The rustler., 1891-12-18
THE TREASURY.


The general interest In tne operations Of |
the treasury department has been much /
augmented during the last year by reason ui |
the conflicting predictions. which accom-. |
panied and followed the tariff and other leg
islation Of the last congress affecting the |
revenues a. 60 the results Of this legislation
upon the trueasury aud upon the country
ON toe one hand u WIS contended that TN
ports would 80 fall on as 90 leave the
treasury bankrupt and that the prices Of
articles entering into the living OF the peo
pie would be so enhanced as Co disastrously /
affect their comfort and happiness while
on the other u was argued that the loss Of
the revenue largely, the result Of placing
sugar ON the free list. would be a direct gain
to the people. that the prices of the
neccssartes OF life, including those most
highly protected. would not be enhanced.
tnat labor would have larger market and
the products Of the farm advanced prices
while the treasury surplus and receipts
would be adequate 60 meet the approprta
tions, including the large exceptional ex
pendturts for the refunding 90 the states Of
the direct tax and the redemption OF the a.
per cent bonds
II Is not INV purpose To- enter at length
into n discussion of the effects of the legis.
lation to which have referred but brief
examination of the statistics of the treasury
and a general glance at the state OF business
throughout the country will. | think. satisfy
any impartial inquirer that its results have
disappointed the evil prophecies OF It's op
punenis and In u large measure realized the
hopeful predict ous OF It, friends Rarely,
II ever before In the history of the country
has there 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 u fun
test Will develop the fac; that the tarif act
OF the ffty first CONGRESS Is very favorable
| in It's average effect upon the prices OF
articles entering into common use
EFFECT. or ruE rAWFF
During the twelve months from october l.
| 1870, to September 30. 1891, the total value OF
our foreign commerce Imports aud exports
| combnrd) was Il III. Sol tO6 which was the
/ largest of any year Ia the history of the
/ United states The largest In any previous
/ year was In lsgl when our commerce
amounted 60 Il GI7. I39 O93, and the last year
| exceeds this enormous aggregate by over
! one hundred millions IL Is interesting aud
/ to some will be surprising to know that
| during the year ended september 30. 1881,
our imports OF merchandise amounted to
| S-A iiA,271 which was an Increase OF more
| than Sll, O0,0u0 over thc value OF the i'm.
ports OF the corre- pondlng months OF the
preceding year when the imports of mcr.
chandso were unusually large In antiepa.
tion of the tariff legislation then pending
| The average annual value of the imports OF
merchandise for 1851 to 1891 was 'Gg!. .lsG jll,
and during tho year ended September 80,
1891. this annual average was exceeded by
Si82 5.slql
The value OF free imports during the
| twelve months, ended September 30, 1881,
was slisO .ss7 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
NJG,sl6. bOs in the value of imports OF dutiable
merchandise. The percentage of mcrchhn-
disc admitted free OF duty during the year
| to which | have reference. the first under
| the new tariff, was ~ Is, while during the
preceding twelve months. under the old
tariff, the percentage was -. Z, 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 duty, the percontag OF value OF
merchandise imported free of duty Is found
to be 55a7 which IN n larger percentage OF
! free Imports than during any prior fiscal
year In the history of tho government.
II we turn to exports OF merchandise the
statistics are full Of qualification. The
/ whole of such exports of merchandise for
the twelve months ended september 30 1891
was sg23, ,O9i 1876. while for the corresponding
an increase of 62.gi4,G2l, which is nearly
three times the average annual Increase Of
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 CORE spending twelve months of the
prior year, was SO, SD, lg7, while the increase
In the value Of exports OF manufactured
products was sl6sSS 2iL
There is certainly nothing In the condition
of trade. foreign or domestic, there is Ger.
tainly nothing in the condition of our people
OF any class. to suggest that the existing
tariff and revenue legislation bears opprcss.
lively upon the people or retards the com.
meroal DEVELOPMENT of the nation II may
be argued that our condition would be bet
ter If our tariff legislation were upon Il free
trade basis; but It 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 IL was prophesied they would
be In the worst state Agitation for radical
changes in tariff ami financial Legislation
cannot help but may seriously impede bust.
ness, to the prosperity of which some degree
of stability In legislation IL essential.
think there are conclusive evidences that
the new tariff created several great indus
tries which Will. within Il few years. give en-.
ployment to several hundred thousand
American working men and women. In view
of the somewhat overcrOwded condition OF
the labor market of the United States, every
patriotic citizen should rejoice mt such a
result.
The report of the secretary OF the treasury
shows that the total receipts OF the govern
ment, from all sources, for the fiscal wear
ended June 31 1891. were a5s. .5ii 2ss.Os. while
the expenditures tor the same period were
si2l S0i, ,i70I6 leaving surplus of :B7, ,2S9. 76l
! 57.
The receipts OF the fiscal year ending june
81, 1872, actual and estimated are s.ai,OO.00
and the expenditures N09,pOl,000 For the
fiscal year ending June 80. 1885,, the estimated
receipts are si5S, SO $50 and the expenditures
SAL. 3O0.GB.
SILVER AND ITS CONNECTIONS.
Under the law OF July, "a. 1871. the secre.
tary of the treasury has purcha o slnc'
August IL during the fiscal year is,393 III
ounces of silver bullion at an average cos
OF 81 Olj per ounce The highest price pale
during the year was sl20Si and the loves
,0.e6sG In exchange for this silver bullion
there have been issue of the treasury
notes authorized by the act. The loves
price of silver reached during the fiscal yea
! was s. 9is6 ON April "a. 1891; but on Novem
1 ber the market price was only sO9i, whcl
would give to the silver dollar n bullioi
D value OF 7iA centa