The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-12-10

our foreign commerce. IMPORTS and exports COM
blned, was 81. 747. SOC. 406 which was the largest
| OF any year in the history Of the United States
Inc largest In any previous year was IN 1870
when our commerce amounted to S1,647 .139.
O93. and the last year exceeds this enormous az
gregate By over 500, 100000.
Imports and Exports.
1t Is interesting, aud 10 some will be surprising,
| 10 know that during the year ending September
| TO S524.7l5.27o, which was an increase of more
| than 100000 over the value of the imports
OF the corresponding months OF the previous
year. when the imports OF merchandise were
large, In anticipation Of the tariff legislation
then pending. The average annual value OF the
imports OF merchandise for The ten years from
year ending September 3d. 1891, this ANIMAL
average was exceeded by $152, 52S, 469. Tho
value OF free imports during the twelve mon lis
ending September 80, 1891, was Sl1S,0 1877
more than the value of free imports during
the corresponding months of the preceding
year and there was during the same period a
decrease OF $106, $40, sos in the value of im-
ports of dutiable merchandise. The percentage
OF merchandise admitted free OF duty duilug the
year To which have reference, the first under
the new tar!f, was l41S, Will. during the pre-
ceding twelve months, under the old tariff, its
percentage was 1927, an increase of 1921 per
cenT. Ii we take the SIX months ending Novem-
Der Both last, which covers tile time during
Which sugars have been admitted free of duty
the per cent Of value of merchandise imported
fee of duty Is found to be 55.37 which is a
larger percentage of free imports than during
any prior fiscal year In The history OF the Gov
IL +,
tile statistics are full Of qualification. The whole
OF such exports OF merchandise for The twelve
months ending September 80, 1891, was 1928
O9t, l36. while for the corresponding twelve
months II was $500. III, no. an increase OF SCI,
9l4,O2l, 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 TO,
PRIOR year. WIS S45, $40. 81, while the increase
In the value of experts OF manufactured products
was SIG. 1913 ,240.
Benefits of the Tariff.
There is certainly nothing In the condition OF
trade. foreign or d0meStic-lhcre is certainly
nothing IN the condition OF our people of any
class 10 suggest that The existing tariff aud
revenue leg Station hears oppressveiy upon the
people or Ietards the commercial DEVELOPMENT
OF the nation. Ii may be argued that our condl-
ton would better If our Iifl legislation were
upon fIee-trade basis, but IL cannot be denied
that all the conditions OF prosper ty and of gem
eral c0ntenlment are present In a larger degree
than ever before IN ur 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 but
may seriously impede business to the pi 0suerty
OF which some degree of stability In legislation
Is essential think there conclusive EVIL
dences that the new tariff has created several
great Industries which will, within a few years,
give employment to several hundred thousand
American working men and women. In view Of
the ovefcrowded condition OF the labor market Of
Inc United States citizens should rejoice 1T such
result.
Condition Of the Treasury.
The report OF the Secretary of the Treasury
SHOWS that The toiai reeelrts OF The Government,
from all sources. for the fiscal year ending June
80 1891, were S45S, 544, 233 %, while The eX-
lendltures Tor the Same period were S421 ,304.-
40 40, leaving surplus OF S37. 239, 1872 81.
The receipts OF Tie fiscal year ending Jnne 80,
1892, actual and estimated, ave S433, 700, 600,
and The expenditures S40o00o,00o. For the
receipts $455. 1886 300, and expenditures
S43O, 432,0 93. Under the law OF July IA, 1890,
the Secretary of The Treasury has purchased
.lnce august 18Th, during the fiscal year. 49,
393. IL ounces OF silver bullion at an average
cost oil Sl.o45 Ter ounce. The highest price paid
during the year was S1.2O25 ana the lowest
lave been issued SO, 057 49S of Treasury hot
authorized by the act. The lowest price OF silver
reached DUNG the fiscal year was 1896, on
ArTtl %, 1891, but Oh November LIST the market
price was only SO, which would give to the sill
yer dollar bullion value OF 74l4 cents. Before
Inc lhhuehce Oh tue prospective silver legislation
was felt IN the market, silver was worth in New
York about 1915 ner ounce. Tie ablest adyo-
Gates OF free coinage In the last Congress were
most confident in their prediction that the pur-
chases by The Government require ed by law
would at once bring the price or silver 10 1929
per ounce, which would Make the bullion value
oil dollar 100 cents, and holu II thele. The
prophecies Of The autI-Silver men of disasters to
result from the coinage of S2,0oO,0o0 per month
were mol wider of tile mark. The friends uf Tree
silver are not agreed, think, AS 10 The causes
that brought their hopeful predictions 10 nauglI.
