River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1891-12-17

sugar on the free list would be a direct gain 10
the people. that the prices Of the nccessaries
o. lie iaeluding those most highly protected
would not be enhanced: that labor would have
a arger market ana TIE products OF the farm
advanced prices. while the treasury surplus
and receipts would be adequate 10 meet the
appropriations including the large exceptional
expenditures for the refunding u the states Of
tie direct tax and The redemption OF the "a
per cent. bonds.
Il is not my purpose TO enter at any length
into a discussion OF the effects Of the legisia-
tion 10 which have referred; but brief ex.
animation Of the statistics Cf the treasury anu
"a general glance az the state OF business
throughout the country will. / think, satisfy
any impartial inquirer that its results have dis
appointed the evil prophecies Of its opponents
and In a large measure realized the hopeful
predictions Of its friends. Rarely. IL ever be-
been time when the proceeds OF one days
labor or the product OF one farmed acre would
purchase so large an amount OF those things
that enter into the living OF the masses OF the
people. believe that fun test will develop
the fact that the tarn act OF the Fifty first
congress is very favorable IN its average effect
upon the prices Of articles entering into com
mon use.
Exports and Imports.
During the twelve months from October I,
1850, 10 September %, 1891 the total value OF
combinedi was s1,s4SSO646 which was the
largest OF any year IN the history Of the United
states The largest in any previous year was
in 1880 when our commerce amounted 20
81 6i7 l39O43 and the last year eXcet DIS this
enormous aggregate by over Sio0O0 f.DOl IL Is
interesting. and 10 some will be surprising, TO
know that during the year ending Seplem
Der 81 1891. our imports OF merchandise
amounted 20 SS54 1890 which was an increase
Of more than 81 uOJOJJ over the value OF the
imports Of the corresponding months Of the
preceding year. when the imports OF merchan-
disc we're unusually large in anticipation Of
the tarif legislation then pending The av-
craze annual value Of the imports OF merchan
disc for the ten years from 1881 TO 1890 was
s652. 1852 and dAring the year ending Sep
Al
ceeoed by Ei32. J2S, 46l The value Of free i'm
ports duriag the twelve months end
ing September 80 1921. was silSO92
So more than the vaue of free imports
during the corresponding twelve months Of the
preceding year. aud there was during the same
period a decrease OF sl06 si6 sos in the
The percentage OF merchandise admitted free
Of duty during tne year 10 which have re
fcrred. TIE first under the new tariff, IS IS
while during the preceding twelve months. I'M
der the tariff. The percentage was 81 q. an
increase OF 1891 per cent II We take the six
months ending Sept ember - last. which covers
the time during which sugars have been adj
mitted free Of duty, the per cent. Of
va ne OF merchandise imported free Of
a larger percentage Of free imports than
during any other fiscal year in the history OF
the government. u we turn 10 exports Of mer-
cha. Use the statistics are full Of qualification
The value OF sucn exports OF merchandise for
the twelve months ending September Sd, 1891,
was SgE&0Jl. 1876, while for the CORES spending
previous twelve months il was $500. IL. Il5 an
increase OF s63sliU2i, which Is nearly three
times the average annual increase OF exports
OF merchandise curing any Year IN the history
Of the government The increase IN the value
% exports OF agricultural products during the
year referred 10 over the corresponding twelve
months OF the lr OF year was s45. S46 49, while
the increase IN the value Of exports OF manu-
featured products was sl6S3S2i1.
Prosperity Under the New Law.
There is certainly nothing In the condition OF
1 trade foreign or dom site, there Is certainly
len If
class, 10 suggest that existing tarin and rev
enue legislation bears oppses,fvely upon the
people or retards the commercial development
OF the nation IL may be argued mat our con
dition would be better il our tariff legislation
were upon tree trade basis, but 1t can
aot 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
il was prophcsied they would be in the worst
state. Agitation for radical changes in tarif
ani financial legislation cannot help. but may
seriously impede. business, to the prosperity Of
which some degree Of stability in legislation Is
essential / think there are conclusive evil
dcuCes that the new tariff has created several
great Industries which will. within a few years,
give employment 30 several hundred thousand
American workingmer and women. In view OF
the somewhat overcrowded condition of the
labor market Of the United States, every pa
tri0tic citizen should rejoice at such a result.
The = nances.
The report Of the secretary Of the treasury
I shows that the total receipts OF the govern
fucnt from all sources for the fiscal year ending
June b. 1872. were SIS 5if .s503, while the eN-
pendItures for the same period were 1921 3J4.
I71 IS. leaving surplus of S}s.2}4. s62 81
The receipts Of the fiscal year ending June
3 lSg2. aCtua. and estimated, are s43}Oo0 100.
and the expenditures SiO909a,UO4 For the
fiscal year ending June 30. is93 the estimated
receipts are $50 ,3j9 and the expenditures
Si4l.S0O,J93
transactions in silver.
