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


increase or 1891 per cent. IL we raK,,
SIX months ending Sept. 80, last. which
covers the time during which s,,gar has
been admitted free of duty. the Der cent,
OF value of merchandise importer free of
dutyls found to be 55.37, which is 3
larger percentage of free imports than
during any prior fiscal yearin the history
OF the government. Ii we turn to eS-
ports Of merchandise, the statistics are
fnil OF qualification. The whole of such
exports OF merchandise for the twelve
months ending Sept. 30, 1891, was soea.-
o5l,lo6, wfii9 for the corresponding pre-
y1ous twelve months, it was $3.50, III. IT'S.
an increase of s62, 014;02f, which is
nearly three mes the average annual i'll.
crease OF exports of merchandise during
any year IN the history of the govern.
1nent. Tue increase III the value of ex-
port. OF agricultural products during Che
year referred to over the corresponding
twelve months of the prior year, was
S45.9a6,lJ ~, while the increase in the
value OF exports of manufactured pro-
ouCtS Wis p~to.SoS,24D.
The report OF the secretary of the
treasury shows that the total receipts OF
the government from all sources for the,
fiscal year ending June 80, 1891. were
:Si9S,o44,232.03 while the expenditures
Tor the same period We're 1891 ,304, 47O.46,
leaving a surplus OF S37, 239, 1923
Inc receipts of the fiscal year ending
June so, 1892, actual and estimated ARE
S4333, 100, 1850. and the expenditures 81. 300
gO0.Gdp. For the fiscal year ending June
20. 1888, the estimated receipts are $50.
536,33O, and the expenditures $780,
452,093.
Under the law of July IA, 1890, the
secretary OF the treasury has purchased
slnce Aug. 10. during the fiscal year
1888, 113 ounces of silver bullion, at an
average cost of 81. O45 per ounce.
In exchange for this silver bullion
there have been issued 5,O57. 49S OF the
treasury notes authorized by the act.
h lowest price of silver reached dur
ing thefiscal year was so. 1886 on April
y, 1871; but on Nov. 1 the market price
was only 5000. 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
sD.9I5 per ounce. The ablest advocates
Of free coinage in the last congress, weI:
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 Sl.2929 per ounce
Whlcl would make the bullion value of
q dollar 100 cents and hold if there. Thu
prophecies of the alti-silver men of dis.
;tsters to result from the coinage OF
!.0Uo, O0O per month We're not wider Of
the market. The friends of free silver
are not agreed, I think, as TO the causes
that brought their hopeful predictions tc
naugh5. Some facts are known. The
exports of silver from London to India
during the first nine months of the calen.
dar year, fell OF V e 80 per cent, Of
SIT, ,73O compared with the slime
months Of the preceding wear. The
export Of domestic silver bullion from
this country, which has averaged for the
last ten years over ST. 600. 900. fell in.the
last fiscal year to $13, 191, 1871: while. for
the ilrsu III in recent years, the imports
ofaltvar into this country exceeded the
exports by the sum of 81, 745, $50. III
the previous year the net export of silver
from the United States amounted &c
S5,3l3,5 35. The production Of the Unit.
ed States increased from so. 900. O90
ounces in 1889 to -. 500. coo in 1890. The
government is NOW buying and putting
aside annually $4,000. 900 ounces. which.
allowing T,140.0 600 Ounces of new bullion
used III the arts, is G.6l0. 04o more than
or domestic product available for coin
age.
| hope the depression in the price OF
silver Is temporary. ana that a further
trIll OF this legislation will more favora.
bly, affect it. That the increased vol
ulne OF currency thus supplied for the
use OF the people was needed. and that
beneficial results upon trade and prices
have followed this legislation. / think
must be very clear TO everyone: nor
should 1t be forgotten for every dollar of
these notes issued a full dollars worth
OF silver bullion is atthe time deposited
III the treasury as q security fUr ifs re-
delnption. Upon this subject. as upon
the tariff. my recommendation is that
the existing laws be given a full trial,
and that our business interests be spared
the distressing influence which threats
or radical changes always iInpart. Un-
der existing Legislation it IS in the owe
OF the treasury department ~ maintain
thar csSe l5lal condition of national
1ln1nce. as we'll as Of commercial prGs-
-reGlEE-t:!e parity in Use of IT,
COM dollars and their paper rep
resentatiyGs. The assurances that
these powers would be freely and IN
hestitat;n@!y used has done much to PRO-
duce and sustain the present favorable
business conditions. / am still of the
opinion that the free coinage of silver
under existing conditions would disas-
trously affect our business interests at
home and abroad. We could not hone
to maintain an equality III the purchas-
ing power OF the gold and silver d0lla,
III our own markets. and in foreign trade
the stamp gives no added value to the
bullion continued il. coins. The produc-
Crs OF the country and its farmers aud
iaborers, nave the highest interest that
every dollar, paper or coin, issued by the
government. shall be as GOOD as any
Other. Ii there is one less Valuable than
another, its sure and constant errand
viii be to pay them for their tolls of the
crops. The money lender will protect
himself by STIMULATING for payment in
gold, but the laborer has never been
able to do that. To place business Upon
a silver basis, would mean a sudden and
a severe contraction OF the currency, by
the Withdrawal of gold and gold notes.
and such an unsettling of all values as
would produce commercial panic. |
canot believe, that a people so strong
and prosperous as ours will promote
such a policy.
BI-aIatalis:n Is The Desired End.
and the true friends OF silver will be
CAREFUL not TO overrun the goal and bring
i'll silver monometalism with its naceS,
sary attendants. The loss of our gold to !
Europe and the relief of the press are
therefore a large currency. I have en-
deavored by the use of official and IN
o:aicial agencies to keep a close observa- |
ton of the state of public sentiment in
Europe upon this question, and have nos
found it to be such as to justify me il.
proposing an international conference.