The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-12-10

10 our citlzens the benefit of copyright on sub
.A.',any y the same basis as to their own cit zen:
lion SSqhUieets. hlis With Germany a special eonyen
viii hp,no oesn Negotiated up N this subject which
beneetah :, mat cOu TRY within the reciprocal
Oononts OF our legislation.
THE TREASURY DEPARTMENT.
80 80 keneral Interest In the operations Of the
a,'.s' department has been much augmented
s,.,, s 'ne last year by reason of the conflicting
sssuohs which accompanied and followed the
AIN ana other legislation OF the last Congress
auevuus the revenues, aud as TO the results ol
'uis legislation upon the Treasury and upon the
Sbst n.y., n the ons hand IL was contended
Trsss,,port would so fall of as 10 leave the
ariieIony bankrupt AID that the prices u
woniS ss senterDg into the liying OF the people
their cn,nso ~ enhanced as 10 dsastrously afieei
II yvas .eLt a aiu happiness, while on the Other
isroai,, argued thar the loss to the revenue
idat w,.. .ne result Of placing sugar on Il free
the priees ~ " , direct gam 70 The people; That
tnose most highly profeefed. wonld ,os he sn,
and tbe' rna enat labor would have larger maIket
sna .te products Of farm advanced prices, while
sdeo~saa surplus and receipts would be
.arge exceptional expenditIires for the refundlne
~ ~ tuo ny s.ates OF the direct tax aud redemption
nose 9 10 y, per cent bonds. IL is not my pur-
ths efsects .es a ~ any length into discussion Of
ia
~ III put brief examination otIhs statistics
" " III tno treasury and a general glance az the
shan od business throughout the country will,
resnI2ss SSay hany any Impartial INQUIRER ttat its
~ nave disappointed the evillprophesies OF
ne oHSpDnen's, ana In large measure realized
ss sue nopelul predictions OF It's friends. Rarely
there DeIore IN the history Of the country has
Gays labor or the product OF one farmed acre
.n9.. wvuu purcnase as large an amount OF those
t - mat enter into the living OF the masses of
devspIo1p,. dnS pIe1ple. ! believe that full test wiz
mrs Congress Is very fsvorable In ttS averaS :
ehect upon iheprices OF articles entering into
G1ih Soininon use; During the twelve m9rths from
so,si ,sal y. 19sO, 10 september 80, 1891, the
ana exports e0mbinedJ was 81. .747. Soc. .4O8
wnlen was the largest OF any wear In the history
.,Id u .ne United States. The largest in any pre-
amounted 70 s1,647 1876, ,093, and the last year
sAceeus thls enormous aggrega'e by over one
nuuored millions. 1t Is Interesting, and to some
WI, oe SUI prising, to know that during the year
enulng september 80, 1891, our imports OF
merchandise amounted 10 S824 4,715, ,270: which
was an increase OF more than Q even million dol
idIS over the value OF the imports of correspond
ny il1s months of the peeeHing year. when the
imports OF merchandise were unusually large IN
anticipation OF the tariff legislation then pend
Ing. Inc average annual value Of the imports
9L I a mercnandise for the ten years from 1881 to
aoo,oS aoov wss s0sz iS6 62Z aud during the year
age was exceeded by sl32,525, 400.
MORE INTERESTING FIGURES.
The value of free imports during the twelve
months ending September 80, 1891, was sI1s,-
O92.3s7 mere than thu value Jf free imports
during the corresponding twelve months Of the
preceding year, aod there was during the
same period decrease Of s1o6, SAG sos in the
value OF imports Of dutiable merchandise. The
percentage OF merchandise admitted free OF
duty duriAg the year 10 which have referred.
tne nrst under the new tariff, was 48.18, while
during tne preceding twelve months under the
old taIih, the percentage was 34.27, an increase
OF 1871 per cent, II we take the six months
ending september 30 last, which cove the
time during which sugars have been admitted
Tree o. duty the per cent Of value of mer-
chandlse Imported free OF duty Is found
to ce 55.37, which Is larzer per
centage OF free Imports than during any
prlor nscal year In The history Of the
ehandlse the statistics are fu.l OF graf fieaton.
