Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1891-12-17

the increase in the value OF exports Of manu-
featured products was Sl6S3S241
Prosperity Uuder the New law.
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 10 suggest that existing tariff ane rev
euue legislation bears Oppressively upon the
people - retards the commercial Developments
a. the nation. II may be argued that our con-
dition would be better II our tariff legislation
We're upon free trade basis, but Il can
not be denied that all the conditions OF
prosperity and OF general eOntentment are
present in a larger degree than eyer
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
ana financial legislation cannot help hui may
seriously impede business TO the prosperity OF
which some degree Of stability in legislation is
essential / think there are conclusive Cyi-
denCes that the new tariff has created several
great industries Which will within few years.
give employment 20 several hundred thousand
American wOrklnEmcu ana women. Ia view OF
the somewhat oycrcrowded condition OF the
/ labor market Of the United States every pa
triotlc citizen Should rejoice al such result
The Finances.
The report OF the secretary OF the treasury
shows that the total receipts Of the govern.
meut from an sources for the fiscal year ending
pendjtur"s for the same period were 1921 304
so IS. leaving surplus of 81 ,23a, 562 81
The receipts Of the fiscal year Cudiug juno
81 lS1 actua. aud estimated, are Sf3&o11O00,
and the expenditures S40Q00001 For the
fiscal year ending June 30. tS93, the estimated
recelp's are si53 $50, $50 and the expenditures
S44L3UO093
Transactions I'm silver.
Under the law OF July IL. 1890 the secretary
OF the treasury has purchased since August 10
during the fiscal year Is 393 rs ounces Of silver
bullion al an average cost Of Sl0i5 per ounce.
The highest price paid during the year was
sl2025 and the lowest S09636 In exchange for
this silver bullion have been issued s. ,555, 49S
OF the treasury notes authorized by the act.
The lowest price q silver reached during the
fiscal year was S096S6 on April % 1891; but on
November the market price was only
$685. which would give 10 the silver dollar
bullion value Of 74iA cents
Before the influence Of the prospective silver
legislation was felt in the market silver was
worth in New York about o 9A5 per ounce The
ahlcst advocates OF free coinage in the last
congress were most confident in their predic-
ton that the purchases by the government re-
CURED by the law should at once bring the
| price OF silver To l29l9 per ounce, which would
make Ahe bullion value Of dollar 100 cents and
hold Il there The prophecies OF the anti sill.
yer men Of disasters To result from the coinage
| OF S3UNuJ3 per month were not wider OF the
mark The friends Of free silver are not agreed,
/ ! think, as 10 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 moaths OF this cal
| endar year fell of Si122 $50 compared with
| the same months OF the preceding year The
/ exports Of domestic silver bullion for this couu
/ try, which had averaged for the last ten years
! over Sl10J00o0 fel in the last fiscal year to
| Si3791, 39l; while for the first time In recent
| years the imports of silver into this country
exceeded the exports by the sum of g AS S65.
| In the previous year the net exports OF silver
from the United States announced to SS,5t5. 455.
! The production Of the United States increased
from 5OU0O000 ounces in 1889 to5i 500 600 in 1890,
/ The government is now buying and putting
aside annually 5iO000J0 ounces which, allow.
/ ing for 10000 ounces OF new bullion used in
the arts is 66i0000 more than cur domestic
product available for coinage
| hope the depression in the price Of silver is
| temporary and that further trial of this egis-
luH ION will fr. .
! increased volume OF currency thus supplied for
| the use OF the people was needed and that ben
ehclal results upon trade and prices have fol-
! lowed this legislation ] think must be very
clear TO everyone, nor should ii be forgotten
that for every dollar OF these notes issued a
! fun dollars 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 REQ
ommendation is that the existing laws be given
/ a full trial and that our business interests be
/ spared the distressing influence which threats
| of radical changes always impart. Under ex-
listing legislation 1t is in the power Of the treas
| ury department to maintain that essential
condition Of national fnaSce well as of com.
mercial prosperity-the party in use Of the coin
| dollars and their paper representatives,. The
| assurance that these powers would he freely
and unhestatngly used has done much TO pro.
duee and sustain the present favorable bust
ness conditions
Views Free Coinage.
am still OF the opinion that the free coinage
Hstrously affect our business interests at home
and abroad. We could not hope to maintain
an equality in the purchasing power OF tire
gold and silver dollar in our 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 or COIN issued by the
/ government shall be as good any
other II there is one less valuable than an.
other its sure and constant crrand viii be to
| pay them Tor their toll and for their crops. The
| iSoney lender viii protect himself ty stipula-
| ting for payment in gold Tut the labotcr has
never been able To do that 70 place business
! upon a silver basis would mean sudden and
/ severe contraction Of the currency by the
| withdrawal OF gold and gold notes, and such an
| unsettling of all values AS would produce q
| commercial panic. ] cannot believe that u
| people so strong ami prosperous as ours will
| promote such policy.
Movement of Gold Abroad.
The exports OF gold TO Europe which began
! In February last and continued until the last
| OF July, aggregated over s7J,00)000. The net
| loss of gold during the fiscal year was nearly
| 86S 000000 That no serious monetary disturb.
anceresulted was most gratifying and gave to
| Europe fresh evidence OF the strength and
stability Of our financial institutions WITH
| the movement OF crops this outflow Of gold was
| speedily stopped ana "a return set in. Up to
| December we had recovered OF our gold loss
at the port of New York s27, $4,000 aud IL is
| confidently believed that during the winter and
| spring this aggregate win be steadily and
| largely increased
Reducing the surplus.
The presence Of large cash surplus in the
| treasury has for many years been the subject
OF much unfaYorable criticism and has fur
nished an argument to those who have desired
to place the tariff upon a purely revenue basis.
| 1t was agreed by all that the withdrawal from
circulation OF so large an amount Of money was
an embarrassment To the business Of
| tele country and made necessary the in
! tervention OF the department at frequent
| intervals to relieve threatened monetary
| panics The surplus on March /, 1899 was
| s1S3 s27, % The policy Of applying this sur
| Kius to the redemption OF the interest bearing
| securites OF the Unitss States was thought 10
| be preferable to that Of depositing IL without
| interest in selected national banks There
! have been redeemed SINCE the date last men
| toned OF interest bearing securities S259O7q
| $50 resulting In a reduction Of the annual ~
terest charge Of 81, 6si 67j The money which
/ had been deposited in banks without interest
| has been gradually withdrawn and used in the
/ redemption o. bonds.
Increased Circulation.
The result Of this policy, OF the silver legsla.
| tion and Of the Tefunding OF the Az per cent.
/ Dor is has been large increase Of the money
| in circulation. At the date last named the
circulation was g. 404 POI, 1886, or S2303 per
| capita; while on the first day OF December 1891,
| il had increased to S1,577 262,070 or S243s per
capita The offer OF the secretary OF the'treasury
| to the holders Of the ~ per cent bonds 70 ex-