New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-10

prices: while the Treasury surplus and receipts
would BE- adequate TO meet the approximations, In,
GLIDING the large exceptional expenditures for the
refundIng to the States of the direct tax and the
redemption Of lie l-2 per cent bonds.
IL is not my purpose TO enter at any i tgan
into discussion Of the effects OF the legislation
to which l have referred; but , brief
| examination of the statistics OF the Treas
ury. and general glance at tie Siaie
| of business throughout the country Will, tninR,
satisfy any impartial inquirer that it's results have
disappointed the evil prophecies of it's opponents
and in a large measure realized the hopeiui prcdc-
tons of its friends Rarely, if ever before, IN
the history of the country has there been time
when the proceeds of days labor or the product
! of one farined acre would purchase so large an
amount of those things that enter into the living OF
the masses of the people. / believe that full test
| will develop the fact that the tariff act of the
Fiftyrst 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 /. 500,
TO September 30, 1891, the total value Of our
foreign commerce imports and exports combinedl
was 81, 747, 6,4O6, which was the largest of any
| wear in the history Of the United States. The
largest in any previous year was in 1890, when
our commerce amounted to 81 647, ,093, and the
| last year exceeds this enormous aggregate by over
| 81 OO,00OOO0. 1t is interesting, and some VIII
be surprising. to know that during the year ending
| September 80, 1891, our imports OF merchandise
| amounted to 1924 ,7l5,270, which was an increase
| of more than ST. 0CO, 900 over the value OF the
imports of the corresponding months of the pre-
| ceding year, when the imports OF merchandise
were unusually large III anticipation OF tne 'afili
| legislation then pending. Inc average annual
| value of the imports OF merchandise Tor the ten
| years from 1881 to 1890 $685., ls6,522, and
| during the year ending SEPTEMBER 80, 1891, this
annual average was exceeded by $l32,52s, 469
| The value of free imports during the Twelve
months ending September 80, 1881, was S,o9:,.
| 90 hon N-olup Of
| the corresponding twelve months OF the preceding
| year, and there was during the sane period de-
! crease of sos, S46505 in the value OF imports
! Of dutiable merchandise. The percentage OF mer-
| chandise admitted free of duty during the year to
| which | hav referred, the tlrSt under the new
| tarih was 4S.lS while during the preceding
| twelve MONTHS under the old tarl1, the pefcehtaSe
was 3421, increase of 1891 per cent. III we
| take til. six months ending September so last,
| which covers the time during which sugars have
been admitted free of duty, the per cent OF vaiue
| OF merchandise imported free of duty Is found 10
| be55.37, which is larger percentage OF Tree
! imports than during any prior fiscal year IN the
| history OF the Government. ,
| Ii we turn to exports OF merchanulSe lie
! statistics are full Of qualification. The value OF
such exports of merchandise for the twelve months
cndin. September 30, 1891, was 925,O0l, l56'
while for the corresponding previous twelve months
it was Ss6Ol77. 1l5, an increase OF S62,9l4'9 ?l'
which is nearly three times the average an
nual increase of exports Of merchandise
| for the preceding twenty years TINS ek-
| c,eds in amount and value the exports
Of merchandise during any year in the history
| of the Government. The increase in the value
of exports Of agricultural products during the
year referred to over the corresponding Twelve
| months of the prior year was Si0,S46,l3i, WINE
the increase in the va ue of exports OF manu-
| featured products was Sl6.839240. 49,
! There is certainly nothing III the condition OF
trade foreign domestic, there Is certainly MOTH
| ing in the condition Of our people OF any class 20
suggest that the existing tariff and revenue iegls-
ation beats oppessiyely upon the people or Tetards
| the commercial development OF the Nation. III may
| he argued that our condition would De peI'eI II
tariff legislation were upon free-trade oasis puS
| il cannot I've denied that all the conditions OF
prosperity and of general contentment are present
in d larger degree than ever before In our history,
| and that. too Just when II was pr0phesled they
| would ne in tie worst state. Agitation for radi-
cal changes in tariff and financial legislation cam
| not help but may seriously impede, business, TO
tie prosperity of which some degree OF 6taoiiity
| think there are conclusive evidences that the
new tariff has created several great industries
! which will within few years, give employment
| TO several hundred thousand American WORKING
! men aud women. In view Of the somewhat over
crowded condition of the labor market OF the
United States, every patriotic citizen should re-
| oice at such result
STATE OF THE TREASURY
The report of the Secretary of the Treasury
! shows that the total receipts of the Government
from all sources; for the fiscal year ending June
30, 1891, were S45S,544,233 03, while the eXpen-
ditures for the same period wcrc S421 ,3O4,41O 46
leaving a surplus of S37,239,762 81
| The receipts of the fiscal year ending June
80. 1892 actual and estimated, $433, 900 900
| and the expenditures S400OOO,OOO; tor the
| fiscal year ending June 80, 1898, the Estimated
receipts are S455,336 $50, and the expenditures
| SAL ,300.003.
| OPERATIONS IN SILVER.
| Under the law of July Ia, 1890, the Secretary
of the Treasury has purchased tsince August 49,
during the fiscal year 4S,393,l13 ounces of
| silver bullion at an average cost OF Sl.0ij per
ounce The highest price paid during the year
was Sl.2025, and the lowest $0.9656. In en-
change for this silver bullion there have been
issue $50 l9S of the Treasury notes authorized
By the act. The lowest price of silver reached
during the fiscal year $0.9636 on April q?
1881 but on November the marker price was
only go 90 which would give to our silver dollar
a bullion value OF "A IA cents.
Before the influence of the prospective silver
legislation was lclt in the market silver was worth
in NeW-lorA about 5000 per ounce lie aOlest
advocates of free coinage III the last Congress
were most confident IN their predictions tilfj the
purcha ,es by the Government required by the law
would at once bring the price oil silver TO Sl2g20
per ounce, which would make the bullion value
of o dollar 90 cents and hold II there Inc
uropheces OF the anti-SIlVer men OF disasters 10
+, suit from the coinage oil S2,OOO0O0 per month
were not wider Of the marx. The friends OF
free silver are not agreed think as 10 the
causes that brought tnelr hopeful predictions 10
naught. some facts are known: The exports
of silver from London TO India during the hrst
nine months of this calendar year fell OIL over
iiity per cent, or 81 202,73O, compared with the
same months oil the preceding year. The exports
of domestic silver bullion from this country, which
had averaged for the last ten years over $1,000,
coo. fell in the .ast fiscal year TO sl3,107, 39i
while for the first time IN recent years. the inl-
merits of silver into this country exceeded the
exports by the sum Of 81, 745,365 In the previous
wear the net exports OF silver from the United
states amounted TO SS,545.455. The production
of the United States increased from 50OOO,000
in
Government is now buying and putting aside an
nnaily 54O00.OOO ounces, which, allowing for
10000 ounces OF new bullion used ~ the arts is
Tor coinage.
/ hope the depression in the price Of silver is
,ennorary and that further trial Of this egisla-
tion will more fayorably affect it. THAT the in
creased volume of currency thus supplied for the
usc Of the people needed and that beneficial