The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1891-12-16


states government Such a guaranty would
secure the ready sale at par of a per cent
bond bond from time me to time as as the money was was
upon these business methods the canal
would, when fully inaugurated
its fixed charges and operating expenses.
guaranty of the bonds of the canal company I
to an amount necessary to the completion of
to involve any serious risk of ultimate loss. The
things to be carefully guarded are the com
pletion of the work within the limits of the
to the rights of the first mortgage bondholders
for any amount it may have to pay, and in the
as security against mismanagement and |
loss. most sincerely hope that neither
this great American project, so full of in |
terest to the people of all our states and SO in
fuential in its effects upon the prestige and /
prosperity Of our common country.
EFFECT OF TARIFF LEGISLATION.
The general interest in the operations of the |
treasury department has been much augmented |
during the last year by reason of the conflicting |
predictions, which accompanied and followed |
the tariff and other legislation of the last con-
gress affecting the revenues as to the results
of this legislation upon the treasury and upon |
the country. On the one hand it was contended |
that imports would so fall of as to leave the |
treasury bankrupt and that the prices of arti- |
c1es entering into the living of the people would
be so enhanced as to disastrously affect their |
comfort and happiness while on the other it was |
argued that the loss to the revenue largely the |
result of placing sugar the free list, would be
direct gain to the people: that the price of the
necessaries of life, including those most highly
protected, would not be enhanced; that labor
would have larger market and the products Of
the farm advanced prices; wh33 the treasury
surplus and receipts would be adequate to |
meet the appropriations. including the large |
expenditures for the refunding to the states of |
the direct tax and the redemption of the AZ |
per cent bonds 1t is not my purpose to enter |
at any length into discussion of the effects
of the legislation to which have referred but |
brief examination of the statistics Of the treas
ury and general glance at the state of business
throughout the country will, cnink, satisfy |
any impartial inquirer that it's results have dis
appointed the evil prophecies of its opponents
and in ss-large measure realized the hopeful pre-
dictions of It's friends Rarely if ever before in
the history of the country haSsthere been a
time when the proceeds of one days labor or
the product of one farmed acre would purchase |
so large amount of those things that enter
into the Ewing of the masses of the people. 1
believe that full test will develop the fact
that the tariff act Of the Fifty Arst congress is
very favorable in its average effect upon the
prices OF articles entering into common use.
During the twelve months from October !,
1899 to September 3d. 1884, tia, total value of
our foreign commerce QmportS and exports
combined) was Sl,747, 800, 4O6. which was the
largest of any year in the history of the United
States. The largest in any previous year was
in 1890, when our commerce amounted to ST.
647, 139 093 and the last year exceeds this enor
nous aggregate by over one hundred millions,
During the year ending September 30. 1891,
1924, 4,715, ,270 which was an increase of
more than eleven million dollaf9 over the value
of the imports of the corresponding months of
the preceding year, when the imports of mer-
chandise were unusually large il anticipation
of the tariff legislation then pending. The av-
erage annual value OF the imports OF merchan-
disc for the ten years from 1881 to 1890 was S692
1856 522 and during the year ending September
80, 1891, this annual average was exceeded by
The value of free imports during the twelve
months ending September 80, 1891, was S118,-
Oo2 387 more than the value of free imports
during the corresponding twelve months of the
preceding year, and there was during the same
period decrease Of S106 S46, sos in the value of
imports of dutiable merchandise. The percent
age of merchandise admitted free of duty dur
ing the year to which have referred the first
under the new tariff, was 4s.1s. while during
the preceding twelve months under the
old tar Of i, the s percentage osT was Tao ,bs s ~
months ending September 80 last which covers
the time during which sugars have been ad-
mitted tree of duty, the per cent. OF value OF
merchandise imported free of duty is found to
be a larger percentage than any prior fiscal
year in the history OF the government. II we
turn to exports OF merchandise the statistics
such exports of merchandise for the twelve
1929, ,O91 I35, while for the corresponding prev
ious twelve months it was 1850, H. 115, an in
crease of S62 GA 031 which is nearly three times
the average annual increase of exports OF mer-
chandise during any year in the history of the
government. The increase in the value OF ex-
ports OF agricultural products during the year
referred to over the corresponding twelve
months OF the prior year was S45, s46, 1917, while
factured PRODUCTS Vas si6, ,sSs 24o y
There is certainly nothing in the condition OF
trade, foreign or domestic, there IS certainly
nothing in the condition of our people of any
| class to suggest that the existing tariff and
revenue legislation bears oppressively upon the
people or retardS the commercial development
/ of the nation. 1t may be argued that our conol-
tion would be better our tar1n leglslatlon
| were upon free trade basis, but 1t can not oe
denied that all the conditions of prosperity and
| of general contentment are present ID larger
degree than ever Delore IN our ms l5 anu t a.
