The times. (Owosso, Mich.) 1882-1897, 1891-12-11

largest of any previous year was in =, when
our commerce amounted to SlJ4' lad,'sb and
the last year exceeds this enoi moas aggre-
gate by over Sl00,OOO,DO0 II h interesting, and
To some will he surprisins to know that during
mersSandise an cunt 70 ' ssS lss wnica
was an increase OF more than Sll,G0lUOJ ovsr
the value of tho imports OF the corresponding
months of the preceding year, when the I'M
ports of merchandise were unusually large In
anticipation OF the tariff legislation then pend
Ing. The average annual value OF the imports
Of merchandise for the ter years nom 1851 20
1880 was S602, ls6, 6s2, and during the year end
iLg Sept 81. 1891 this annual avcraga vas
exceeded by Sl6., CPS, i69. The value of
iiee imports during the twelve months ending
Sept ~, 1891, was Sis, 19=, 35l more than the
value OF free imports during the corresponding
twelve month OF the proceeding year and there
Was during the same period decrease OF SlO6,
b46,5Oe in the value OF imports and dutiable
merchandise The percentage of mer chandise
have referred, the first under the new tariff
was S.lS. while during the preceding twelve
months, under the old tariff, the percentage
take the six months ending Sept 30 last, which
covers the time during v hich sugars have been
admitted free Of duty, the per cent Of value OF
| be b5.37 which is q larger percentage OF f.'
| imports than during any other fiscal year In the
history OF the government
Gratifying statistics.
II we turn to exports. OF merchandise the
| statistics are full Of qualification. The value
| OF such exports of merchandise for the twelve
months ending Sept 49, 1891, was $923, 09l, l38
oT shs Of &
| l402l, which is nearly three times the average
| annual increase of exports OF merchandise
| during any year in the history Of the govern
ment The increase in the value of exports Of
| agricultural products during the year referred
| 70 over the corresponding twelve months OF
crease in the value Of exports OF manufactured
| products was SIC, .AO.
There is certainly nothing in the condition Of
do liz. il
nothing in the condition 70 our people of any
class, to suggest that existing tariff and rev.
people or reiards the commercial Development
| of the nation. II may be argued that our con-
| diton would be better II 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 u
larger degree than ever before in our history,
| and that too, just when 1t was prophesied
they would be in the worst state: Agitation
for radical changes in tariff and financial leg
Business s the pTosp e of whch some de-
grees of stability in legislation is essential.
| think that there are conclusive evidences
that the new tariff has created several great
| industries which will within a few years, give
employment to several hundred thousand
American workngmen and women: In view
of the somewhat over-crowded condition OF the
/ labor market OF the United States, every patri-
otto citizen should rejoice at such a result.
The Purchase ot Silver.
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
go, 1891, were $i5s, 5442sa0a while the exditures
for the same M rSd 7 Were VT LEAVING
fiscal year ending June 80 1892, actual and esti-
timated are $433, 1000, and the expenditures
$409,000O0. Tor the fiscal year ending June
and G the 'e espenditares Under the
law of July H. $780, the secretary of the treasury
has purchased since Aug 10 during the fiscal
! erage cost of Sl.O45 per ounce. The highest
price paid during the year was 81 .al25, and the
been issued Of sss
| notes authorized by the act. The lowest price
Of silver reached during the fiscal, year was
| ket price was only $0.96, which would give to
Che silver dollar q bullion value of 744 cents.
Before the influence of the prospective silver
| worth in New York about 0955 per ounce The
ablest advocates OF free coinage in the last
| congress were most confident in their predic-
| ton that the purchases by the government
required by the law would at once bring the
price Of silver to ST. 2929 per ounce, which would
hold it there. The prophecies of the anti. silver
men of disasters to result from the coinage of
100000 per month were not wider of the
Imports Exceeded Exports.
The friends Of free silver are not agreed,
| think as to the causes that brought their hope
full predictions to naught. Some facts are
| known. The exports of silver from London to
| India during the first nine months of this
calendar year fell off over 81 per cent,or $17 a,
| 73O, compared with the same months of the
| yer bullion from this country, which had aver
| aged for the last ten years over Sl7UMUO fell
in the last fiscal year to $l3,1g7'39l;
imports of silver into this country exceeded the
| exports by the sum of S2,745,365 In the pre-
DteS t
| duction of the United States increased from
50000,0O0 ounces in 1889 to H,000,0O0 in 1890 The
do
| annually 54,000000 ounces, which, allowing for
100000 ounces of new bullion used in the arts,
! is 100000 more than our domestic product
available for coinage. =, hope that the depres;,
sion in the price of silver Is temporary, and
that further trial of this legislation win more
| favorably affect it, That the increased volume
| people was needed, and that beneficial results
upon trade and prices have followed this legis.
nor should it be forgotten that for every dol.
lar of these notes issued full dollars worth Of
| silver bullion Is at the time deposited in the
| treasury rs security for its redemption.
Let Existing Laws BE Tried.
Upon this subject as upon the tariff my rec
| ommendation is that the existing laws be given
| full trial and that our business interests be
| spared the Distressing influence which threats
listing legislation it is in the power of the treas
| ury department to maintain the essential con-
dition of national finance as well as of CONNER
cial prosperity.the party in use of the coin
| dollars and their paper representatives The
assurance that these powers would be freely
| and unhesitatingly used has done much to pro
| duce and sustain the present favorable bust
| ness conditions am still of the opinion that
| the free coinage of silver under existing condi
tons would disastrously affect our business in
| terests at home and abroad. We could not
| hope to maintain an equality III the pur-
! chasing power of the gold and silver
! dollar in own 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 coin. issued by the government
shall be- as good as any other If there is one
| less valuable than another its sure and con-
| slant errand will be TO pay them for their toll
and for their crops. The money lender will
protect himself by STIMULATING for payment in
gold, but the laborer has never been able to do
that To place business upon a silver basis
would mean sudden and severe contraction Of
the currency by the withdrawal Of gold and
gold notes, am such an uDsettling of all values
would produce commercial panic. | can
not believe that people so strong and prosper
Gus as our will promote such policy.
| Required by the business World.
The producers of silver are entitled to just
consideration, but they should not forget lat
the government is now buying and putting out
of the market what is the equivalent of the en-
tire product of our silver mines. This is more
than they themselves thought of asking two
years ago. / believe IL is the earnest desire OF
great majority Of the people, as it is mine,
that a full coin use shall be made of silver just