The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1891-12-16

TUTT1ITTT- INC o o
hand it wcs contended that imports
would so fall of rs to leave the treasury
bankrupt, and that the prices of articles
entering in6o the living of the people
astrously affect their comfort and hap
piness. while on the other it was
argued that the loss to the revenue
largely the result Of placing sugar on the
pie; that the prices of the necessaries of
life, including those most highly pro-
tected, would not be enhanced; that labor
would have larger market and the pro-
ducts OF the farm advanced prices; while
the treasury surplus and receipts would
be adequate 10 meet appropriations, in
Guiding the large exceptional expendi-
lures for the refunding to the states of the
direct tax and the redemption of the four
and one-half per cent. bonds.
Rarely, II ever before, in the history of
the country has there been n time when
the proceeds of one days labor or the
product of one farmed acre would pur-
chase so lar-e an amount of those things
that enter into the livinEof the masses Of
the people. 1 believe that full test will
develop the fact that the tariff act of the
Fifty-first congress is very favorable in
its average effect upon the prices of
articles entering into common use.
During the twelve months from Oct l.
1880, TO Sept. 80, 1891, the total value of
our foreign commerce imports and ex-
ports combined) was 81, ~ sos 400, which
was the largest Of any year in the history
of the United States. 1t is interesting,
and to some viii be surprising, to know
that during the year ending Sept. 80, 1891,
our imports of merchandise amounted to
SS24, $50, which WAS an increase of more
than Sll ,OOo,ecJ over the value of the i'm
ports of the corresponding months of the
preceding year, when the imports of mer-
chandise were unusually large in antici-
patton of the tariff legislation then pend
ing.
"The average annual value of the i'm
ports Of merchandise for the ten years
\
ing the year ended Sept. 30, 1891, this an
nual average was exceeded by Sl32, BPS, ITO.
The value OF free imports during the
twelve months ending Sept 80 1891. was
Sis, COZ, So 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
slO6,si6.5oS in the value of imports OF
dutiable merchandise.
1.-The percentage of merchandise admit
ted free of duty during the year TO which
have reference, the first under the new
tariff, was is IS, while during the proceed.
ing twelve months, under the old tariff,
the percentage was 34.21, an increase of
1891 per cent. If we take the six months
ending Sept. 30, last, which covers the
time during which sugars have been adj
mitted free of duty, the per cent. OF value
of merchandise imported free of duty is
found to be 55.3!, which is a larger per-
centage of free imports than during amy
prior fiscal year in the history of the gov
eminent.
"If we turn to exports of merchandise
the STATISTICS are full OF qualification The
value OF such exports OF merchandise for
the twelve months ending Sept. 3d. 1891,
was S923, 09l, 1876, while for the correspond
ing previous twelve months it was $780,
111,115, an increase of So, Oh, DEL, which is
nearly three times the average annual in
crease of exports of merchandise during
any year in the history of the govern
ment.
1.-THE increase in the value of exports of
Il
ferred TO over the corresponding twelve
months of the prior year was S45, $40, 1917,
while the increase in the value of exports
of manufactured products was SIG. S3S 30
There is certainly nothing in the con-
dition of trade, foreign or domestic-there
is certainly nothing in the condition of
our people OF any class, to suggest that
the existing tariff and revenue legislation
bears oppressively upon the people or re-
tarcis the commercial development of the
nation.
at may be argued that our condition
would be better if our tariff legislation
We're upon free trade basis; but it can
not be denied that all the conditions of
prosperity and of general 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
can not help, but may seriously impede
business, to the prosperity of which some
sential.
al think there are conclusive evidences
that the new tariff has created several
great indust es which will within a few
years, give employment TO several hum
dred Thousand American worlSingmen ard
women. In lew OF the somewhat over
crowned CO dition of the labor market of
the United States, every patriotic citizen
should rejoice at such result.
Treasurer's Report.
"The report of the secretary of the treas
CHI. fol 81.
government, from all sources, for the fis-
cal year ending June so, 1891, We're $685.
544 ,2SS O3, while the expenditures for e e
same period were st2l 800, 40 46, leaving
"The receipts of the fiscal year ending
June 80, 1892, actual and estimated, are
Si33, Ol0, COO and the expenditures S409, co.,
01O. For the fiscal year ending June 30,
1873, the estimated receipts are S455, 1856,
$50 and the expenditures S441, 300, O93.
Under tie law of July H. 1890, the sec
rotary OF the treasury has purchased since
Aug. 10 during the fiscal year rs, 395, 1I3
ounces of silver bullion at an average cost
of $l.Ot5 per ounce. In exchange for this
silver bullion there have been issued $50
go 49S OF the treasury notes authorized by
the act.
Before t. :..:!.Gance OF the prospective
silver legislation was felt in The market
silver WAS Y 0rth in New York about
0.S55 per ounce. The ablest advocates of
free coinage in the last congress were
most confi' in their prediction that
the purchases by the governments re
Huired by the law would at once bring
the price of silver to Sl.2939 per ounce
which would make the bullion value of a
dollar one hundred cents and hold it
there. The prophecies of the anti-silyer
men of disasters to result from the coin
age of 3, Coz, 0U0 per month were not wider
of the mark.
''The fric ds of free silver are not
agreed, {. *, as to the causes tn It
brought tn hopeful predictions to
naught. So. facts are known.
The expol Us of domestic silver bullion
from this c lntry, which had averaged
for the last years over SIT ,000, eco, fell
IN the last fiscal year to 3,79I ,391; while,
for the first time in recent years, the inn
ports of sih IT into this country exceeded
the exports by the sum of &, 1l5, 365. In
the previous year the net exports of silver
from the United States amounted to
SSH, 40. The production of the United
States increased from so, 900, 600 ounces in
1889 to "a, 500CO0 in 1890. The government
is now buying and putting aside annually
81, 100000 ounces, which, allowing for
Z, 10000 ounces of new bullion used in
the arts, is 6,640000 more than orr domes-
tic product available for coinage.
II hope tile depression in the price of
- ..s.tlllarasv AMI rs.sr "a Frfrr5--
trial OF THIS legislation VIII more favor
ably affect it. That the increased volume
of currency thus supplied for the use of
the people was needed and that beneficial
results upon trade and prices have fol-
lowed this legislation i think must be
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