| too, just when it 5ss prophes1ed they woulo De
| in the worst state.
think there are conclusive evidences that
| the new tariff has created several great lnous-
| tries which will, within few years, give en-
| ployment to several hundred thousand Amerl-
/ can workingmen and women. In view OF tne
| somewhat overcrowded condition of the labor
market of the United States every patrlotlc
| citizen should rejoice at such result
RECEIPTS AND DISBURSEMENTS.
| The report of the secretary of the treasury
| shows that the total receipts OF the govern
ment from all sources tor the nscal year enolnS
| June &c. 1891, were SioS, ,544 233, Whlle the ex-
penditureS for the same period were 9421 oo4 4fo
leaving surplus OF 557, ,S3a, 7o257. The recelpts
and estimated, are S435, UGJ 0OO and the expendi-
lures 500, 10000. For the fiscal year ending
June 80, 1898, the estimated receipts are S4oo,
336, $50 and the expenditures S441, ,o04O93.
THE SILVER COINAGE QUESTION.
| Under the law of July a. 1890, the secretary OF
| the treasury has purchased since August 10,
during the scal year, a. $685. 113 ounces OF silver
| bullion at an average cost of S1.o45 per ounce.
| In exchange for this silver bullion nave peen
| issued S35y 577 494 OF the treasury notes author
| lied by the act The price of silver on Nov. /
was only 81. 9S which would give to the silver
dollar bullion value of IAN cents =.
| legislation was telt in the market 1t never was
worth in New York above ,95 per ounce. inc
ablest advocates of free coinage in the last CON
| gress were confident in their prediction that
| the purchases by the government required py
the law would at once Drlng me Price SO oi n71e
| value of a dollar 100 cents and hold 1t there:
| The prophecies of the anti-sifVer men OF
| disasters to result from the coinage OF
| 81, 003, 900 per month were not wider OF In6
| mark. Friends of free silver are not agreed, !
think, as to the cause that brought their hopeful
| n Some facts KNOWN.
| The exports of silver from LONDON TO Inola
during the first nine months OF TINS calenoaI
| year fell of 90 per cent. or 81, ,2O2,7oO com
| pared with the same months OF the preceding
| year. The exports of domestic silver pulllon
from this country, which had averaged Tor IN 6
last ten years over SIT, 1000, fell in the iasl
fiscal year to S13, ,797, ,39I; WHILE for the nrsl
time In recent years tne imports Oh ~ Saa ss
In the previous year the net exports OF s1lvel
from the United States amounted to % olo, 100
The production of the United States increases
from $1,000 OOO ounces in 1889 to 54OOo,OU
in 1890. The government Is now puy
ing and putting aside annually 540O0,0G
ounces, which allowing for 7,l40,00C
ounces of new bullion used in the arts, Is
6e40 OJO more than our domestic products avail
able for coinage. 1 hope the depression In the
price of silver is temporary and that furtnel
trial OF this legislation will more faVorapi!
effect it. That the increased volume OF cur
rency thus supplied for the use OF the people
was needed and that beneficial results upoI
trade and prices have followed this leglslauol
l think must be very clear to every one; no
should it be forgotten that for every dollar o
these notes issued full dollars worth OF S1lVe
bullion iS at the time deposited IN tie treasuf!
security for its redemption. Upon this SUB
ject, upon the tarin, my recommendation Il
that the existing laws be given full trial ant
that our business. interests be spared the dls
tressing influence which threats of raulea
changes always impart.
am still OF the opinion that the free coinage
OF silver under existing conditions would d1sas
| trously affect our business interests at home
and abroad. We could not hope to maintain al
equality to the purchasing power of the golt
and silver dollar in markets, and in tore1gl
trade the stamp gives no added value to rht
buIlion contained in coins. The producers o
the country its farmers and laborerS, have thu
highest interest that every dollar, paper o.
CON- issned by the government shall be as gooC
r as any other. If there is one less valuable
) than another its sure and constant erran:
| will be to pay them for their toll
l and for their crops. The money lender vii
protect himself by sttpulating for payment il
5 gold, but the labOrer has never been able to d.
: that. To place business upon silver basl
would mean a sudden and severe contraction
: of the currency, by the withdrawal OF gold an
S gold notes, and such an unsettllng OF all value
8 as would produce a commercial panic. L cal
not believe that people so strong and prosper
Gus as ours will promote such policy
=, | The producers of silver are entitled I
i Just consideration, but they should not forge
that the government is now buying and putin
Z L out on The market what is the equivalent OF tn
II