Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1891-12-18

free imports than during any prior fiscal
year in the history of the government. If
we turn to exports of merchandise, the
whole OF such exports of merchandise
for the twelve months ending
September 30, 1891, was s92s,o9l 1856,
whileD for the corresponding previous
twelve months it was $500, III, IFS,
an increase of s62, 914, 021, which is nearly
three times the average annual increase
of exports of merchandise during any
The increase in the value of exports of
agricultural products during the year re-
ferred to over the corresponding twelve
months of the prior year, was 90, $40, 1917,
while the increase in the value of exports
OF manufactured products was SIG, 838. $40
There is certainly nothing in the condi-
ton 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 re-
tards the commercial development Of the
nation.
It may be argued that our condition
was upon free trade basis, but It cannot
be denied that all the conditions of pros
perity and of general contentment are
present in a larger degree than ever be-
fore in our history, and that, too, just
when it was prophesied they would be in
the worst state: Agitation for
radical changes in the tariff and
but may seriously impede bust
ness to the prosperity of which some
degree of stability in legislation is es-
sential.
think there are conclusive evidences
that the new tariff has created several
great industries which will, within few
years, give employment to several hun
dred thousand of American workingmen
and women. In view of the overcrowded
condition of the labor market, the United
States citizens should rejoice at such a
result
Government Revenue and Expenditures.
The report of the secretary of the treas
ury shows that the total receipts of the
government from all sources for the fiscal
year ending June 30, 1891, were s45s, 544,-
233.03. while the expenditures for the same
plus of $37, 239, 1922 81.
The receipts of the fiscal year ending
June 30, 1892 actual and estimated are
s43S, 100000, and the expenditures $780,
OOO,O0O
For the fiscal year ending June 80, 1893,
CQe eSGlmdCeQ recc1pCS are SfOO, 900, SOU ana
the expenditures $3.50, 452,093.
Silver Purchases.
Under the law Of July ii, 1891, the secre-
tary of the treasury has purchased since
august ID, during the fiscal year,
at an average cost of s1,045 per ounce.
In exchange for this silver bullion there
have been issued $50, 574 $50 of the treasury
notes authorized by the act. The lowest
price of silver reached during the fiscal
year was sO.9,636, on April %. 1891, but
on November l the market price was
only 1896, which would give to the
Before the influence of the prospective sill
yer legislation was felt in the market sill
yer was worth in New York about SO.975
per ounce. The ablest advocates of free
coinage in the last congress were most
confident in their prediction that the pur-
law would at once bring the price of silver
to 1899 per ounce, which would make the
bullion value of q dollar 100 cents, and
hold it there. The prophesies of the anti
silver men of disasters to result from the
coinage of 100000 per month were not
wider of the mark. The friends of free
silver are not agreed, l think, as to the
causes that brought their hopeful predic-
tons 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 ST., 2o2, $50, compared with the
exports of domestic silver bullion from
this country, which has averaged for the
last ten years over Sl7,0 900, fell in the
last fiscal year to S13,757, 39l; while, for
the first time in recent years, the imports
of silver into this country exceeded the
exports by the sum of S2,745,365. In the
previous year the net exports of silver
from the United States amounted to IS, $780,
555. The production OF the United States
increased from 10000, 900 ounces in 1889.
to 54,5O0OOO in 1890. The government is
now buying and putting aside annually
81, 100000 ounces, which, allowing 100000
ounces of new bullion used in the arts, is
available for coinage l hope the depres-
sion in the price of silver is temporary
and that Il further trial of this legislation
will more favorably affect it. That the
increased volume of currency thus sup
piled for the use of the people was needed,
and that the beneficial results upon trade
and prices have followed this legislation,
I think must be very clear to every
one. nor should it be forgotten that
for every dollar of these notes issued
IL full dollars worth of silver bullion is at
the time deposited i'll the treasury as a Sc
curity for it's redemption.
Upon this subject, as upon the tariff, my
recommendation is that the existing laws
be given full trial and that our business
interests be spared the distressing intu-
ence which Threats of radical changes al
ways imparts.
Under existing legislation it is in the
power of the treasury department to MAIN
tain that essential condition of national
finance as we'll as OF commercial prosper
ity-the parity in the use Of the coin dol
lars and their paper representatives. The
assurances that these powers would be
freely and unhesitatingiy used has done
much to produce and sustain the present
favorable bu mess conditions.
uppos Ere Coinage of silver.
am still of the opinion that the free
coinage of silver under existing conditions
would disastrously affect our business in
,erests at home and abroad. We could
not hope to maintain an equality in the
| purchasing power of the gold and silver
dollar i'll our own markets. and in foreign
trade the stamp gives no added value to
the bullion contained in coins. The pro.
ducers of the country and it's farmers
and laborers, have the high
est interest that every dollar, paper
or coin, issued by the government, shall