Mexico weekly ledger., 1891-12-17

pending. The average annual value of
the imports OF merchandise for the ten
years from 1881 to 1890 was $692, 1855 sea,
and during the year ending Sept. 40.
1891, this annual average was exceeded
by $132 ,52S, ,469. The value of free Inn
ports during the twelve months ending
Sept. 30, 1891, was 1905, ,3S7 more
than the value of free imports during
the corresponding twelve months OF the
preceding year. and there was, during
the same period, decrease of 4l06, 6,S48.-
sos, in value of imports of dutiable mer.
chandise. The percentage of merchandise
admitted free of duty during the year t,
which have reference, the first under
the new tariff was $47.1S, while during
the preceding twelve months, under the
old tariff. tbs percentage was 34.27, an
increase of 1891 per cent. If we take
six months ending Sept. 80, last, which
covers tie time during which sugar has
been admitted free of duty, the per cent.
of value of merchandise imported free or
duty is found to be 55.37, which is q
larger percentage of free imports than
during any prior fiscal year in the history
of the government. II 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. 80, 1891, was $685..
Dol 1876, while for the corresponding pre-
vious twelve months, it was $3.50, IN, lis,
an increase of $62,914.021, which is
nearly three times the average annual in.
crease of exports Of merchandise during
any year in the history of the govern.
ment. The increase in the value of eE-
ports of agricultural products during the
year referred to over the corresponding
twelve months of the prior year, was
H5, ,Si6,i ,i97, while the increase in thu
value of exports Of manufac tured pro-
ducts was Sic, 1885. .240.
The report of the secretary of the
treasury shows that the total receipts Of
the government from all sources for ths
fiscal year ending June 70, 1891. were
s458, ,544, ,233.03, while the expenditures
for the same period were $42l .304, ,470. 46;
leaving surplus of $37, ,239, ,76257.
The receipts of the fiscal year ending
June so, 1892, actual and estimated "a.
$433, 7G0, 900, and the expenditures "a 300,
000, 600. For the fiscal year ending June
80, 1898, the estimated receipts are $455.
1896, 1850, and the expenditures $430,
Under the law of July IA. 1890, thu
secretary of the treasury has purchased
since Aug. 13, during the fiscal yea
| 4S, 1893, l13 ounces of silver bullion, at ar
average cost of $40 per ounce.
| In exchange for this silver bullion
there have been issued 5,O57. .49s of the
| treasury notes authorized by the act
The lowest price of silver reached dur
| ing the fiscal year was $0.9836 on Apri
| 90, 1891; but ON Nov. the market price
was only $0.96, which would give to tn
| silver dollar bullion value of TAI cents
| Before the influence of the prospective
silver legislation was felt in the marke
silver was worth in New York abou
$0.975 per ounce. The ablest advocate
of free coinage in the last congress wer
most confident in their prediction tina
the purchases by the government re
quired by the law would at once brin
the price of silver to 81 1929 per ounce
which would make the bullion value O
a dollar 100 cents and hold it there. TIL
prophecies of the anti-silver men of dis
asters to result from the coinage G
81, ,000, 900 per month were not wider Q
the market. The friends of free silve
are not agreed, 1 think, as to the cause
that brought their hopeful predictions
naught. Some facts are known. Th
exports of silver from London to Indi
during the first nine months of the caller
dar year, fell off over so per cent, G
ST., ,202, ,73O compared with the sam
months of the preceding year. Th
export of domestic silver bullion frol
this country, which has averaged for th
last ten years over $17 ,OO0, 900, fell in th
last fiscal year to $l3, ,797, ,391; while, fo
the first time in recent years, the import
of silver into this country exceeded th
exports by the sum of $2,745, 1855.
the previous year the net export of silve
from the United States amounted
s., ,545,555. The production of the Uni
ed States increased from 50,00O,0t
ounces in 1889 to "a, 500, 900 in 1890. Th
government is now buying and putin
aside annually 54 ,00c, 900 ounces, which
allowing Z, lac, 900 ounces of new bullio
used in the arts, is 6,640,000 more tina
our domestic product available for coil
age.
| hope the depression in the price {
silver is temporary, and that furthe
trial of this legislation will more favor;
bly, affect it. That the increased vo
ume of currency thus supplied for I'll
use of the people was needed, and ths
beneficial results upon trade and price
have followed this legislation, thin
must be very clear to everyone; NJ
should it be forgotten for every dollar {
these notes issued full dollars wort
of silver bullion is at the time deposite
in the treasury as security for its r
demption. Upon this subject, as upo
the tariff, my recommendation is th'
| the existing laws be given full tria
and that our business interests be spare
the distressing influence which threa
of radical changes always impart. u
der existing legislation it is in the pow,
of the treasury department to maintai
! that essential condition of nation
finance, as well as of commercial pro
, perity-the parity in use of t
coin dollars and their paper re
, resentatives. The assurances tn
: these powers would be freely and u
hestitatingly used has done much to pr
duce and sustain the present favorat
! business conditions. I am still of Il
! opinion that the free coinage of silv
under existing conditions would diss
trorsly affect our business interests
: home and abroad. We could not he
I to maintain an equality in the purch;
, ing power of the gold and silver doll
: i III our O"u hCbo, hlie III loiCiSh u q
the stamp gives no added value to t
bullion contained in coins. The prodr
ers of the country and its farmers al
, laborers, have the highest interest tn
every dollar, paper or coin, issued by t
/ government, shall be as good as a
other. If there is one less valuable tn
2 another, its sure and constant erral
will be to pay them for their tolls of t
r crops. The money lender will prote
: himself by stipulating for payment
= gold, but the laborer has never be
i able to do that. To place business up
i silver basis, would mean sudden a.
a severe contraction of the currency,
s the withdrawal of gold and gold note
n and such an unsettling of all values
v would produce a commercial panic.
j. cannot believe, that people so stro
g and prosperous as ours will prone
it such policy.
Bi-Metalism Is the Desired End.
and the true friends of silver will
q careful not to overrun the goal an bri
1t in silver fnonomafa1iSIn with IFS nee