Inc value OF such exports OF merchandise Tor
the twelve months ending September 80, 1891 /,
previous twelve moaths 1t was $3.50, III, ,I15,
an increase Of 62,sl4,O21. which is nearly
three umes the average annual Increase OF ex-
ports OF merchandise Tor the preceding twenty
years. ms exceeds In amount and value the
exports Of merchandise during any year In the
history OF The government. The Increase In the
value OF exports OF agricultural products DUR
Ing the year referred 10 over the corresponding
twelve months OF toe prior year was S46, ,S46.-
1877, while the increase in the value Of exports
of manufactured products was S16,o38, ,24O,
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 Gears OppTesslvely upon the
people or retaIdi The commercial development
q the nation, it may bs argued that our con
ditiOn would be better II our tariff legislation
were upon tree trade bass, but 1t cannot De
denied that all the conditions OF prosperity ami
OF general c0ntentment are present In a larger
degree than ever before In our history and that
too, Just wnen is was prophesied they would be
In the worst state. Agitation for radical
changes In tariff and financial legislation cannot
help. but may seriously impede business. to the
OF which some degree OF stability in
legislation Is essential. / thiuk there aIe eOa
elusive evidences that the new tariff has
created several great Industries which wal
yvttain a few years give employment to severa
nundI ed thousand American working men anC
women. In view Of the somewhat overcrowdeS
condition OF the labor market Of the United
ssSs,- -esnfc
SLATE or IgE TREASURY.
The report OF the Secretary Of the Treasury
shows that the total receipts of the government
from all sources for the fiscal year endlng June
30, 1891, were s458, ,544. .233. .03, while the ex.
penditures for the same period were s42t !.
BOA. 470 46, leaving surplus Of s37 .239, ,762.-
81. The receipts of the fiscal year ending
June 80, 1892 actual and estimated are s4s3..
100000 aud the expenditures S409 900, 900.
For the fscaI year ending June 30, 1893, the
S44 t,300,O93.
SILVER PURCHASE.
Under the law OF July IA, 1890, the Seere-
tary OF the Treasury has purchased since Aug.
i3. during the fiscal year, As, 1893, ,1l3 ounces OF
silver bullion at an average cost of s1.045 per
ounce. The highest price paid during the
year was si.2J25, and the lowest s9.9836. In
exchange Tor this silver bullion there have
been issued S5C 577 ,498 OF the Treasury notes
authorized by The act. The lowest price OF
silver reached during the fiscal year was
50, 1886 on April %. 1891; but on November
! sc the market price was only S0.96, which
would give to the silver dollar bullion value
Of 7414 cents.
Before the influence of the prospective silver
legislation was felt In tbs market, silver was
worth ia New York about s0,955 per ounce.
The ablest advocates OF free coinage ia the last
Congress were most confident In their predic-
tious that the purchases by the government re-
qulred By the law would at 0Uce bring the price
Of silver to 81. 1920 per ounce which would make
the bullion yauu ot dollar 100 cents and hold
it there. The prophecies OF the anttsilver men
Of disasters 10 result from the coinage Of 81 900,
| 90 per mouth were not wide OF the marx. The
friends OF free silver are not agreed, think, as
to the causes that brought their hopeful pre-
The exports OF silver from London TO India dur
Ing the first nine months OF this calendar year
lell of over 80 per cent, or Sl7,2O2 .73O com
parea with the same months OF the preceding
wear. The exports OF domestic silver bullion
from this country which had averaged for the
la,t ten wears over Sl7 100000 fell in the last
fiscal year to si3,797 ,39l while for the irst
lime In recent years, the imports OF silver Into
this county exceeded the exports by the sum
of 80 745S S65, In the previous year The net
exports OF silver from the United states amount
ed lto Ss,545,4 ,46S. The production OF the
es iu 1889 10 "a 6OO,O00 IN 1890. The govern
ment il now buying and sputting aside an ually
"a .OCO 900 ounces which allowing Tor [, 14J,0CO
ounces Of new bullion nse9 Y inc arts, Is =, $40.
for coinage. hope the depression In the price
of silver is Temporary and that further trial OF
this Legislation will more Iavoraoly affect u.
That the increased volume OI currency thus sup
piled for use II the people was needed and that
beneficial results on trade and prices have fol
lowed this legislation unjust Do very clear to
EVERYONE Nor should Il be forgotten inat for
every dOlar of these notes issued Iuil dollars
worth OF silver bullion az the same time de.
posted iu the treasury as security for its re-
demptiop, Upon this subject, as upon the
tariff nv Recommendation Is tnat the existing
laws be given full tra ,s a6a, ,nat our business
which threats Of radical changes always im-
pait. Under existing legislation IL is In the
power OF the Treasury Department TO ,maintstn
ihat essential condition OF national Ananee as
we'll All of commercial prosperlty-the parity
the nae of the con dcllars and their paper rep
reseptatiyes. The assurance that these powers
would be freely and unhesltatlngly used has
dome much 10 produce and sustain the present
favorable business condition.
FREE COINAGE NOT ExREDlENr.
am still Of the opinion that the free coinage
of silver under the existing conditions would
affect our business interests at
home and abroad. We could not hope 10 main
tain an equality in the purchasing power of the
gol and silver dollars inlour Ownimarkets and
in foreign trade the stamp gives no added value