Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1891-12-17

age OF merchandise admitted free OF
duty during the year 70 which / have
reference, tho first under the new tariff,
wHs 4SlS, while during the preceding
twelve months, under the old tariff, the
percentage was "a. 81, an increase OF 10.
81 per cent. II we take the six months
ending September 80 last, which covers
the time during which sugars have been
admitted free OF duty, the percentage Ol
value OF merchandise imported free OF
duty Is 55.37, which is larger than dur
ing any prior fiscal year ia the history
of the government
II we turn TO exports OF merchandise,
the statistics are full OF qualification.
The whole Of such exports Of merchan-
disc for the twelve months ending Sep
tember 30 1891, was 1923, 3,09l. 1876, while
for the corresponding previous twelve
months IL was SS00,l77, rs, an increase
Of S62,0l4,02l, which is nearly three
times the average anhual increase Of
exports OF merchandise during any year
in The history Of the government The
increase in the value Of exports Of agri-
cultural products during the year re-
forred TO over the corresponding twelve
months OF the prior year, was S45, s46
1877, while the increase in the value OF
exports OF manufactured products was
SID, S3s, 240.
think there are conclusive evidences
that the new tariff has created several
great industries which will, within a
few years, give employment to several
hundred thousand American men and
women, In view OF the somewhat over
crowded condition OF tho labor mar
ket Of the United States, every patri-
otic citizen should rejoice at such Il re-
suit
OPPOSED TO FREE COINAGE.
Under the law OF July II, 1890, the
secretary OF the treasury has purchased
since August l3. during the fiscal year
4s, 393, l13 ounces Of silver bullion at an
average cost Of Sl.040 per ounce. The
highest price paid during the year was
81 2026, and the lowest 50. 1886. La ex-
change for this silver bulliou there
have been issued $50, $40. I9S Of the
treasury notes authorized by the act.
The lowest price Of silver reached dur
ing the fiscal year was So 0636 on April
-. 1891; but on November the market
price was only S0.96, which would give
to the silver dollar a bullion value Of
74f cents,
Before the'innuence OF the prospect
i've silver legislation was felt in the
silver was worth in New York
about 80. 9l5 per ounce.
The ablest advocates OF free coinage
in the last congress were most confident
in their prediction that the purchases
by tho government required by law
would at once bring the price Of silver
to 9l.2929 per ounce, which would make
the bullion value OF dollar 100 cents,
and hold ii there. The prophecies Of
the anti silver men OF disasters TO result
from the coinage OF $1,000 600 per
month, we're not wider OF the mark.
The friends Of free silver are not agreed.
think, rs TO the causes TINT brought
their hopeful predictions to naught
Sonic facts are known. The exports Of
silver from London to India during the
first nine months OF the calendar year
Tell of so per cent, or Sl7, ,202 80. com
pared with the same months OF the pre-
ceding year. The exports OF domestic
silver bullion from this country, which
has averaged for the last ten years over
sl7, 900, 900, fell IN the last fiscal year to
BIB, 797, ,39l; while, for the first time In
recent years, the imports of silver into
this country exceeded the exports by
Lhe sum OF So 9l5, 365. In the previous
year the net exports OF silver from the
United Ststes amounted to IS. 545. 455
The production OF the United States
increased from 5000, 600 ounces in 1850
10 5l,50),000 in lS90 The government
Is now buying and putting aside annu-
ally "a, 4,000 900, which. allowing 7,l40,-
)0O ounces of new bullion used in the
arts, is q, ,G40,090 more than our domes-
.ic product available for coinage.
/ hope the depression in the price OF
silver is only TEMPORARY. and that fur
her Trial OF this legislation will more
.tvorably affect it, That the increased
volume OF curi ency thus supplied for
he use Of the people was needed, and
hat beneficial results upon trade and
prices have followed this legislation, /
.hink must be very clear to everyone;
nor should it be forgotten that for eve
" dollar OF these notes issued full dol
ar's worth Of silver bullion is at the
imc deposited in the treasury as a Sc
,urity for its redemption. My recon-
nendation is that the existing laws be
yiven "A full and fair trial
lnder existing legislation it is in the
power of the treasury department 10
that essential condition Of ma
ional finance As well rs commercial
parity in use OF the coin
ioilars and their paper Representatives.
fhe assurance that these powers would
"a freely gnd uuhesitatingly used has
lone much TO produce and sustain the
present favorable business conditions.
am still OF the opinion that the free
'0inagc OF silver under existing condi-
ions would disastrously affect our
business interests at home aud abroad
We could not hope 10 maintain an equal
~ in the purchasing power of the gold
md silver dollar in our own market,
md abroad the stamp gives no added
'alue TO the bullion contained in coins.
rhe producers of the country have the
highest interest that every dollar. coin
n paper. issued by the government,
hall be OF equal value. II there Is one
worth less than otLer its sure and GER
ain errand will be TO pay them for their
rOps, products and toll.
The producers of silver are entitled
o just consideration. but they should
lot forget that the government is now
'uying and putting out OF the market
that Is the equivalent Of the entire
PRODUCTION Of our silver mines, which
$ much more than they themselves
hought OF asking two years ago.
The business OF the world divides the
se OF both metals, but | do not see any
Prospect of gain, and much of loss. by
living up the present system. in which
full use is made OF gold, and a large
se OF silver, for one in which silver
lone will circulate. Such an event
would be at once fatal TO the further
rogress Of the silver movement. BIZ
netalism is the desired end. and the
rue friends OF silver will be careful not
o overrun the goal and bring in silver
with its necessary at I
endants the loss Of our gold to Europe
nd the relief of the pressure there for /
larger currency.
| have endeavOred TO keen a close OBJ
ervatiou on the state Of public feeling /
a Europe upon this question. and have I
Ot found it such as to Justify me in I
ropOsing an International conference.
here is. however. agrowing sentiment /
q Europe in favor Of a largue use Of sill /
er, and know Of no more effectual way
f promoting this sentiment than bF &C
gold here. a scarcity OF
old in Europe will be the best argu- T.
lent for the use OF silver