The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1891-12-18

OF the government. LII we turn to ex- |
ports OF merchandise, the statistics are
full Of qualification. The whole OF such
exports of merchandise for the twelve
months ending Sept. 30, 1891, was 1928,
y l,l3G, willis for the corresponding pre-
an increase of s62, 01i;021, which is
nearly three tinaestle average annual in
crease of exports OF merchandise during
any year in the history Of the govern
1nent. Ibe increase in the value of ex-
ports OF agricultural products during the
year referred to over the corresponding
twelve months of the prior year, wa
FS45,St6.191, while the increase in the
value of exports of manufactured pro-
ducts was SIC, 335. a40.
Enc report Of the secretary of the
treasury shows that the total receipts OF.
the government from all sources for tho
fiscal year ending June 80, 1891, were
IDS, 544 233a. 02, while the expenditures
leaving a surplus of $37, 239, 1922 81
The receipts Of the fiscal year ending
June 80, 1892, actual and estimated ARE
s433. !90, coo. and the expenditures 81, 300
600. $50. For the fiscal year ending June
20, 1888, the estimated receipts are $50,
3336.350, and the expenditures $780,
4a2 ,093.
Under the law of July "A, 1890, the
secretary Of the treasury has purchased
since Aug. IS. during the fiscal year
80, 1893, 113 ounces of silver bullion, at an
average cost of $1.045 per ounce.
In exchange for this silver bullion
there have been issued 5,057 .49S OF the
treasury notes authorized by the act.
The lowest price of silver reached dur
ing thefiscal year was 50. 1886 on April
%, 1891; but on Nov. / the market price
was only Sn.96, which would give to the
silver dollar a bullion value of IA cents.
Before the influence Of the prospective
silver legislation was felt in the market
silver was worth in New York about
$$o.9!5 per ounce. The abiest advocates
OF free coinage in the last congress wera
most confident in their prediction that
the purchases by the government re
quired by the law would at once bring
the price of silver to S1.2920 per ounce
Z whiyl would make the bullion value OF
a dollar 100 cents and hold it there. The
prophecies of the alti-silver men Of dis.
asters to result from the coinage Of
$4,000, 900 per month were not wider Of
the market. The friends Of free silver
are not agreed, [ think, as TO the causes
that brought their hopeful predictions to
naught. Some facts are known. Tbs
export of silver from London to India
during the first nine months of the calen.
dar year. fell off over 80 per cent, OF
Sl7,2G2.T30 compared with the same
lnonItlS OF the preceding year. Inc
export OF domestic silver bullion from
tlls country, which has averaged for the
last ten years over ST. .000. 0G0, fell in.the
last fiscal year to $l3,127.3yl: while, fof
q ilrst tune IN recent years, the imports
ofsltver into this country exceeded the
exports by the sum OF S2,14),3G5. III
Iile previous year the net export OF silTe1
rom the United States amounted rc
S55,242,ooo Tie production OF the Unit
e' states increased from O.00V.OuV
ounces IN 1889 to G,3UO,O coo in 1890. The
government is now buying and putting
aside annually $1,000, geo ounces, which,
allowing ',l40,0D0 ounces Of new bullion
used IN the arts, IS 6,6lo,ON0 more than
our domestic product available for coin
age.
l. nope the depression in the price or
silver IS temporary. and that a further
illal OF this legislation will more favora-
BY affect 1t. That the increased vol
ume OF currency thus supplied for the
use OF the people was needed. and that
beneficial results upon trade and prices
nave followed this legislation, i think
must be very clear to everyone; nor
should 1t be forgotten for every dollar of
these notes issued d full dollars worth
OF silver bullion is at the time deposited
IN the treasury as a security for IFS re,
~491npflon. Upon this subject, as upon
:, the tariff, my Recommendation is that
the existing laws be given a full trial.
and that orr business interests be spared
t;?e distressing Influence which threats
or raulcal changes always lmVart. I'm
der existing legislation it Is in the power
Of the treasury department TO maintain
Itiat essential condition of national
finance, rs wei as or commercial pros
GerlEy--gle parity IN use OF IL
com dollars and their paper rep
feSentaE1Yes. The assurances that
.tit5+inG Iz ,,saJ no. szo,,a r,1.t' - =" ~
duce and sustain the present favorable
business conditions. 7 am still of the
opinion that the free coinage of silver
under existing conditions would disas.
trously affect our business interests al
home and abroad. We could not hope
to maintain an ~euualitv in the purclas.
ing power OF the gold and silver dolla,
E in u own markets. and in foreign trade
the stamp gives no added value to the
bullion contained in coins. The produc-
crs OF the country and its farmers aud
laborers. have the highest interest t.lat
every dollar, paper or coin, issued by the
government. shall be as good as any
other. Il there is one less valuable than
another, its sure and constant errand
will be to nav them for their tolls of the
crops. The money lender will protect
himself by STIMULATING for paynen in
gold, but the laborer has never been
r able to do that. To place business upon
a silver basis, would mean a sudden and
a severe contraction OF the currency. bv
the Withdrawal of gold and gold notes.
ana such an unSettlnS OF all values az
would produce a cohl,hefcla panic.
; l1ilo pelleFe, tiiae a people SO strong
l anu prosperous us oufs VIII promote
sucn a pOllcy.