The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1891-12-19

esting. and TO some win be surprising. to know
that drrius the year ending September 20. 1901,
s ! s mar. sea4 winch ,rEs ss an s tu'r' e.
is.bc II the imports of the cor
f TSsp imnng,S months on Of the preceding year; When
large in anticipation of the tariff legislation
then pending. The average annual value Of the
iit M tr s q merr a,sSn l. i. tsr the Ten Years from
sadias ssSse@sSf ii sRsf.' f sRis a Raahsl t 4 essss s
Vas exceeded b Sls, ss 40. The Salne Of tree
t i,nPSfts ID SuT Tsaf the ne ts ssis n n ss hso ending ssP,
value r fre imnorts dnri.ss tls Gre
s-'nt:r6 Twelve months OF the pre-
ceeding years, and there was during
Js in the value of imports of dutiablc mercban-
disc. The percentaHs.ef marrha"d's' sdni....t6c
FREE ~ drty, during the year to which l have
reference. the first under the new tariff, was
4s-ls, while during the preceding twelve months.
under the OLD tariff, the percentage was34.27, an
increase Of 1891 per cent; II We take the six
months ending September 30 last, which covers
the time during which sugars have been admit
ted free of Outs, the pef repi, If -d,ra 1T rtet:
shandise '%JnFsit@a ffts q duty is found TO be
I'd, which Is a larger percentage Of free i'm
ports than during any prior fiscal year in the
history OF the government. II wetirn I exryrts
Of morchandiSe the statistics are fuli II graf
thcstr"u. TIE Whole OF sucn exports of mer-
chandise for the twelve months ending Septem-
Der 81, 1891. was Sg<],gl, 1876, while for the cor
responding previous twelve months it was $50,
| I'll All ltlClNl-t VI W. flt, vi, Wl1c0 Is near
ly three times the average annual increase Of
experts af merrhandise during ans rear In the
hisicrS Of HE government, Tie Increase In the
talue OF exports cf agricultural products during
the year. feferred to over the corresponding
twelve Months priGr was S+5 $40, 49,, while the
increase n tie VALVE q Ssphrts 81 r~uanufae-
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
| bkDpl..lILlfpS lar me same DprlDI yprp Mi Nj
Al. III, leaving a surplus of So .ZN. 762. 81.
The receipts of the fiscal year ending June 20,
1S2. actual and estimated, are Si:3.WD,ip. and
the expenditure StI.O0,Go. For the fiscal year
ending June 30. ISJ], thu estimated receipts ara
s4aS.SS.:iDs and the esrrrdisrrrs siil:as'r'
rHE SILVER QUESTION.
Under the law of July II, $50. the
secretary of the treasury has purchased
since August u, during the fiscal year, 4S,393,ll3
ounces of silver bullion, at an average cost of
sl.ot5 per ounce: The highest price paid during
the year was g, .a1ai and the lnwest S0.9iS. in
s%srhange, t!r tl,s j!'er h'''li"u theta have beer
izsSeG s';b.n't ~ "a IT. lns t,s:tstfy notes auihoI-
reached during the fiscal year was so.9Gi6, on
April -. 1881: but on November ] the market
price was only S19j. which would give to the
silver dollar a bullion value of IA cents.
Before the influence Of the prospective silver
legislation vas 81. tn tEe riarket silver Waa
TTSr'f y ssw iork about Se'5 per ounce,
congress were most confident in their prcdic-
ton that the purchases by the government
l required ny me law would at once trlnR the
price Of sill er to 81. 2a29 per ounce, which would
make the bullion value of a dollar 100 cents,
and hold it there, with prophesies of the anti
silver men OF disasters to result from the coin.
age Of &,ND,Hn per month were not wider Of
the mark. The friends of free silver are
not "gr,oa; l think 1Sls, as to the G sIn
lions 10 naught. Some facts are known. The
exports of silver from london TO India during
TIL first nine months cf the calendar gear fell
n, VIPER rept Hr sl'se,7si; cori'raiej eth ri"
| s1 uia months tF fIn f1r.paiiup yapr Tho nr-
ports of domestic silver bullion from this coun-
try, which has averaged for the last ten years
over 81 fell, in the last fi'cal year. to
sl3, 797,: 81; while, for the first time in
recent years, the imports OF silver into
this country. exc7eded the exports by
States amounted to S8.5t5,tG Tbs production
of the United States increased tr1nt 5l,6Gl.Gil
ounces in lsS1 70 li.tsN,F1 IL lS"1. TIL erS
ernnrent Is now buying and pttting aside ai.tss,.
an ot!nces. which, allowing for T.li0,rn ounces
of new bullion used il the arts, is 6,6in,isn more
than our domestic product available for coin
age. hope the depression in the price of silver
Is temporary and that a further trial of this
legislation will more fav"rably aiect it. That
tb5 s inrtsa5Sd volume = of t currency
pie was needed, and that beneficial results
upon trade and prices have followed this legis-
lation think must be very clear to everyone;
nor should it he forgotten that for every dollar
of these notes issued, a full dollars worth of
| silver bullion f- ~ ',ti TIRE deposited Ii. tie
treasury as Il security for its redemption. Upon
this subject, as upon the tariff, my recon
incubation is that the existing laws he given Il
full trial, and that our business interests be
spared the distressing influence which threats
Of radical changes always inpart.
