The record-union., 1891-12-10

ircm 1881 to 1890, was S692, ,1S6,5 ,522,
ana during the year ending Sep,
average was cteded by 13252s,469.
The value of Tree imports during the twelve
months ending September 30, 1891, was
ST. ,092, ,3S7, or more than the outy OF free
imports during the corresponding months
OF the pie eding year. and there was during
the same period, an increase of S1S,S46, sos
IN the value OF imports on dutiable merchan-
disc. The percentage OF merchandise ad-
mitted free or duty during the year, to which
l nave reference, under the new tariff was
l4.lo, while during the preceding twelve
months under the old tariff its percentage
was 3427 an increase OF 13.1 per cent. II
we take the six months ending September
3Oth last, which covers the time during which
sugars have been admitted free of duty the
per cent. of value OF merchandise imported
Iree OF duty is found to be 55.37 which is
larger percentage OF free imports than any
period OF a fiscal year in the history Of the
Government.
If we turn 10 the exports of merchandise.
the statistics are fall of qualification. The
whole OF such exports of merchandise for the
IWelve months ending september 80, 1891,
was S921 ,091 IL 6, while for the corresponding
previous twelve months it was S34o177,ll5.
an increase of S62S, ,140 .20l, which is nearly
three times the average annual increase of ex-
ports OF merchandise during any year in the
history OF the Government. The increa Sc in
the value of exports OF agricultural products
during the year referred TO over the CORE
Sponu1ng twelve months of the prior year was
S45, ,S46, 197, while the increase in the value
OF exports OF manufactured products was
S16.S3S, ,24O.
There is certainly nothing in the condition
OF trade, foreign or domestic. and there is GER
talnly nothing in the condition of our people
OF any class TO suggest that the existing tariff
and revenue regulation bears oppreSsiyely
upon the people or retards the commercial
development OF the nation. 1t may b. argued
that our condition would be bt tier if our tariff
legislation were upon q free-trade basis, but ii
cannot be OF MED that all the conditions of
prosperity anu of general contentment are
present IN larger degree than ever e. ore in
our history; and that, too, just when it was
propheSied they would be in the worst state.
The agitation for radical changes in tariff
and financial legislation cannot help, but may
seriously impede, business, to the prosperity
of which some degree OF stab .lity IN legisla-
non Is essential. think there are conclusive
evidences that the new tariff has created sew
eral great industries which will, within a few
years, give employment TO several hundred
thousand American workingmen and women.
Ia view OF the over-crowded condition of the
labor market, the United States citizens
ShouId rejoice at such Il result.
FINANCES OF THE GOVERNMENT
The report of the Secretary of the Treasury
shows that the total receipts of the Govern
ment from all sources for the fiscal year end
irg June 80, 1881, were S45S, ,544 233 O5,
wliiie the expenditures for the same period
We're S421 ,3O4, 40 46 leaving a surplus of
S37,259, 762 81. The receipts Of the fiscal
year ending June 80, 1892 actual and est
mated are s433, 1000, and the exrendi-
lures sj4O0,00o.0O0. Fer The fiscal year end
ing June 30. 1893, the estimated receipts are
500, 800, and the expenditures S43O,-
49,, ,O93.
SILVER PURCHASES.
Under the law of July Ia, 1890, the Secre-
tary of the Treasury has purchased since
August 9th, during the fiscal year, As, $685.
113 ounces of silver bullion at an average
cost of S1.O45 per ounce. The highest price
paid during the year was S1.2025, and the
lowest .9636. In exchange for this silver
bullion there have been issued S5O57496 of
the treasury notes authorized by the Act
The loves price of silver reached during the
fs al year was .9736, on April 22, 1891
but on Novemb r 1st the market price was
only $50, which would give to the silver dol
lar q bullion value of 7414 cents Before the
influence of the prospective silver legislation
was felt.n the market, silver was worth in
New YORK about .975 per ounce. The abl(s 81
advocates of free coinage in the last Congress
were most confident in their prediction that
the purchases by the Government required by
the law would at once bring the price OF silver
to S1.2929 Per ounce, which would make the
bullion value of a dollar 100 cents, and hold
it there.