Under the law OF July u, 1890. the secretary
Of the treasury has purchased since August Is
during the fiscal year $3.50 Is ounces Of silver
bullion 20 an average cpsf Jf fl.05 per ounce.
The highest price paid during the year was
sis03j and the lowest 80 1913. In exchange for
his silver bullion have been Issued s. i577, 49S
% the treasury notes authorized by tho act.
fhe lowest price Of silver reached during the
fiscal year was sO.9jj6 on April %. 1891; bat on
November I the market price was only
+ 1915 which would give TO the silver dollar a
bullion value Of a. cents
Before Tie influence Of the prospective silver
legislation was felt in the market silver was
worth IN New York about o. g55 per ounce The
ablest advocates OF free coinage in the last
con sress were most confident in their predic-
ton that the purchases 10y the government re-
CURED by the Law should at once bring the
price Of silver TO i.29 9 per ounce which would
make the bullion value Of a dollar 100 cents and
hold II there. Thc prophecies OF the anti sill
yer men Of disasters 60 result from the coinage
( OF 10000 per month were not wider OF the
mark. The friends OF free silver are not agreed.
/ think, as TO the causes that brought their
I hopeful predictions TO naught. Some facts are
known. The exports OF silver from London to
I India during the first nine months Of this cal
cudar year fell of Si12g $50, compared with
4 the same months OF the preceding year The
experts Of domestic silver bullion for this cOun
try, which bad averaged for the last ten years
I over st1,0JO0Jl fell in the last fiscal year TO
So. ~ 59i; while for the first time in recent
+ years. the imports Of silver into this country
exceeded the exports bv the sum OF 81 74j $50.
E IN the previous year the net exports OF silver
from thc United states amounted to SS,5i5. 49,
The production Of the United States increased
from 30 uJ0O ounces in lsSg To ~ 900 "a 1890
no sgHrrHH
aside annually 54.90)rU ounces which, allow
I ing FOR 7,l4Jt0J ounces Of new button used In
+ tie arts Is 6B40OlO more than our domestic
I product available TOR coinage.
hope the depression IN tue price Of silver -
temporary and that further trial Of this legi.-
Iation viii more favOrably affect il. That th3
Increased volume Of currency thus supplied fo'
F the use of the PEOPLE was needed and that Der
eficial results upon trade and prices have ful-
lowed this legislation l think must be very
{ clear 10 everyone; nor should II De iorF Jtten
that for every dollar OF these notes Is sued a
fan dollars worth Of silver bullion is at the
/ time deposited in the treasury as security for
its redemption
Upon this subject, as upon the tariff my rec
ommeRdation is that the existing law be given
a f3li trial aud that our business int rests be
spared the distressing influence which thTe7ts
T 81 radical changes always impart. Under OK
sting legislation II Is IN the power OF the treas
ury department 20 maintatn that essential
condition Of national finance as well rs Of com
merlial prosperity the party in use o. the coin
| dollars and their paper represeniatN IS. The
and unhesitatingly used has done much to pro
dues aud sustain the present favorable busi
ness editions
Views on Free Coinage.
am still OF the opinion that the free coinage
I o. silver under existing conditions would dis
astrousiy affect our business interests at home
f and abroad We could not hope to maintain
{ an equality in the purchasing power OF the
+ gold aud silver dollar in our own markets. and
/ in foreign trade the stamp gives no added value
/ u the bullion contained IN coins. The producers
/ OF The country, its farmers and laborers.
/ have the highest interest that every
+ dollar. paper or coin, issued by the
government shall be as good as any
other III there j. one less valuable than an.
I other its srre and constant errand will be 10
pay them io- their toll ana for their crops. The
mouey-lerder will protect himself ty stipu!a-
ting for payment IN gold, hut the labOter has
never been able 10 do that. To place business
upon silver basis would mean "A sudden and
severe contraction ~ the currency, by the
Withdrawal OF gold and gold notes. and such an
+ uu-etrliug OF all values = would produce a
commercial panic. / cannot believe that a
people so strong AMI prosperous as ours will
promote such policy.
Movement OF Gold Abroad.
The exports OF gold 10 Europe which began
IN February last and continued until the last
OF July. aggregated over $4,000 600. Tie net
loss OF gold during the fiscal year was nearly
SIS COO 001. That no serious monetary disturb
ance resulted was most gratifying and gave 70
Europe fresh evidence OF the strength ana
stability OF our financial institutions. With
the movement Of crops this outflow Of gold was
speedily stopped and return Sc in Up 20
December we had recovered OF our gold loss
az the port Of New York So 400 and IL is
confidently believed that during the winter and
spring this aggregate viii be steadily and
largely fncreased
Reducing the surplus.
The presence OF large cash surplus in the
treasury has foe many years been the subject