Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1891-12-17
sively upon the people or retards the CONNER
cial development of the nation.
General PtOsperity and Contentinent.

sively upon the people or retards the commer>
cial development of the nation.
General Prosperity and Contentnent'
II may be argued that our condition would
be better if our tariff legislation were upon
free trade basis; but 1t cannot be denied that
all the conditions of prosperity and OF general
contentment are present In larger degree
than ever before in our history, and that, too,
just when it was prophesed they would DC In
the worst state Agitation for radical changes
in tariff aud financial legislation cannot heip'
but may seriously impede business, TO the
prosperity of which some degree OF STABILITY In
legislation is essential. l think there are con-
elusive evidences that the new tariff has ere
ated several great industries which will,
within a few years, give employment TO sew
eral hundred thousand American workingmen
ana women. In view of the somewhat over
crowded condition of the labor market of the
United States, every patriotic ciuzeh shouAu
rejoice at such result.
Last Years Revenues and Expenses.
The report of the secretary of the treas
ury shows that the total receipts of the
government, from all sources, for the fls-
cal year ending June 80, 1891, were $453,
544, 333. O3, while the expenditures for the
same period were 1921 ,304 40 46, leaving a
surplus of s37 ,23g,762.57. The receipts of
the fiscal year ending June 30, 1892, actual
and estimated, are 1888, 00O, 900, and the ex-
penditures s4O9, 900. Forthe fiscal year
ending June 80, 1898, the estimated re-
ceipts are S455, 1886, $50, and the expendi-
lures $441, 300,093.
Silver Bullion.
With regard to theprophecieso of the anti
silver men, that the coinage of 81, DOC, 600
per month would create disaster, they were
not wide of the mark. The president says
that he is still of the opinion that the free
coinage of silver, under existing condi-
tions, would disastrously affect our bust
ness interests at home and abroad, and
that we could not hope to maintain an
equality in the purchasing power OF the
gold and silver dollar in our markets, and
in foreign trade the stamp gives no added
value to the bullion contained in coins.
The producers of the country its farmers
and laborers, have the highest interest
that every dollar, paper or coin, is
sued by the government, shall be as good
as any other If there is one less valuable
than another, it's sure and constant errand
will be to pay them for their toll and for
their crops.
Our Silver Exports Exports Reduced.
After comparing our silver standard
with England's, and referring to the re-
duction of the export Of domestic silver
during the past year, the president says:
The producers of silver are entitled to your
consideration, but they should not forget that
the government is now buying and putting out
of the market what is the equivalent of the
entire product of silver mines. This Is
more than they themselves thought of asking
two years ago. ] believe it is the earnest de-
sire of great majority OF the people, as it is
mine, that q full coin use shall be made Of sill
in Of har
nations can be secured and a ratio fixed that
will give circulation equally to gold and silver.
The business of the world requires the use of
both metals; but l do not see any prospect Of
gain, but much Of loss, by giving up tho pres
ent system, in which a full use is made of gold
and a large use of silver, for one in which sill
yer alone will circulate. Such an event would
be at once fatal to the further progress Of the
silver movement.
Europe Wants Silver.
The true friends Of silver will be careful not
to overrun tho goal and bring its silver none
tizatioA, with the necessary attendant loss Of
our gold to Europe, and the relief Of the pres
sure there for a larger currency. l have en-
deavored, by the use of official and unofficial
agencies, to keep a close observation Of the
state of public sentiment in Europe upon this
question and have not found it to be such as
to justify me in preparing an international con-
ference. There is, however, I am sure, .
growing sentiment In Europe in favor Of =
larger use of silver, and l know Of no moro
effectual way of promoting this sentiment
than by accommodating gold here. A scarcity
of gold in the European reserves will b the
most persuasive argument for the use OF silver.
The president alludes to the retirement
of Secretary Proctor from the cabinet, and
says that his report exhibited the results
of an intelligent, progressive, and business
like administration of department which
has been too much regarded as one of mere
routine The separation of Secretary Proc
tor from the department by reason of his
appointment as senator from tho state
of Vermont was source of great regret
to him and to his colleagues in the cabi-
net, and he was sure it was to all those
who have had business with the depart
ment under his charge. In the administra-
ton of army affairs some especially good
work has been accomplished. The efforts
of the secretary to reduce the percentage Of
assertions by removing the causes that
promoted it have been so successful as to
enable him to report for the last year q
lower percentage of desertion than has
been before reached in the history of the
army. The resulting money saving is con-
siderable, but the improvement in the NOR
ais of the enlisted men is the most valu-
able incident OF the reforms winch nave
brought about this result.
Our Harbor Defenses.
The work of securing sites for shore bat
teries for harbor defense and the manu-
facture of mortars and guns of high power
to equip them have made good progress
during the year. The preliminary work OF
tests and plans, which so long delayed q
start, is now out of the way Some guns
have been completed, and with an en-
larged shop and a more complete equip.
ment at Watervliet the army will soon be
abreast Of the navy in gun construction.
Pensions and Records.
The great work done in the record and pen
sion division of the department by Major
Ainsworth of the medical corps, and the clerks
under him, is entitled to honorable mention
Taking up the work with nearly 1900 cases
behind, he closed the last fiscal year without q
single case left over, though the new cases had
increased So per cent in number over the
previous year by reason Of the pension legisla-
lation of the last congress-
The president concurs in the recon.
mendation of the attorney general that
the right in felony cases to a review by
the supreme court be limited.
The Chinese Exclusion Act.