The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-12-10

ONoto Woo SAhfCoO, ,AtVs lHeFe lS Ger
tainly nothing in the condition of
Trade, foreign or domestic, there Is
certainly nothing in the condition
to suggest that the existing tariff and
revenue legis alton bears oppressively
upon the people or retards the COM
mercial development of the nation. 1t
may be argued that our condition
would be better il our tariff lepisla-
tlon were upon free trade basi,: 3ut
1t cannot be Geuied that all the e., di
tions OF prosperity of our general cu-
tentment are present in 8 larger de-
gree than ever before in our history
and that too, just when it was in the
worst state of agitation; our radical
changes on tariff and financial
Legislation cannot help but may seri-
[ously impede business, to the pros sper-
ity OF which some degree of stability
In legislation is essential. / think
tnere are conclusive evidences that
the new tariff has erected several
great Industries whichwill, within a
few years, give employment to-
several hundred thousand American
workingmen and women. In view OF
the somewhat overcrowed condition
of the labor market of the United
States, every patriotic citizen should
rejoice at such result. The treas
ury shows that the total re-
ceipts of the government from all
sources for the fiscal year
ending June 30, 1891, were $45S, ,544,-
233.03, while the expenditures for the
same period were $421 ,s04, ,470. .46, leay-
ing a surplus of $37 ,239, ,762,57. The
receipts of the fiscal year ending June
30, 1892, actual and estimated, are
$435, ,OOO,0 900, and the expenditures
$4O9, ,0O0, 600. For the fiscal year end
ing June 80, 1893, the estimated re-
ceipts are $455, $50, and the ex-
penditures $441 ,300,093. Under the
law of July $l4,S9O, the secretary OF
: the treasury has. purchased since An.
gust l3, during the fiscal year, 48 ,093,-
lib ounces of silver bullion at an av-
erage cost of $l.O45 per ounce. The
highest price paid during the year
was Sl.2025 and the lowest $0.9636 In
exchange for this silver bullion there
have been issued $50, ,574, 1913 of treas
ury notes authorized by the act. The
lowest price of silver reached during
the fiscal year was 0.9638 on April %,
1891; But on November the mngkct
price was only $0.96, which would
give to the silver dollar bullion
: value of "A Ia cents. Before tho iu-
lluence of the expected silver leeisla.
tion was felt in the market silver was
worth in New York about $0.955 per
ounce. The ablest advocates of free
coinage in the last congress were
; most confident in their pre-.
diction that the purchase by tho
government required by the law
D would at once bring the price of silver
=. to $l.2029 per ounce, which would
make the bullion value Of dollar 100
cents, and hold it there. The prophe-
sizes of the anti-silver men of disasters
1 to result from the coinage of $1,000 000
n per month were not wider of the
a mark. The friends Of free coinage are
!, not agreed, l think, as &c the Cahs2ss
/ that brought this hopeful prediction
: 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 l2,202, 730, compared with
same months Of the preceding wear.
The exports Of domestic silver bullion
from this country, which has aver
: aged for the last ten years over Sl7.-
, O0O,0 600, fell in the last fiscal yea TO
( Sl3, ,702,391, while for the first time ia
] recent years the imports of silver into
, this country exceeded the export ~
u the sum of $27 ,450,365. In the previous
year the net exports of silver from Tue
: United States amounted to S., ,54t ,45J.
z The production of the United States
: Increased from $5,000000 ounceg IN
: 1889 to 54,500,000 in 1890. The gqY-
ernment is now buying and putting
Q aside 54,000,000 ounces which allow
Q ing for Z, 100000 ounces of new bullion
: used in the arts is 6,640,00O more han
our domestic product available for
coinage. | hope the depression in the
price of silver is temporary and that
further trial of the legislation will
, more favorably affect it. That the
increased volumes of currency thus
supplied for the use of the people, was
: needed and that financial results upon
and prices have followed this legisIa-
: tion, think must be very clear TO
every one. Nor should IL be for
: COTTON, for every dollar of these notes
: ssued, a full dollars worth of silver
, bullion is at the time deposited in
$ the treasury as q security for its re-
Z demption. Upon this subject
as upon the tariff my recon-
luoHudJlou IS lDaU Jne existing
laws be given full trial and that our
, business interests be spared the dis
tressing influence which threats of
radical changes always import; and
under existing legislation 1t is In the
power of the treasury department TO
maintain that essential condition of
national finance as well of commercial
prosperity. The party in use of the
coin dollars and their paper repre-
sentatives, the assurance that these
powers would be freely and unhesi-
tatingly used, has done much to bro
duce and sustain the present favora Die
} business conditions. am still of the
opinion that free coinage of silver nm
der existing conditions would dis
astrously affect our business interests
at home and abroad. We could not
hope to maintain an equality i'm the
purchasing power of the gold and
silver dollar in our own markets. and
in foreign trade the stamp gives no
added rTfue more than the bullsnn
| OOnfg mod l.. f...< at.