The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1891-12-11

| 10 Suggestion CT Oppression.
There is certainly nothing in the con-
dition of trade, forrign or domestic,
there is certainly nothing in the condi-
| ton Of our people OF any class, to sug-
| gest that the existing tariff and revenue
| legislation bears oppressively upon the
| people or retards the commercial devel-
| opment of the nation. Agitation for
| radical changes in tariff and financial
| legislation cannot help, but may serious
| ly impede, business, to the prosperity of
which some degree Of ability in legis-
lation is essential.
| | think there are conclusive evidences
| that the new tariff has created several
| great industries which will, within
the next few years, give en-
| ployment to several hundred thousand
American workingmen and women.
| Receipts and Expenditures.
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 so, 1891,
were $458, 544 2233. 03, while the expendi-
lures for the same period were SAIL
5O4, 470.46, leaving surplus of $s37, $780,
| 762.57.
The receipts Of the fiscal year ending
June 30, 1892, actual and estimated, are
| $4333. OOO,O and the expenditures $780,,
| 600, 900. For the fiscal year ending June
| 30, 1893, the estimated receipts are $780,
336, $50 and the expenditures SAL, 300,-
| 093
| The Silver Question.
Under the law of July IA, 1880, the
| secretary Of the treasury has purchased
since Aug. Is during the fiscal year as,
| 393, 113 ounces OF silver bullion at an
average cost of 81 ,045 per ounce. The
| highest price paid during the year was
| $1.2O25, and the lowest $0.9636 In ex-
| change for this silver bullion there have
been issued $50, ST. ,49S of the treasury
notes authorized by the act. The friends
of free silver are not agreed, think, as
to the causes that brought their hopeful
| predictions to naught.
| l hope the depression in the price of
silver is temporary and that further
trial of this legislation will more favor
| ably affect it. That the increased vol
ume of currency thus supplied for the
use of the people was needed and tn at
beneficial results upon trade and prices
| have followed this legislation I think
must be very clear to every one. Upon
this subject, as upon the tariff, my
recommendation is that the existing
laws be given a full trial and that our
| business interests be spared the dis
| tressing influence which threats of radi-
| cal changes always impart.
| am still Of the opinion that the free
| coinage Of silver under existing condi-
tions would disastrously affect our bust
ness interests at home and abroad
The producers of silver are entitled to
| just consideration, but they should not
| forget that the government is now buy
| ing and putting out Of the market what
| is the equivalent of the entire product
| of our silver mines. This is more than
they themselves thought of asking two
| years ago. l believe it is the earnest
desire of a great majority of the people,
| as it is mine, that full coin use shall
| be made Of silver just as soon as the CO.
| operation of other nations can be Sc
| cured and a ratio fixed that will give
| circulation equally to gold and silver
| The business Of the world requires the
| use of both metals.
| have -endeavored by the use of Off
| cial and unofficial agencies to keep
| close observation Of the state of public
| sentiment in Europe upon this question
! and have not found it such as to Justify
me in proposing an international con-
\
| which began in February last and con
tinued until the close Of July, aggre
| gated over seventy millions of dollars.
With the movement Of crops the out
| flow of gold was speedily stopped and
return set in. Up to Dec | we had re-
| covered of our gold loss at the port of
! New York $27 ,S54 600 and it is conf
IDENTIFY believed that during the winter
and spring this aggregate will be stead
| lily and largely increased.
| The Surplus.
The presence of large cash surplus
| in the treasury has for many years been
| the subject of much unfavorable criti-
| cism. and has furnished an argument
| to those who have desired to place the
| tariff upon purely revenue basis. It
was agreed by all that the withdrawal
from circulation of SO large an amount
| of money was an embarrassment to the
business of the country and made nee
essary the intervention of the depart
! ment at frequent intervals to relieve
| threatened monetary panics. The sur
plus on March /, 1899. was $1S3827,-
| 1929. The policy of applying this sur
| plus to the redemption Of the interest
bearing securities of the United States
| was thought to be preferable to that of
depositing it without interest in selected
| national banks. There have been re-
deemed since the date last mentioned of
| interest bearing securities 1853, G79 $50,
| resulting in a reduction of the anDual
| interest charge OF S1l ,6N ,575.
The result of this policy, Of the silver
legislation, and of the refunding of the
| d per cent bonds has been large in
crease of the money in circulation At
| the date last named the circulation was
| 81 ,404 ,205, 1896, or $23.03 per capita;
| while on the first day of December, 1891.
| it had increased to 81. 577 .2G2, 070, or
f! $24 SO per capita.
In Wanamaker's Bai;iwicx
In the report of the postmaster gener
al some very gratifying results are ex
| hibited and many betterments suggest
| ed. A perusal of the report shows at
a glance that the supervision and direc
| tiOn of the postal system have been
| characterized by an intelligent and con
scientious desire to improve the service.
| The revenues of the department. show
an increase of over five millions Of dol
lars, while the estimates for the year
| 1893 shows a surplus of receipts over 81
penditures.
| Ocean mail postoffices havs been es-
| tablished upon the steamers of the
North German Lloyd and Hamburg
lines, saving, by the distribution on
Il 81