Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1891-12-19
TREASURY DEPARTMENT.
The Question OF Foreign Commerce Dis
cussed--Some Statistics.

The Question OF Foreign Commerce Dis
cussed--Some Statistics.
The general interest in the operations
of the treasury department has neen much
augmented during the last year by reason
of the conflicting predictions which ao-
companied and followed the tariff and
other legislation of the last congress af-
fecting the revenue, as to the results of
this legislation upon the treasury and
upon the country. On the one hand Ii was
contended that imports would so fall off
rs to leave the treasury bankrupt and
that the prices of articles entering into
the living of the people would be so en-
hanced as to only disastrously affect their
comfort and happiness while on the other
IL was argued that the loss to the
re"enue, largely the result of placing
sugar on the free list, would be direct
gain to the people; that the prices of the
necessaries of life, including those most
highly protected, would not be enhanced;
that labor would have u larger market and
the prices of tho products of the farm ad
vapced; while the treasury surplus and
receipts would be adequate 90 meet the
appropriations, including the large excep-
tional expeD ditures for the rcfunding to
he states of the direct tax, aud tho re-
demption of the AZ per cent. bonds. 1t is
not my purpose to enter at any length into
the discussion of the effect of the legisla-
tion which has been referred to- but IA
brief examination of the statistics of the
treasury and a general glance at the state
of business throughout the country, will,
think. satisfy any impartial inquiry that
its results have disappointed the evil
prophesies of its opponents and in a large
measure realized the hopeful predictions
of its friends. Rarely, ii ever before in
the history of the country has there been
a time when the proceeds of one days
labor or the product of one farm crop
that could purchase such large amount
of things that enter into the living of the
masses of the people. believe
that full test will develop the
fact that the tariff act of the Fifty-frst
congress is very favorable in its average
effect upon the prices of articles entering
into common pso.
silver Purchases.
Under the law of July IA, 1891, the secre-
tary of the treasury has purchased since
August l3, during the fiscal year,
1888, lib ounces of silver bullion,
at au average cost of $l,0I5 per ounce
In exchange for this silver bullion there
have been issued So, ,574, $50 of the treasury
notes authorized by the act. The lowest
price of silver reached during the fiscal
year was $09,636, on April 2?. 1891. but
on November ! the market price was
only $0.96, which would give TO the
silver dollar a bullion value of 7414 cents
Before the influence of the prospective sill
yer legislation was felt In the market sill.
yer was worth in New York about q. 915
per ounce. The ablest advocates of free
coinage I'm the last congress were most
confident In their prediction that the pur-
chases by the government required by the
law would at once bring the price of silver
TO l. 1929 per ounce. which would make the
bullion value of dollar 100 cents, and
hold it there. 1he prophesies of the anti
silver men of disasters to resul. from tho
coinage Of S?,000,000 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 predic-
tions to naught
Some facts aye known. The exports of
silver from London to India during
the first nine months of the
calendar year fell off over 90
per cent, or $i7, ,202, 730, compared with the
same months Of the preceding year The
exports of domestic silver bullion from
this country, which has averaged for the
last ten years over si7. .0O0, 900, fell IN the
last fiscal year to $751; sol; while, for
the first time In recent years, the imports
of silver into this country exceeded tho
exports by the sum Of S..745,sG In tba
previous yeAs the nsp cxvoIs OF silvss