Los Angeles herald., 1891-12-10

which covers the time during which
sugars have been admitted free of duty,
the per cent of value of msr chandise
imported free of duty is found to be
IS. 81, which is larger percentage OF
free imports than during any prior fiscal
year in the history OF the government.
II we turn to exports Of merchandise
the statistics are full of qualification.
The whole of such exports of merchan-
disc for the twelve months ending
September 80, 1891, was $92s,O9l, ,lc6.
while for the corresponding previous
twelve months it was $3.50, ,l77, ll6, an
increase of s62, ,914,@2i, which is three
times the average annual increase OF ex-
ports of merchandise during any year In
the history of the government.
The increase in the valueof exports Oh
agricultural products during the year
referred to overShe corresponding twelve
months of the prior year was $40, SAG, ,lS7,
while the increase in the value OF ex-
ports of manufactured products was
SIG; ;8S8, ,240. There is certainly nothing
in the condition of our trade, foreign or
domestic, there is certainly nothing In
the condition OF our people OF any class,
TO suggest that the existing tarH and
revenue legislation bears oppresslvely
upon the people or retards the commer-
,cial development of the nation. 1t may
be argued that our condition would be
better If our tariff legislation were
upon free trade basis, but it
cannot be denied that all the conditions
of prosperity an@of general coctentment
are present in larger degree than ever
before in our history, and that, too, just
when it was prophesied they would be
in the worst state. Agitation for radical
changes in the tariff and this financial
legislation cannot help, bat may seri-
ously impede, business, TO the prosper
ity of which scme degree OF stability in
legislation is essential. think there
aare conclusive evidences that the taritf
has created several great industries
which will within few years give en-
lploymeDt to several hundred thousand
American workingmen and women. In
view of the eovercrowded condition of the
labor market of the United States,
the citizens should rejoice at such q re-
suit.
THE TREASURY STATEMENT.
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 80, 1891,
were $45S, 544 ,233. .03, while the expendi-
lures for the same period were $42l,
. 3O4, ,470. .46. leaving surplus OF $37 ,239,
762.67. The receipts of the fiscal year
ending June 80, 1892, actual and esti-
mated, are $433, 700, 600, and the ex-
penditures $4O0, 100000. For the fiscal
year ending June 80, 1898, the estimated
receipts are $455, ,346, 300, and expendi-
lures $430, ,452, ,095.
SILVER 'LEGISLATIoN.
Under the law OF July IA, 1890, the
secretary of the treasury has purchased
since August 18th, during the fiscal
year, As, 1898, ,113 ounces of silver bullion
at an average cost of $1.045 per ounce.
The highest price paid during the year
was $l.2O25, and the lowest $0.9636. In
exchange for this silver bullion there
have been issued 5,057 ,496 of the treas
ury notes authorized by the act. The
lowest price silver reached during
the fiscal year was $O.9636 on
April %, 1891, but on Novem-
ber 1st the market price was only
$O.96, which would give to the silver
dollar bullion value of 7414 cents. Be-
fore the influence of the prospective sill
yer legislation was felt in the market,
silver was worth in New York about
80. .975 per ounce. The ablest advocates
of free coinage in the last congress were
most confident in their prediction that
the purchases by the government re-
quired by the law would at once bring
the price of silver to $l.29 per ounce,
which would make the bullion value oil
a dollar 100 cents, and hold it there.
The prophecies Of the anti-silver men,
of disasters to result from the coinage of
81, 600 900 per month, were not wider OF
the mark. The friends of free silver are
not agreed, l 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 fret nine months of the cal
endar year fell off over SO per cent, or
$171 ,202, $50, as compared with the
same months of the preceding year,
The exports OF domestic silver bull
zion from this country, which has aver
aged for the last ten years over $17 GOO,
900, fell in the last fiscal year to $13,-
-797, ,39l, while for the first time in recent
years the imports of silver into this
country exceeded the exports by the
sum OF 81, ,745.165. In the previous year
the net exports ofsilver from the United
States amounted to S,545, BOB. The
production of the United States in
creased from 50,000,000 ounces in 1889
to 50, 500, 900 in 1890. The government
is now buying and putting aside
annually 54,0G0,000 ounces, which,
allowing 7,140,000 ounces of new bullion
used in the arts, is 6,640, 900 more than
- our domestic product available Tor
. coinage. hope the depression in the
price of silver is temporary, and
that a further trial of this legis-
lation will more favorably affect it.
That the increased volume Of cur
rency thus applied for the use OF the
people was needed, and that beneficial
results upon trade and prices have fol-
lowed this legislation, l think must be
very clear to every one, nor should 1t be
forgotten that for every dollar OF these
notes issued full dollars worth of silver
bullion ia at tue 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 dis
tressing,inhuence which threats OF rad
ical changes always inpart. Under the
exieting laws mentioned it is in the
treasury department to maintain that
essential condition of national finance,
ias we'll as OF commercial prosperity-the
parity In use OF the coin dollars and
their paper representatives. The as
ssurance that these powers would be
freely and unhesitatingly used has done
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