Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1891-12-19

Think there arc conclusive evidences that
| the now tariff created several great Indus
tries which will. within few years, give en-
ploymont to several hundred thousand
American working men and women. In view
OF the somewhat overcrowded condition OF
the labor market Of the United states, every
patriotic citizen should rejoice at such
result.
The report OF the secretary OF the treasury
shows that the total receipts OF tho govern :
msnt, from all sources, for the fiscal year
ended June 30, 1891, were .i,e, 5it 2sS.os. while
| the expenditures tor the same period were
ft2L s0i, tIoi6. leaving a surplus OF 49, 2ss. 7ol
| 81.
The receipts OF the fiscal year ending June
| 60 1872, actual and estimated. IRE SiBAOUO, OOJ
aud the expenditures sos,"oo.0Oo. For the
fiscal year ending June 80. 1885,, the estimated
receipts are St6I, rs $50 and the expenditures
sal. BJo.09i.
SILVER AND IT'S CONNECTIONS.
| Under the law OF July, H. 1917. tho secre-
tary OF the treasury has purcha'el since
August l3 during the fiscal year $685.. lis
ounces OF silver bullion nc an average cost
of 81 0t5 per ounce, Tho highest price paid
during the year was s1.308j and the lowest
s096s6 In exchange for this silver bullion
there have been issued OF the treasury
notes authorized by the act. The lowest
price OF silver reached during the fiscal year
was 81 iS6 on April "a, 1891; but on Novem.
Der tho market price was only Iu9'. which
would give TO the silver dollar bullion
value OF 7iH cents.
Before the influence Of the prospective
silver legislation was felt In the market
| silver was worth In New York about 80 955
per ounce. Tue ablest advocates OF free
coinage In the last congress were most con-
ndent In their prediction that purchases by
| the government required by the law would
at once bring the price OF silver 70 l. G29 per
ounce, which would mako the bullion value
Of dollar one hundred cents and hold II
there. The prophecies OF tho anti'sllver
| mon OF d sastcrs to result from tho coinage
| of =, 00J 900 per month were not wider of the
mark The friends of free silver are not
agreed, / think, rs to the causes that brought
their hopeful predictions to naught Some
facts are known. The exports OF silver
from London to India during the first nine
months of the calendar yeur, fell of over hfty
| per cent. or ilI ,2O!, I3J, compared with the
same months OF the preceding year. The
exports OF domestic silver bullion from this
country. which has averaged for tho last
ten years over sl7.001. 900 fell In the last
fiscal year to Sl3. 7y7 1871 while. for the first
time In recent years, the imports OF silver
| into this country exceeded the exports by
Il tl6 sum OI S<,tfJ,oOJ. Ah tuu PAOV'Oeo JS"N
the net exports OF silver from the United
States amounted to ss,5ii45S The produc.
tIon OF the United States increased from o.
OO0,0IO ounces In 1853 to 81 500 o In 1890. The
government IL now buying and putin :
ASIDE annually 5i.00l,000 ounces, which. al.
lowing 7,li0,0 900 ounces of new bullion usei
| In the arts Is 6.6i0, 900 more than our domes'
tic product available for coinage.
lam still OF the opinion that the free coin
age of silver under existing conditions
would disastrously affect our business inter.
ests ut home aud abroad. We could not
hope to maintain an equality In the pur-
chasing power of the gold and silver dollar
| In our own markets. ami 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 ev,ry paper dollar or
| coin issued by the government shall be rs
good as any other. II there Is one less val
liable than another It's sure and constant err
rand will be to pay them for their toll and
for their crops. The money lender will pro-
tect himself by stipulatiny for payment In
| gold, but the laborer has never been able TO
| do that To place business upon silver
basis would mean u sudden and severe con.
traction of the currency, by the withdrawal
| OF gold and gold notes. and such an unset
| thing of all values as would produce COM
mercial panic. cannot believe that n peo'
pie SO strong and prosperous as ours VIII
promote such policy.
THE sU:PL-s, ETC
| The pres .nee OF largo cash surplus In the
treasury has for many years been the SUB.
jcct OF much unfavorable criticism and has
| furnished an argument to those who have
desired to place tho tariff upon a purely
revenue basis It was agreed by all that the
withdrawal from circulation OF so large an
| amount OF money WAS AN embarrassment to
the country and made necessary the inter-
vention of the department at frequent inter-
walls to relieve threatened monetary panics.
The surplus on March !, 49, was SlS',S27,-
1870 20 The policy OF applying this surplus
to the redemption OF the interest. bearing
securities of the United States was thought
to be preferable to that of depositlng 1t
without interest In selected national banks.
There have been redeemed since the date
| last mentioned OF interest bearing securi.
| ties s2i9,O79,350, resulting In reduction OF
the annual interest charge OF Sll,6SS SO The
| money which had heed deposited In banks
without interest has been gradually with
drawn and used In the redemption OF bonds
The result of this policy, OF the silver
legislation, and OF the refundlng OF the "a
per cent bonds has been large increase OF
| the money in circulation. At the date last
named the circulation was ,l.IH,2OI, 500. or
S2AOs per capita; while on the first day OF
December, 1891. It had increased to 81 81 ,2S2.
O7O. or sass per capita The offer OF the
secretary OF the treasury to the holders OF
| the ~ per cent bonds TO extend the time OF
redemption ut the option Of the government
ut an interest Of per cent. was accepted
| by the holders Of about one half the amount,
and the unextended bonds are being re-
deemed on presentation