Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-12-09

months Of the preceding year, when the Inn
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 ten years from 1881 to
1890 was S6S2, 1856, 522, and during the year end
ing September 80, 1891, this annual average
was exceeded by $1s2, 528, 469.
The value Of free imports during the twelve
months ending September 80, 1891, was e116,-
092, 1857 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 el06, Sl6, sos in tho value
Of imports Of dutisble merchandise The per-
centage Of merchandise admitted free Of duty
during the year to which lave referred, the
drst under the new tariff, was 1918, while
during the preceding twelve months, under the
old tariff, the percentage was 34.l7, IN increase
of 1891 per cent. If we take the six months
ending September 80 last which covers the
time during which sugars have been admitted
free of duty. the per cent of value of merchan-
disc imported free OF duty is found to be 55.37,
which is larger percentage Of free imports
than during any prior fiscal year in the history
OF the Government
If We turn TO exports of merchandise the
statistics are full OF qualification. Tho value
OF such exports OF merchandise fer the twelve
months ending September 80. 1891 was $685.
O9l ,lS6, while for the corresponding previous
twelve months it was $500. III, us, an increase
OF So, Ola ,02l, which is nearly three times the
average annual increase of exports of mer-
chandise for the preceding twenty years; this
exceeds in amount and value the exports of
merehandise during any year III the history of
tie Government The increase In the value OF
exports Of agricultural products during the
year referred to over the corresponding twelve
mon tbs of the prio- year was S45 SAG, 49, while
the increase in the value of exports of manu-
featured products was SIC. 1856, 240.
THE TARIFF.
There is certainly nothing in the condition Of
trade, foreign or domestic, there is certainly
nothing in the condition of our people of any
class to suggest that the existing tariff and
revenue legislation bears oppressively upon the
people or Iesa-ds tie commercial development
OF the nation. 1t may be argued that our con-
ditlon would be better ii tariff legislation were
upon free-trade basis. but ii cannot be de-
med that all the Conditions OF prosperity and
OF general contentnlCnt are present III larger
degree than ever before in our history, and
That, too, Just when 1t was prophesled they
would be In the worst state. Agitation for
radical changes in tariff and financial lcgsla-
ton can not help, but may seriously impede,
business, TO the prosperity of which some de-
gree of stability In legislation is essential
think there are conclusive evidences that
the new tariff has created several great indus
tries which viii, within a few years, give en-
ployment to several hundred thousand Ameri-
can working men and women. In view of the
somewhat overcrowded condition of the labor
market OF the United States every patriotic
citizen should rejoice at such result.
The report OF the Secretary of the Treasury
shows that the total receipts of the Govern
ment IRON all sources, for the fiscal year end
ing June 30. 1891, were 1858, 544, 233. 03, while
the expenditures Tor the same period were
s42l 1904. 47O.46, leaving q surplus Of S37,239,-
1871.
The receipts of the fiscal year ending
June 80, 1882, actual and estimated, are
1885, 600 600 and the expenditures S409 000, 600.
For the fiscal year ending June 80, 1898. the
estimated receipts are 1856, 336, $50 and the ex-
penditures s44l ,300.053.
THE PURCHASE OF SILVER.
Under the law of July IA, 1890, the Secretary
OF the Treasury has purchased (since August
13) during the fiscal year AZ, 1893, 113 ounces of
silver bullion at an average cost Of $1.045 per
ounce. The highest price paid during the year
was 81 2025, and the lowest S0.9636. In ex-
change for this silver bullion there have been
issued $50, ST., i93 of the Treasury notes author
lied by the act. The lowest price of silver
reached during the fiscal year was So 1886 on
April y, 1891; but on November the market
price was only 50 SO, which would give to the
silver dollar a bullion value of 7414 cents.
Before the influence Of the prospective silver
legislation was felt in the marke. silver was
worth in New York about G. 955 per ounce. The
ablest advocates of free coinage in the last Con-
gress were most confident in their predictions
that the purchases by the Government required
by the law would at once bring the price of sill
yer to l.2929 per ounce, which would make the
bullion value of a dollar 100 cents and hold it
there. The prophecies of the anti-silver men
of disasters to result from the coinage of
S2.OOO, 600 per month were not wider of the
mark. The friends of free silver are not
agreed, think. as to the causes that brought
their hopeful 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 80 per cent or
81, 202.730, compared with the same months of
the preceding year. The exports OF domestic
silver bullion from this country, which had
averaged for the last ten years over SIT 000. 600
fell In the last fiscal year to S13 1871 39l; while,
for the first time in recent years, the imports
OF silver into this country exceeded the ex-
ports by the sum Of S2745,3 1865. In the pre-
vious year the net exports of silver from the
United States amounted to 50. 545, ASS The pro-
ductiOn of the United States increased from
Of, 600 600 ounces In 1889 to "a 500 600 in 1890.
The Government Is now buying and putting
aside annually 81, 000, 600 ounces, which, allow
ing for Z, 100000 ounces of new bullion used in
the arts, Is 6.640.OO more than our domestic
product available for coinage.
hope the depression in the price of silver
Is temporary and that further trial of this
Iboie ~. nat
the increased volume of currency thus supplied
for the use OF the people was needed and that
beneficial results upon trade and prices have
followed this legislation / think must be very
clear to everyone; nor should it be forgotten
that for every dollar of these notes issued full
dollar worth of silver bullion is at the time
deposited in the Treasury as a security for its
redemption. Upon this subject. as upon the
tariff, my recommendation is that the existing
laws be given full trial and that our business
interests be spared the distressing influence
which threats OF radical changes always i'm
part. Under existing legislation it is in the
power Of the Treasury Department to maintain
that essential condition of national finance as
we'll as of commercial prosperity--the parity
In use of the coin dollars and their paper repre-
sentatives. The assurance that these powers
would be freely and unhesitatngly used has
done much 10 produce and sustain the present
favorable business conditions.
THE QUESTION OF FREE COINAGE.
am still Of the opinion that the free coinage
Of silver under existing conditions would dis
astrously affect our business interests at home
and abroad. We could not hope to maintain
an equality in the purchasing power of the gold
and silver dollar in our home markets, and in
foreign trade the stamp gives no added value to
the bullion contained in coins. The producers
Of the country. it's farmers and laborers have
the highest interest that every dollar paper or
coin. issued by the Government shall be as
good as any other. II there is one less yalu-
able than another its sure and constant errand
will be to pay them for their toll ard for their