Alma record. (Alma, Mich.) 1878-1928, 1891-12-18

chase 80 large an amount OF those things that
enter into the living of the masses of he peO-
pie. believe that a full test Will develop the
fact that the tarin act OF the Eifty-first Con-
gress is very favorable In it's ayerag, effect
upon the prices OF articles entering into COM
mon use.
During the twelve months from October ],
1890, 10 September 30, 1891, the total value of
our foreign commerce imports and exports
combincd) was Sl.1i1,sO6,4O6 which was tho
largest of any year in the history of the Uni
ted States. The largest on any previous year
was in 1890. when our commerce amounted 10
Sl.641, $4,000, and the last year exceeds this
enormous aggregate by over SlOO,OU,uO. IL Is
interesting, and To some will be surprising, 10
know that during the year ending September
so, 1901, our imports Of merchandise amounted
TO Ss24,il5,2,O, which was an increase of over
SlOUO,uO over the value of imports OF the
corresponding months of the preceding year,
when the imports of merchandise were unusu-
ally large in anticipation of the tariff legisla-
of the imports of merchandise for the ten
years from 1881 To 1890 was S602 led. 522. and
during the year ending September 30 1891,
this annual average was exceeded by Sl35Ss,-
400.
The value Of free imports during the twelve
months ending September 10, 1891, was Slls,-
U,.S1 more than the value of free imports
during the corresponding twelve months of
the preceding year. and there was during the
same period decrease OF SlO,si6'5os in the
value of imports of dutiable merchandise. The
percentage of merchandise admitted free of
duty during the year to which have referred,
the first under the new tariff, was BIS, while
during the preceding twelve months. under
the old tariff. the percentage was 3427 an in
crease OF 1871 per cent. IL we take the six
months ending September 3Dlast, which covers
the Tins during which sugars have been adj
mtted free of duty. the per cent of value of
merchandise imported free of duty is found TO
be 55.37, which is larger percentage Of free
imports than during any prior fiscal year in
the history of the government
IL we turn 10 exports OF merchandise the sta
tistics are full of qualification. The value OF
such exports of merchandise for the twelve
months ending September 30, ls9l, was StsI.-
09l, 1856 while for the corresponding previous
twelve months 10 was SSdO, l11,ll5, an increase
of ST., lgl OIL, which Is nearly three times the
average annual Increase of exports OF mer-
chandise during any year in the history OF the
government. The increase in the value OF ex-
ports OF agricultural products during the year
referred TO over the corresponding twelve
months of the prior year wa- S+5,sH, l9l, while
the increase in the value Of EFFORTS of manu-
featured products was lG,'3S,4O.
There Is certainly nothing ~ the condition
of trade, foreign or dou.est G, there is certain
ly nothing in the & ~ ton of our people
OF any class. 10 uEgest that the eX-
listing tariff and = NC. UC legislation bears OPP
pressively uron 'he pgopi,e tr ,etardI the com
mercial develop. cni of the nation. II may be
argued that our ruLd ton would be better if
our tariff legislation were upon n free trade
basis; but il gauillt be denied that all the con-
ditions Of prosper ~ ana Of general content
ment are present Ia a larger degree than ever
before in our history. and that, too just when
il was prnuhesicd they would be in the worst
state. Agitation for radical changes In tariff
and financial legislation cannot help. but NAV
seriously impede business. 10 the property OF
which some degree OF stability in legislation Is
essential.
think there are conclusive evidences that
the new tariff has created several great indus
tries which will, within a few years, give en-
ployment to several hundred thousand Ameri-
can wOrkingmen and women. In view OF the
somewhat oyercrowded condition of the labor
market of the United States, every patriotic
citizen should rejoice at such result.
REVENUE AND EXPENDITURE.
The report of the Secretary OF the Treasury
shows that the total receipts of the govern
ment, from all sources, for the fiscal year end
ing June 80, 1891, were Sass, 233 O3, while the
expenditures for the same period were SAIL
3i410 46, leaving surplus of 81 ,239,'12 %.
The receipts of the fiscal year ending June 80,
1892. actual and estimated, are S48,U0 600. and
the expenditures S+9,Om,OOJ. For the fiscal
year ending June 30, 1888, the estimated re-
CENTS are S455,&3,3cO, and the expenditures
Si4l,3O,UJ3.
THE SILVER QUESTION.
Under the law of July IL, $780, the Secretary
of the Treasury has purchased since August 10
during the fiscal year As 1885, ll3 ounces Of silver
bullion at an average cost OF SlW5 per ounce.
The highest price paid during the year was
: 2tr!5 and the lowest SOBaG. I'm exchange
for this silver bullion have been issued $780,
81, i9S OF the treasury notes authorized by the
act. The lowest price OF silver reached during
the fiscal year S0.gGG on April 80, 1891: but
on November one the market price was only
S0.96, which would give TO the silver dollar
bullion value Of sevcnty-four and one-fourth
cents.
Before the influence Of the prospective silver
legislation was felt in the market silver was
worth in New York about S0.9jj per ounce.
The ablest advocates OF free coinage in the
last Congress were most confident in their
prediction that the purchases by the govern
ment required by the law would at once bring
the price of silver to l..929 per ounce, which
would make the bullion value Of a dollar lO0
cents and hold IL there. The prophecies of
the anti-silver men of disasters to result from
DIVA .tf IA =
wider of the mark. The friends Of free silver
are not agreed, / think, a to the causes that
brought their hopeful predictions to naught.
Some facts are known. The exports OF silver
from London 20 India during the first nine
months Of the calendar year fell off over
30 per cent, or Sl7,20!,73O, compared with the
same months Of the preceding year. The ex-
ports of domestic silver bullion from this
country, which had averaged for the last ten
Sl3,597,32l; while, for the first time in recent
years, the imports of silver into this country
exceeded the exports by the su N of s., $50.
In the previous year the net exports OF silver
from the United States amounted to IS, 545, 4i5.
The production Of the United States increased
from 100000 ounces in 1889 to "a, 500 900 in 1880.
The government Is now buying and putting
aside annually a.0o0.0oO ounces, which, allow.
ing for 7,l40,uO ounces of new bullion used in
the arts, is 66i0,OO more than our domestic
product available for coinage.
! hope the depression in the price OF silver is
temporary and that a further trial Of this leg
islation will more favorably affect 1t. That
piled for the use of the people was needed
and that beneficial results upon trade and
prices have followed this legislation | tn nix
must be very clear 10 every one: nor should IL
be forgotten that for every dollar Of these
notes issued a full dollars worth OF silver bull
ion is at the time deposited Ia the treasury as
n security for its redemption.
Upon this subject. as upon The tariff, my re-
commendation is that the existing laws be
given full trial and that our business inter-
csts be spared the distressing influence which
threats of radical changes always impart.
Under existing legislation il is in the power OF
the Treasury Department TO maintain that es-
sential condition of national finance as well as
of commercial prOsperty-the parity in use Of
the coin dollars and their paper representa-
tives The assurance that these powers will
be freely and unhesitatingly used has done
much TO produce and sustain the present faV.
orable business conditions.
] am still of the opinion that the free coinage
Of silver under existing conditions would dis
astrOusly affect our business interests at home
and abroad. We could not hope to maintain
an equality in the purchasing power of the
gold and silver dollar on our own markets, and
in foreign trade the stamp gives no added
value to the bullion contained in coins. The
producers of the countryside farmers and
laborers-have the highest interest that every
dollar, paper OF coin, issued by the govern
ment shall be as good as any other. IL there
is one less valuable than another its sure and
constant errand VIII be- TO pay them for their