Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-12-10

an increase of So, ,914, ,O21, which is nearly
| three times the average annual increase OF
| exports of merchandise during any year in
the history of the Government. The in
crease in the value of exports of agricultural
products during the year referred to
over the corresponding II months of the
prior wear was S45, SAG, 1877, while the in
crease in the value Of exports of manufact-
ured products was S16, 03S, 240
There is certainly nothing in the condi-
tion of trade, foreign or domestic, there is
certainly nothing in the condition Of our
people of anv class, to suggest that the ex-
ist1ng tariff and revenue legislation bears
oppressively upon the people or retards the
commercial development of the nation.
Agitation Mt Present an Injury.
1t NAV 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 and of
general contentment 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 tariff and financial legis-
lation cannot help, but may seriously i'm
pede, business, to the prosperity of which
some degree of stability in legislation is
essential
think there are conclusive evidences
that the new tariff has created several great
industries which will, within few years,
give employment to several hundred thous-
and American working men and women. In
view of the somewhat overcrowded condi-
tion of the labor market of the United
States every patriotic citizen should rejoice
at such a result
The Receipts of the Government.
The report of the Secretary of the Treas
ury shows that the total receipts of the
Government, from all sources, for the fiscal
year ending June 80, 1891, were S45S, 544,
233 03, while the expenditures for the same
period were S421 1904, 40 46, leaving a sur
plus of S37, 239, 762 81.
The receipts of the fiscal year ending
June 30, 1892, actual and estimated, are
S433, 900, 900, and the expenditures S409, ,000,-
600. For the fiscal year ending June 30,
1895, the estimated receipts are S455, 1856, $50,
and the expenditures SAL ,300,09
Under the law of July IA, 1890, the Sec
retary of tine Treasury has purchased since
August Is, during the fiscal year, 4S, 1913, 113
ounces of silver bullion at an average cost
of 81. 045 per ounce. The highest price paid
during the year was 81 2O25, and the lowest
S0.9636. In exchange for this silver bullion
have been issued $50, ST ,49S of the treasury
price of silver reached during the fiscal
year was so. 1886 on April %, 1891; but on
November 1 the market price was only
O.96, which would give to the silver dollar
bullion value of 74H cents.
Friends of Free Silver at Fault.
Before the influence of the prospective
silver legislation was felt in the market,
silver was worth in New York about so. 955
no ell ,I1 off
coinage in the last Congress were most con-
fident in their prediction that the pursaases
by the Government required by the law
would at once bring the price of silver to
81. 1929 per ounce, which would make the
bullion value of dollar 100 cents and hold
it there. The prophecies of the anti-silver
men of disasters to result from the coinage
of s., 900, 900 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 ofsilver
from London to India during the first nine
months of this calendar year fell off over so
per cent, or S17, ,202, 730, compared with the
same months of the preceding years. The
exports of domestic silver bullion from this
country, which had averaged for the last
ten years over SIT 900, 900, fell in the last
fiscal year to s13, 797 ,391; while: for the first
time in recent years, the imports of silver
into this country exceeded the exports by
the sum of 50, 745, 1865. In the previous year
the net exports of silver from the United
States amounted to IS, 545, 4j5. The produc-
tion of the United States increased from
80, 600, 900 ounces in 1889 to a. 800, ,O00in 1890
A Depression Not to Last Long.
The Government is now buying and put
ing aside annually "a, 000 900 ounces, which,
allowing for Z, ,140, 900 ounces of new bullion
used in the arts, is 8,640, 900 more than our
domestic product available for coinage. L
hope the depression in the price of silver is
temporary and that further trial of this
legislation will more favorably OBJECT it.
That 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 legisa-
tion, think, must be very clear to every
one: no should it be forgotten that for
every dollar of these notes issued full
dollars worth of silver bullion is at the
time deposited in the Treasury as security
for its redemption.
Upon this subject, as upon the tariff, my
is that the existing laws be
given full trial, and that our business in
terests be spared the distressing influence
which threats of radical change always i'm
part. Under existing legislation it is in
the power of the Treasury Department to
that essential condition of national |
finance as well as commercial prosperity
the parity in use of the coin dollars and |
their paper representatives. The assurance /
that these powers would be freely and un-
hesltatingly used has done much to produce |
and sustain the present favorable business |
conditions.