Rock Island daily Argus., 1891-12-10
THE TREASURY DEPARTMENT.
General Interest Augmented by Conflict
ing Predictions

l hCHOOn1 DEFH1 WEN
General Interest Augmented by Conflict
ing Predictions.
The general interest in the operations of the
treasury department has been much augment
cd during the last year by reason of the con-
followed the tariff and other legislation of the
last congress affecting the revenues, rs to the
results OF tins legislation upon the treasury
ana upon the country. On the one hand Il was
COntendod that imports would so fall off as TO
leave the treasury bankrupt and that prices of
articles entering INTO the living of the people
would be- 50 enhanced as to disastrously affect
their comfort and happiness while on the
other, II was argued that the loss to the reve-
nue., largely the result of OF placing sugar on
the free list would be direct gain to the peo-
pie; That the prices of the neccssaries of life
including those most highly protected, would
not he enhanced; that labor would have larg-
or market and the products of thu farm ad-
NanCen prices; while the treasury surplus and
receipts would be adequate 10 meet the apprO-
pratonS, including the large exceptional cX-
pendiUTes for the refunding To the states of
the direct tax and the redemption of the AZ
per cent. bonds.
lti not my purpose TO enter at any length into
discussion OF the effects of the legislation 10
which have referred. hut brief eXaminotioh
OF the statistics Of the treasury and general
glance at the state OF business throughout tho
country VIII, | think, satisfy any impartial ia
qUlrcr that its results have di>aDpolnted the
eVli pr"phcSies of it, opponents and in large
measure realized the hopeful predictions of its
friends. Barely, II ever before in the history
bt country iltS IItt'fe time when the
proceeds of one days labor or the product of
one falIsed acre would purchase 50 large an
amount of those things that enter into the liv-
ing 81 the masses Of the people believe that
a tHIl test WI develop the fact that the tariff
act OF the Fifty first congress is very favorable
in lts average effect upon the prices of arti-
ctcs entering INTO sommon use.
Imports ot Merchandise.
During the twelve months from oct l. 1890
to Sept. N, 1891, the total value of our for
cgn dpnmerce Gnports and exports combined)
= Il a.thf IA -
year in the history OF the United States. The
largest oi any previous year was in 1880 when
our commerce amounted to S1.641 l3a.OG3 and
the Last year exceeds tins enormous aggre-
gate by over SloOOW,Op0 II is interesting and
= some VIII l'e surprising, to know that during
the Year ending Sept. ~, 1871. our imports OF
merchandise amounted "a SS24. 21d which
was an Increase Of moro than SllU0OO0 over
the value of the imports Of the corresponding
months of the preceding year, when the i'm
ports Of merchandise were unusually large in
anticipation OF the tariff legislation then pend
ing. The average annual value of the imports
ol merchandise Tor the ten years from lSol to
lsh Wa St32, ~ and during the year end
ing sept. b, lSal, this annual average was
exceeded 10y Sl32. ~. itfl. The Value of
free imports during the twelve months ending
sept. ~. 1891. was Sis 0g1. .SS7 more than the
value OF free imports during the corresponding
twelve month Of the proceeding year. and there
was during the same period "a decrease of SlO6,-
SiH.SH in the value of imports and dutiabl,
lrcFchandI~C. The percentage of merchandise
admitted free of duty during the year to which
have referred, the first under the new tariff
was -. Is, while during the preceding twelve
months. under the old tariff the rrrcentace
was - p. an increase OF 1891 per cent If We
take the six months ending Sept 20 last which
covers the time during which sugars have been
merchandise imported free of duty is found to
be 55.js. which y q larger percentage of free
imports than during any other fiscal year in the
history OF the government.
Gratifying Statistics.
If We turn to exports of merchandise the
statistics are full of qualification The valuc
or such exports of merchandise for the twelv,
months ending Sept 81 1881, was Sa.3,Oal l36.
while for the corresponding previous twelve
months 1t was SS6D.l,s,ll5, an increase of Stf2
9ii.tEl. which is nearly three times the average
annual increase OF exports of merchandise
curing any year in the history of the govern
5neut. The increase IN the vaiue of exports of
agricultural products during the year referred
TO ever the corresponding twelve months of
the prior year was S45. .si6 49, while the in
crease in the value of exports of manufactured
products was SlG,S:}S2iD.
There is certainly nothing in the condition of
trHde, foreign or dOmestic; there is certainly
nothing in the condition 70 our people of any
class, to suggest that existing tariff and rev
cnuc legislation bears oppressively upon the
people or r,5ards the commercial oeueiopment
u the nation. II may be argued that our con
d.tIOn would b. better if our tariff legislation
were upon free trade basis hut il cannot he
denied That all the conditions of prosperity
ana OF general contentmeut are present in ],
Eliger degree tnan ever before in our history
ana mar; too, gust when II was prophesied
they would bc IN the worst state Agitation
fgr radical changes il tariff and financial leg
tlOn can not nelI but may seriously impede
business 10 the prosperity of which some de-
grees OF stability IN legislation is essential.
4, think that here are conclusive evidences
industries which Will, within "A few years give
employ ment TO several hundred thousand
oi the somewhat OvcT-crowded condition of the
labor market of the United States, every patri-
"tic citizen should rejoice at such result
The Purchase of silver
iIp 80 y.g. -. &
shows that the total receipts of the government
from all sources for tho fiscal year ending ,Iuna
~ ISL were Sl5s5 B. while the exditures
'or the same period were SCI .'}A 47u H. leaving
surplus of IS. ~. 5625I. The receipts of the
iisciu year ending June ~ lNe2 actual and esti-
tiluated are Sl:}3,tRN Nn. and the exnendi+ures
StEt1Eh'nl Fvr the fiscal year ending Juno
~. lSti the estimated receipts are SIS sS6 lgl
and the expenditures S44l.Sno93 Under the
law OF July H. lSi, the secretary of the treasury
mas purchased since Aug. l3 during the fiscal
year 4S.H8ll ll3 ounces of silver bullion at an ay-
crage cost of sl0il per ounce. The highest
lTlce paid during the year was Sl.esj and the
lowest SL!hiiG In exchange for this silver bul-
iic; nave been issued SJl5i1 l.S of the treasury
roJes authorized by the act. The lowest price
OF silver re;Nhed during the fiscal year was
!Hljd on April -, ISL but on Nov the mar
ket price was only Sl.Y6, which would give to
the silver dollar a bullion value of a4li cents
Before the influence of the prospective silver
legislation felt in the market silver was
worth IN New York about Oa'i5 per ounce. The
abieSt advocates of free coinage III the last
congress were most confident in their predic-
tion that the purchases by the government
required by the law would ut once. bring the
price OF silver to : .sr2j per ounce which would
iniske the bullion value of dollar 100 cents and
hold It there. The prophecies of the anti-silver
nen OF disasters to result from the coinage of
S-Vp,UO per month were not wider of the
mark. ~
imports Exceeded Exports.
me friends of free silver are not agreed /
think, as to the causes that brought thar ho,a
ful predictions to naught Some facts are
known The exports of silver from London to