The Providence news. (Providence [R.I.]) 1891-1906, 1892-12-06

aud has entered upon the consideration of
this great question. have not doubted
an have taken occasion TO express that
belief as well In the invitations issued for
this conference. as In my public messages,
that the free coinage OF silver upon an
agreed international ratio would greatly
promote the interests OF our own people
and equally those Of other nations.
The Treasury.
The report of the secretary OF the
treasury will attract especial interest in
view of the many misleading statements
that have been made as TO the state Of
facts should not only be stated but en-
phasized before looking into details.
First, that the public debt has been re-
duced since March 4, 1889, S259. 074, 200, and
the annual interest charge $ll ,6S4, 469;
second. that these have been paid out for
pensions during this administration up
10 Nov. l. 1892 s432, 564, 20. an excess of
STA ,466. $500 over the sum expended
during the period from March J.. 1885 TO
March 1, 1889; and third. that under the
existing tariff up to December 1, about
S693, ,OO0,O 900 OF revenue which would
have been collected upon imported sugars
IL the duty had been maintained has gone
into the pockets OF the people and not
into the public treasury AS before. lf
there are any who still think that the
surplus should have been kept out OF cir
culation by boarding IL in the treasury,
or deposited In favored banks without in-
terest, while the government continued
to pay to these very banks interest upon
the bonds deposited as security for the
deposits. or VINO think that the extended
pension legislation was public robbery,
or that the duties upon sugar should
have been maintained. l am content to
leave the argument where it now rests.
while we wait to see whether these critl-
cisms will take the form of legislation.
The estimated receipts for the fiscal
year ending June 80, 1894, are S49O, l2l.-
3653S. aud the estimated appropriations
S451, 20l 1876. 33, leaving an estimated sur
plus OF receipts over expenditures or
S32. S60, ,030 05; this does not include any
payment to the sinking fund.
Silver.
During the fiscal year the secretary pur-
chased under act of July IA, 1890, 4.355,.
74s ounces of silver and issued In payment
therefor s5l, 60S in notes. The total
purchases since the passage OF the act
have been 10, ,419, 9Sl ounces and the ag-
gregate of notes issued SIG, 7s3 500. The
average price paid for silver during the
year was "a cents per ounce, the highest
price being SLo4 July !, 1921, and the
lowest SO cents Marcn 81. 1892
Columbia on the Ocean.
Ever since our merchant marine was
driven from the sea by the rebel cruisers
during the war OF the rebellion, the Unit
ed States has been paying an enormous
annual tribute 10 foreign countries in the
shape of freight and passage moneys. Our
grain aud meats have been taken at our
own docks and our large imports there
laid down by foreign ship masters. An
torrent OF American travel to
Europe has contributed vast sum an
nually 10 the dividends of foreign ship
owners. The balance of trade shown by
the books of our custom houses has been
very largely reduced, and in many years
al Together extinguished by this constant
drain. In the year 1892 only 123 per cent
of our imports were brought ia American
vessels. These great foreign steamships
maintained by our traffic are many of
them under contracts with their respec-
tive governments by which, in time of
war; they will become part
of their armed naval establishments.
proliting by our commerce n peace, they
will become the most formidable destroy
ers Of our commerce in time of war. /
have felt, aud have before expressed the
feeling that this condition of things was
both intolerable aud disgraceful. A whole
some change OF pollty, and one having in
il much promise, rs 1t seems TO me, was
begun by the law OF March 3, 1891. Un4
der this law contracts have been made by
the postmaster general for eleven mail
routes. The expenditure involved by
these contracts tor the next fiscal year
1854. 1888 AS one OF the
results already reached sixteen American
OF an aggregate tonnage OF
81, 400 tons. costing &, 400, ,000 have been
built or contracted TO be built in Ameri-
can shipyards.
I II. Il H..
the pride. power and the prosperity of
our country than this of the development
OF our merchant marine upon the Sea. liz
we could enter into conferences with other
and ali would agree TO with
hold government aid, we could perhaps
take our chances with the rest. but our
great competitors have established and
their lines by government
subsidies until they now have practically
excluded us from participation. In my
opinion no choice is left to us but To pur-
sue moderately at least the same lines.
The Navy.
Contracts have been let during .his ad-
under the appropriations
for the increase of the navy. Including
new vessels aud their appurtenances to
been expended during the same period
'or labor at navy yards -, 100000, with
lut tue smallest scandal or charge of
fraud or partiaiity. The enthusiasm anu
nj crest of our naval officers both of the
staff and line have been greatly kindled.
they Lave responded maguincently to
,he confide nee of congress and have dem
)nstrted an uneXcelled capacity in con-
,truction.
The Navnl Militia.
The development Of naval militia
which has been organized in eight states
md brought into cordial and cooperative
with the navy is another inn
,ortant achievement.
There are now enlisted in thess organ
zations 800 men, and they are likely u
Dc greatly extended. rec jmmend such
eglslatlon and appropriations AS will en-
,ourage and develop lhis movement.
Pensions.
The report OF the commissioner of PEN
ions will attract great attention,
Iddged by the aggregate amount of
work done the last year has been the
greatest In the history OF the Office. be-
ieve that the Organization OF the office
5 efficient and that the work has been
lone with ndelity.
The passage OF what is known as the