The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1891-12-17

animation Of the statistics 81 the treasury ana
9. 2 general glance e the state OF business
any impartial inquirer that its results have dis.
appointed tho evil prophecies OF Its opponents
and In large measure realized the hopeful
fore, In the history OF the country has there
been time when the proceeds of one days
labor or the product of one farmed acre would
that enter into the living OF the masses Of the
people. believe that q full test will develop
tho TACT that the tariff act Of the Fifty first
upon the prices Of articles entering into com.
mon use. f't,'
Exports and Imports. ...
During the twelve months from October /,
1890. to September 30. 1891, the total value Of
combined} was ii: sos 4o6 which was the
largest Of any year in the history Of the United
States The largest in any previous year was
IN iSsO when cur commerce amounted to
enormous aggregate by over 800 200. It IS
know that during the year ending Septem
Der 50 1891. our imports of merchandise
amounted to sss4. 7lasso. which was On increase
imports OF the corresponding months Of the
preceding year: when the imports Of merchan:
se sse in Alto
erage annual value Of the imports Of merchan
disc for the ten years from 1881 to 1890 was
s69s $50, 5s2 and during the year ending Sep
ceeded by &l32, 52s, A69. The value Of free i'm
ports during the twelve months end
nefe sRsn tse va aS Of f1ee sses
during the corresponding twelve months Of the
preceding year. and there was during the same
1mnOft2
| The percentage Of merchandise admitted free
OF duty during the year to which l have re-
| ferred, the first under the new tarin. was - 49,
while during the preceding twelve months. un.
der the old tariff the percentage was "a 81, an
increase OF 1891 per cent II we take the six
the time during which sugars have been ad.
Va ne Of inesehandise imported tree Of
duty ars Is found to BE- 49, which is
during any other fiscal year in the history Of
the government II we turn to exports OF mer-
chandise the statistics are full OF qualification
me value OF such exports Of merchandise for
| the twelve months ending September 49, 1891,
was 1923 ,0sl, 1885, while for the corresponding
previous twelve months it was sseo l77ll5 an
times the average annual increase of exports
| OF merchandise during any year in the history
n 5ng
year referred to over the corresponding twelve
months OF the prior year was e45. S46 l97, while
|
| featured products was Sic, 838, 240
Prosperity Under tho New Law.
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 existing tariff and rev.
enue legislation bears oppressively upon the
people or retards the commercial development
OF the nation. 1t may be argued that our con
We're upon tree trade basis, but it can
not be denied that all the conditions OF
prosperity and Of general contentment are
before in our history and that, too, Just when
| 1t was prophesied they would be in the wors,
state: Agitation for radical changes in tariff
seriously impede business. to the prosperity o.
which some degree OF stability in legislation il
essential think there are conclusive evi
! dences that the new tariff has created severa
great industries which will. within a few years
| give employment to several hundred Thousand
American workingmen and women. In view o
labor market Of the United States, every pa
trlotlc citizen should rejoice at such result.
| The Finances.
The report OF the secretary Of the treasur,
SHOWS that the total receipts of the govern
ment from all sources for the fiscal year endins
June 30. 1891. were &45s 544 2330 %, while the ex
pendltures for.the same period were 1921 ,3o4,
47G AZ. leaving surplus of S37 ,239, 762 81.
81, 1852 actua: and estimated are s4sa 600 900
and the expenditures s4O9, 100000 For tn,
| nScat year ending June 30, 1893 the estimated
| receipts are <saa36, $50 and the expenditure!
SAL ,S00,0o3.
Transactions In Silver.
Under the law OF July IA, 1890, the secretar,
| OF the treasury has purchased since August i
during the fiscal year 49, 393 ll3 ounces of silve
| bullion at an average cost Of Sl.045 per ounce
The highest price paid during the year was
$iO.5: and the lowest 40. 1886. In exchange fol
OF the treasury notes authorized by the act
The lowest price Of silver reached during tn,
fiscal year was 20. 1856 on April %. 1891; but o,
November l the market price was onl,
80. IS, which would give to the silver dollar -;
bullion value Of 74k cents.
Before the influence OF the prospective silver
worth in New York about O. 9,5 per ounce Tn,
aolest advocates OF free coinage in the las
congress were most confident in their predic
ton that the purchases by the government re
quired by the law should at once bring tn,
price OF silver to 1.29 g per ounce, which wou:t
make the bullion value Of q dollar 100 cents ant
yer men Of disasters TO result from the coinage
OF GOoO,OO per month were not wider of the
mark The friends OF free silver are not agreed
1 think, as to the causes that brought thei
hopeful predictions to naught. Some facts are
known: The exports Of silver from London K
India during the first nine months OF this cal
the same months OF the preceding year. TIL,
exports OF domestic silver bullion for this coun
Try which hi had averaged for the last ten year.
| over $l7, OU,OOU fell in the last fiscal year t.
S13, 797, 1874; while, for the first time in recen
years. the imports of silver into this conntr,
exceeded the exports by the sum OF g., 745 as5
IN the previous year the net exports OF silver
from the United States amounted to SS541 As
| The production of the United States increased
from 100000 ounces in 1889 to 81 800 900 in 1890
the government is now buying and putin.
aside annually 54,UO0OO ounces which, allow
ing Tor = oCoo ounces OF new bullion used il
product available for coinage.
hope the depression IN the price of silver i.
temporary and that further trial Of this legis
!ation will more favorably affect it. That tht
increased volume OF currency thus supplied fol
the use OF the people was needed and that ben
ehclal results upon trade and prices have fol
lowed this legislation I think must be very
that for every dollar of these notes issued 6
full dollars worth of silver bullion is at the
Time deposited In the treasury as security fo
its redemption.
Upon this subject, as upon the tariff my rec
! ommendaton is that the existing laws be give1
a full trial and that our business interests be
| spared the distressing influence which threat:
OF radica! changes always impart. Under ex
listing legislation it is in the power of the treas
ury department to maintain that Essential
| condition OF national finance as well as of com
| merc1al prosperity-the party in use OF the coir
dollars and their paper representatives TIL,
assurance That these powers would be freely
ness coalitions.
! Views on Free Coinage.
| I am still Of the opinion that the free coinap.
| VI SlAScI uAucT cAlSIIuS COnulLlOnS would dis
astrousy affect our business interests at HON,
and abroad. We could not hope to maintain
an equality in the purchasing power of the
gold and silver dollar in own markets. an(
In foreign trade the stamp gives no added value
to the bullion contained in coins. The producers
| OF the country, its farmers and laborers
have the highest interest that every
dollar, paper or coin, issued by the
! government shall be as good as any
other. If there is one less valuable than an
other its sure and constant errand will be to
! pay them tor their toll and for their cr0ns The
money lender will protect himself by stipula
ting for payment in gold, but the laborer has
never been able to do that. To place business
upon silver basis would mean sudden and
severe contraction Of the currency; by the
| withdrawal OF gold and gold notes, and such an
unsettling OF oil values as would produce q
commercial panic. 1 cannot believe that a
people so strong and prosperous as ours will
promote such policy.
| Movement OF Gold Abroad,
| The exports OF gold to Europe, which began
IN February last and continued until the last
| of July, aggregated over $7O, 100000 The net
loss Of gold during the fiscal year was nearly