Some facts aye known. Tie exports OF silver
from London 10 India during the first nine
months OF lie calendar year fell of over 90 per
cent or Sl7l, 2o2, 730 compared with the same
months OF Tile preceding year.
Movement of Silver.
The exports OF domestic silver bullion from
tins country, which have averaged for the last ten
years over SIT, 900, 900, fell In the last cal year
TO Sl3, 1891, whe for the first time IN recent
years the imports OF silver iuto this country ex-
ceeded The experts by The isum Of s2,74J. Go.
In the previous year the Eet exports OF silver
from the United States amounted 10 SIS 545.555
HE production of the United sad
from 10000. 900 ounces In 1889 to Oh soc. 600 in
1890 The Government is now buying and put
ling aside annually 64,O0O,000 ounces. While
allowing for 7,14U0OO ounces of new bullion
used In the arts, there is S6,G40, 900 more than
our domestic product available for coinage. |
nope TIE depression IN the price OF silver is tenn
pOrary, aud that further triaI OF this Iegisia.
ton VIII more iavorabiy effect 1t. hat the in.
creased volume OF currency thus supplied for
the OF the peopIe was needed, and that bene-
neal results upon trade and prices have fol-
lowed this legislation, think mus. be very clear
10 every one. Nor should IL lie forgotten that for
every dollar of these notes issued full dollars
worth of silver bullion is AT the time deposited
In lie Treasury security for its redemption.
upon thls subject, as upon the tarIH, my recon-
incubation Is that the existing laws be given
full thai and that our business Interests be
SPAR d The distressing influence which threats of
radical changes always lmpart. Under the ex-
listing law mentioned IL Is IN the power OF the
Treasury DEPARTMENT TO maintain by that essen
tal condition OF national finance, as well as OF
commercial prosperity, the parity IN use of the
coin dollars aud their paper representatives
lie dsSul dUGSS Iudi Iub.c powers WUulu be
freely aud unhesi atingly used has done much to
produce aud sustain the present favorable bust
ness conditions.
The Coinage Question.
am stl OF the opinion that the free coinage
OF silver. under existing conditions, would dis
astrOusly affect our business interests al home
and abroad. we could not hope TO maiuiain an
equality IN Tie purchasing power of the gold and
silver dollar in our own marx et', and tn foreign
trade tile stamp gives no added value TO the but
lion contained in coins. The producers OF the
farmers .gut I.aya in
highest Interest that every dollar of paper or
coin Issued by The Government shall b as good
as any o her. III there is one less valuable than
another, lis sure and constant erraud Will be TO
pay tbenr for their toll aud the crops. The
money-lender VIII protect himself by STIMULATING
Tor payment IN gold, but tile labOrer has never
been able 10 do that To pace business upon n
silver basis would mean a sudden and a severe
contraction OF the currency by the withdrawal Of
gold aud gold notes. aud such an uusettling OF all
values rs would produce commercial panic /
cannot believe that people so strong and pros
FERGUS as onts VIII promote such policy. the
producers of silver are entitled to jus, consider
alton, but they should not forget that the Gov
eminent Is now buying and putting out OF the
market what IS the equivalent OF the entire prod
uct of our silver mines. This Is more than they
themselv thought OF asking few years ago. /
believe II Is the earnest desire OF great majority
OF The people, as IL Is mine, ia It fun coln use
shall be made OF silver just ~ soon as the CO.
operation of other nations can be secured, and
gold and silver. The business of the world
divides the use OF both metals, but 10 not see
any prospect OF gain, but much of loss, by giving
up The present system in which a full use Is
made OF gold and large use of silver for one In
which silver alone viii circulate. Such all event
wonld be ii once fatal 10 The further progress OF
the silver agreement.
Bimetallism Desired.
Bimetaism Is the desired end, and the true
friends of silver Will be careful not to overruu
the gold ana bring In silver mOhometallsm, with
its necessary attendants, The loss OF our gold 10
Europe aud the relief Of The pressure therefore
10 large currency. i have endeayOred by the
use OF official and unofficial agencies to Keep
close observation OF the state OF public sentiment
IN Europe upon this question, and have not found
IL 10 be such as to Justify me In proposing an In
ternational conference. There is, however l am
sure, growing sentiment in Europe in favor of
the larger use OF silver, and l know of no more
eheetual way Of promoting this sentiment than
by accommodating geld here. A scarcity of gold
in Tue European reserves will be The most per-
suasIye argument for the use of silver. The cx-
ports OF gold TO Europe, which began in February
last and continued until the close OF July, aggre-
gated S70000,000. The net loss OF gold during
the fiscal year was nearly S6S,000,o0o. That
no serious monetary disturbance resulted
most gratifying, aud gave TO Europe fresh evil