that full test will develope
the fact that the tariff act of the fifty
first congress is very favorable in its
average effect upon the prices of articles
flowing into common use. During. the
twelve months from October lst, 1890 to
September 80, 1891, the total value of
our foreign commerce, exports and i'm
ports combined, was $1,747 ,S06, ,406,
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 81 ,647 =
139, ,093.
1t is interesting, and to some, 1t will
be surprising to know that during the
year ending September 80, 1891, our
imports of merchandise amounted to
1924, us ,270, which was an increase of
more than $11 900, 900 over the value
of the imports of the corresponding
months Of the previous year when
the imports of merchandise were
large in anticipation of the tariff legis-
latiop then pending. The average an
nual value of the imports of merchan-
disc for the ten years from 1881 to 1890
was $692, ,1S6, ,522, and during the year
ending September 80, 1891, this annual
average was exceeded by $132, ,52S, ,469,
The value of free imports during the
the twelve months ending September
80, 1891, was $I1S, ,091 1897 more than the
value of free imports dur ing the cores
ponding months of the preceding year,
aud there was during the same year
decrease of $16,S64, ,508 in the value of
imports of durable merchandise. The
percentage of merchandise admitted
free of duty during the year to which 1
have reference, the first under the tariff,
was l4.lS, while during the preceding
twelve months under the old tariff its
percentage was 34.27, an increase of 1879.
per cent.
If we take the six months, ending
September so, last, which covers the
time during which sugars have been ad-
mitted free of duty the per cent. of value
of merchandise imported free of duty is
found to be 80 81, which is larger per
centage of free imports than during any
prior fiscal year in the history of the
government. If we turn to imports of
merchandise, the statistics are full of
qualification. The whole of such ex-
ports of merchandise for the twelve
months, ending September 80, 1891, was
1928, ,29l ,1S1, while for the corresponding
previous twelve months it was $3.50, l77,-
i15. There is certainly nothing in the
condition of our people of any class to
suggest, that the existing tariff and rev.
enue legislation bears oppressiyely upon
the people or retards the commercial
development of the nation. 1t may be
argued that our condition would be bet
ter if our tariff legislation were upon a
free trade basis, but it cannot be denied
that all the conditions of prosperity and
ofgeneral contentment are present in a
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 radical changes in
tariff and financial legislation cannot
help, but may seriously impede business
to the prosperity of which some degree
of sta65i1ty in legislation is essential
think there are conclusive evidences
that the new tariff has created several
great industries which will within few
years give employment to several hun
dred thousand American working-men
and women.
The report of the secretary of the
treasury shows that the total receipts of
the government from all sources for the
HcRol WOO or,6inn Inn m 1901
$4oS, ,544 ,233.03, while the expenditures
for the same reriod were $42l ,304, ,470. .46,
leaving surplus of $37 ,239, 1852. 81.
The receipts of the fiscal year ending
June 80, 1902, actual and estimated, are
$433, 700 900 and the expenditures, $400,
O00, 900. Under the law of July IA, 1890
the secretary of the treasury has pur-
chased since August 13, during the first
year 4S, 1893, ,113 ounces of silver bullion
at an average cost of 81 .045 per ounce
The highest price paid during the year
was 81 Pops and the lowest was 50. 1886.
In exchange for this silver bullion
there have been issued So ,057, ,496 of the
treasury notes authorized by the act
The lowest price of silver reached dur
ing the fiscal year was so 1896, on
April %, 1891, but on November
L, the market price was only O.69, which
would give to the silver dollar bullion
value of 7414 cents. Before the inf1u-
ence of the prospective silver legislation
was felt in the market, silver was worth
in New York about 0.975 per ounce
The ablest advocates of free coinage in
the last congress Were most confident in
their prediction that the purchase by
the government required by the law
would at once bring the price of silver tc
$i.2929 per ounce which would make the
bullion value of a dollar 100 cents, and
hold it there. The prophecies of the
anti silver men of disasters to result
from the ecoinage of 1000, 900 per month