The producers of siIyer arr entitled tn just
| confederation bit tief SiGt'i,i tfit fCfgct that
tile goTrrtinert Is now huying and putting out
of the market what * the equivalent of the en-
tire Product of our silver mines. This Is more
| than tley Themselves thought of asking two
| years ago. believe it is the earnest desire Of a
| tr11.Jt ma iprity Of fhp rIfspp1n q IL * rniDl that a
full coin use shall be made of silver Just as soon
! as the 20 operation of other ratinn: Cir he So
cured and a ratio fixed that will give cir
c%ulation equally to gold and silver.
Bi- metallisIn is the desired end, and the true
| friends of silver will he careful not to overrun
the goal and bring in silver monometallisIn,
with its necessary attendants. the loss of our
| gold to Eurnpe and the ralirf Of the pressure
| tLHle tuf a larger currency. | have endea Oreti
by the Use of official agencies to keep a close OBJ
servatIon of the state of public sentiment in
Europe upon this question. and have not found
IT 10 be such as to Justify me in proposing an IN
ternational conference. There is, however. |
am sure. n growing sentiment in Europe in favor
| of 4 larger rsc Of silfc'
The exports of gold to Europe, which began III
February last and continued until the close of
| July. aggregated over S7u.rG,nn. The net loss
of gold during the fiscal year was nearly $685.
Un.gD. That no serious monetary disturbance
resulted was most gratifying, and gave to Eu-
rope fresh evidence of the strength and stability |
of our financial institutions. With the move
ment OF crops the outflow of gold was speedily
II StNIIHf', tLl ii return Sft III ~ ~ lft'tlllitI
! we had recovered of our gold loss at the port
of New York ST .s54.CO1 and il is confidently be-
lievei that during the winter and spring this az
gregate will he steadily and largely increased.
THE TREASURY SURPLUS.
The presence Of q large cash surplus in the
treasury has for many years been the subject of
much unfavorable criticism, and has furnished
an argument tn those who have desired to place |
the tariff upon n purely revenue basis. 1t was
agreed Ivy all that the withdrawal from circula- |
ton of 50 large ali amount of money was an
a,fp q, tka Zinc 8 tt,-n l,fr. rF I
and made necessary the Intervention of the de-
%partment Mt frequent intervals to relieve threat
ened monetary panics; The surplus on march,.
this surplus to the redemption Of the inter
est bearing securities of tho United States |
was thought to he preferable to that Of deposit
ing it without interest in selected national
hanks. There have been redeemed since the
date last mentioned of interest bearing securi-
ties S2E9Hs,gtl. resulting in a reduction of the
annual interest charge of Sll ,64 .615. The money
which has been deposited in hanks without in
terest has been gradually withdrawn and used
in the redemption of bonds.
The result OF this policy, of the silver legiSla-
ton and of the refunding of the 4l2 per cent.
bonds, has been a large increase of the money
in circulation. At the date last named the cir
cul1tiOn was 81 .+4. Sh', or S2i.B per capita,
while on tho LIST day of December. 1891. il had
increased to Sl,511 ,2f2.0I0, or s24y3s per capita.
The offer of the secretary of the treasury to the
holders of the Az per cant. bonds to extend the
time Of redemption at tbs option OF the gov
erument, at an interest OF 2 per cent. was &C
copied by the holders of hbOut one half the
amount, and the unextended bonds are being
redeemed on presentation.
THE WAR DEPARTMENT.
The report of the secretary of war exhibits
the results of an intelligent, progressive. and
business like administration Of a department
which has been too much regarded as one of
mere routine. The separation of Secretary
Proctor from the department by reason of his
appointment as a senator from the state of
Vermont is 4 source of great regret to me and
to his colleagues in the cabinet. as i am sure it
will he to all those who have had business with
the department while under his charge.
In the administration of army affairs some
especially good work has been accomplished.
The efforts Of the secretary II reduce the per
centage of assertions by removing the causes
that promoted it have been so successful rs to
percentage of drsertion than has been before
reached in the history of the army. The result
ing money saving il considerable, hut the i'm
rTOremant in the morale of the enlisted men is
the most valuable incident of the reforms
which have brought about this result.
HARBoR DEFENSE.
The work of securing sites for shore batteries
for h1rbor defense, aud thu manufacture of
mprtars AMI 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 a start, Is now
out of the way. Some guns have
been completed. and with an en-
at Watervliet the army will soon be abreast of
avOidahle causes of delay may arise, there
Eho,ll no mona from la1u vaI pr insufiriort nm