The southern argus., 1891-12-17
tariff act of the Fifty-frst congress is

4 mon uSe-
/ During the twelve months ending Oc
): tober ], 1896, to September 10 1891, the
| total value of our foreign commerce
:. imports and exports combined) was ST.
!, 747, SOC, +0G, which was the largest o
any year in the history of the United
/ States. The largest in any previous
wear was in $500. when our commerce
Iamounted to S .647. I29. 093. and the last
4 year exceeds this enormous aggregate
I by over 100 millions. 1t is interesting
and to some will be surprising, to know
that during the year ending September
! 80, 1891. our imports Of merchandise
! amounted 10 SS24.7l5.2 210. which was an
! increase Of more than 1 million dol larS
! over the value of the imports of the cor
responding months of the preceding
year, when the imports of merchandise
were unusually large in anticipation ol
the tariff legislation then pending.
! The average annual value OF the i'm
/ ports OF merchandise for the ten years
! from 1881 10 1890 was S692. lS6. 90, and
Iduring the wear ending September
!. 30. 1891. this annual average was ex-
| ceeded by 1872. .52S, 4G9 The value oi
| free imports during the twelve months
/ ending September 30. 1891, was Sis,
! 092, ,3S1 more than the value OF free i'm
/ ports during the corresponding twelve
months Of the preceding year. and there
1 was during the same period a decrease
of $l65. S+6 30S in the value of imports
of dutiable mer chaudise. The percent
/ age of merchandise admitted free of
! duty during the year 10 which | have
| reference. the first under the new tariff.
was 4S.!2, while during the preceding
| twelve months, under the old tariff. the
| percentage was 34.27 an increase of l3.
! 9i Der cent. If we take the six months
ending Sentember 30 last, which covers
j the time during which sugars have been
Id mitted free of duty, the percentage OF
value OF merchandise imported free OF
duty is 55.2i. which is larger than dur
ing any prior fiscal year in the history
OF the government.
If 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 Sep
tember 30 1891. was 1922. .09I. 1876, while
for the corresponding previous twelve
months il was $3.50, la, ll5, an increase
OF So, ,9l4, 4,02l. which is nearly three
times the average annual increase OF
exports Of merchandise during any year
in the history OF the governments. The
increase in the value Of exports OF agri-
cultural products during the year re-
ecrrcd to over the corresponding twelve
months OF the prior year. was S45. S46,-
1871. while the increase in the value OF
Of manufactured products was
Sl6 S3S, 240.
think there are conclusive evidences
that the new tariff has created several
great industries which will, within a
few years, give employment to several
hundred thousand American men and
women. In view OF the somewhat over
crowded condition of the labor mar
kct OF the United States, every patri-
Otic citizen should ejoice st such re-
suit.
OPPOSED TO FREE COINAGE.
Under the law of July II. 1890, the
secretary OF the treasury has purchased
since August l3. during the fiscal year
Is, 393 ll3 ounces of silver bullion at an
average cost OF ST.. 90 ncr ounce The
highest price paid during the year was
81. 2026, and the lowest so. 1896. In ex-
change for this silver bullion there
have been issued $50, $50. 49S of the
treasury notes authorized by the act.
The lowest price Oi silver reached dur
ing the fiscal year was So 0636 on April
~. 1891: but on November the market
price was only &0.96, which would give
To the silver dollar bullion value of
AT cents
Before Tie influence of the prospect
ike silver legislation was felt in the
market. silver was worth in New York
about $0.955 per ounce.
The ablCst advocates OF free coinage
IN the last congress were most confident
in their prediction that the purchases
by the government required by law
would at once bring the price of silver
TO $l.2929 per ounce. which would make
tho bullion value of II dollar 100 cents.
and hold it there. The prophecies of
the anti silver men Of disasters to result
from the coinage of &2,O00,000 per
month, we're not wider of the mark.
The friends of free silver are not agreed.
| think. as to the causes that brought
their hopeful predictions 10 naught
Some facts are known. The exports of
silver from London tn India during the
first nine months OF the calendar wear
fell OF % per cent, or $i7, POP, 30 com
pared with the same months of the pre-
ccdlng ger. Inc exports Of domestic
silver bullion from this country. which
has averaged for the last ten wears over
$1,000, 600. fell in the last fiscal year 10
Sl3. 191 .39l: while. for the first time in
recent years. the imports OF silver into
this country exceeded the exports bv
the sum OF s.. 945, SO. In the previous
year the net exports o. silver from the
United States amounted to s.. %. 40.
The production of the United States
increased from 50.0)0, 900 ounces in 1889
TO 1900, 900 in 1890. The government
is now buving and putting aside annu-
ally "a. WO, 600, which. allowing 1,I40.-
600 ounces of new bullion used in the
arts. Is $4,000 more than our domes-
tic product available for coinage.
l hope the depression in the price OF
silver Is only Temporary. and that a fur
ther trial OF this lc- islation will more
favOrably affect 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 legislation. I
think must be very clear TO everyone:
nor should il be forgotten that for eve
ry dollar OF these notes issued a full dol
lars worth OF silver bullion is at the
time deposited in the treasury as a Sc
curity for its REDEEM otiOn Nv recon-
mendation is that the existing lars he
given full and fair trial
-nder existing legislation Ii Is in the
power OF the treasury department 10