The propheses of the anti-silyer men of
disasters 10 result from the coinage of So
100000 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 of silver from
London TO India during the first nine
months of the calendar year fell off over so
per cent, or S171 ,2O2, 730, compared with
the same month of the preceding year. The
exports of domestic silver bullion from this
country, which has averaged for the past ten
years Sl7 ,O00, 900, fell in the last fiscal year
to S13, 797 ,39l, while for the first time in re-
cent years the imports of silver into this
country exceeded the exports by the sum of
S2,745,165. In the previous year the net eX-
ports of silver from the United States
amounted to $S, ,525, $50. The production of
the United States increased from 80, 900 900
ounces in 1889 to 54,5O0,o0O in 1890, The
Goyepnment IS noW buying and RWqttng aside
ing :, 100000 ounces of new bullion to be
used in the arts, this is $4,000 more than
our domestic product available for coinage. L
hope the depression in the price of silver is
temporary, and that a further trial of this
legislation will more favorably fleet it. That
the increased volume of curre-icy thus sup
piled for the use OF the people was needed,
and beneficial results and prices have fol-
lowed this legislation, think must be clear
TO everyone, nor should it be forgotten that
for every dollar of these notes covered full
dollars worth of silver bullion is at the time
deposited in the treasury as security for its
redemption.
recommendation is that the existing laws be
given full trial, and that our business inter-
est be spared the oiStr, ssing influence which
threats OF radical Changes always imparIs.
Under existing legislation 1t is in the power of
the Treasury Depal tnent to maintain that
essential condition of national finance. as
well as OF commercial prosperity-the parity
OF the coin dollars and their paper reple sent
attVes. The assurances that these powers
would be freely and unhesitatingly used has
done much to produce and sustain the pres
ent favorable business conditions.
FREE COINAGE.
am still of the opinion that the free co.nage
of silver under existing ,oaditions wouid dis
aStrOuSly affect Our business interests at home
and abroad. We could not hope TO maintain
an equality in the purchasing power OF the
gold and silver dollar in our own markets,
and in foreign trade tie stamp gives no added
value TO the bullion contained in COINS. The
producers of the country and its farmers and
| laborerS have the highest interest that every
Collar. paper or coin, issued by the Govern
l mpnt shall be good other fhprn
| is one less valuable than another its sure and
constant GRAND will be to pay them for their
tolls and the crops. The money lender will
| protect himself by stipulating for payment in
gold, but the laboTer has never been able to
| do that To place business upon q silver basis
would mean q sudden and severe contraction
|. OF the currency, by the withdrawal of gold
! and gold notes, and such an unsettling of all
| values as would produce commercial panic.
| l cannot believe that q people so strong and
| prosperous as ours Will promote such a pol
! ley. The producers OF silver are entitled TO
! just consideration, but they should not forget
4 that the Government is now buying and put
! ting out of the market wi a. Is the equivalent
of the entire product OF our silver mines. This
| is more than tney themselves thought of ask
| ing a few years ago.
] believe it is the earnest desire ofa great
| majority of the people, as it is mine, that
| full coin use shall be made of silver Just as
! soon as the cooperation of other nations can
| be secured, and a ratio fixed that will give
! circulation equally to gold and silver The
! business of the world divides the use of both
IIett1iS, out i GO not see any prospect OF gam.
but much of loss by giving up the pres ent sys-
! tenn, in which full use is made of gold and
large use of silver for one in which silver alone
Will clrculate. Such an event would be at
once fatal TO the future progress OF the silver
movement. Bimetallism is the desired end
and the tr lie friends of silver will be careful
not TO overrun the gold and bring in silver
monometalllsm. with its Necessary attend
ants, the loss of our gold to Europe and the
relief OF the pressure, therefore large cur
rency.
! have endeavored by the use OF official and
| unotIicial agencies to keep n close observation
CT the state of public sentiment in Europe