The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1899-09-05
NUMBER II.
UNCLE SANS FINANCES
A Business Statement For the
Fiscal Year Just Closed.
RESULTS OF THE DINGLEY TARIFF.

She Revival of Industry and Trade FoI-
lows the Restoration of Adequate Pro-
lection - Half a Billion Dollars In
crease In BauIing Deposits Through
out the Union.
Protsctionists will be justified in
talking for some time about the re-
markable achievements in trade and
commerce under the first full fiscal
years operation of the Dinley tariff.
Although the exports of agricultural
products declined slightly during the
last year, it being impossible to keep
up with the record of the previous
fiscal year in our shipments of agri-
cultural products because of the fact
that the fiscal year of 1898 showed a
tremendous expectation of these COM
modities by reason of the scarcity in
many foreign markets, the decline in
agricultural exports was not heavy,
however, the round figures showing
for 1898 exports of $S53,000,000 worth,
against s7S4,000,000 worth for the fis-
cal year just closed. And yet the
marvellous aggregate export business
done by the manufacturing establish
ments of the country almost made up
for the loss in agricultural exports.
| There were sent out of the country
during the last fiscal year $685., 200, ,000>
worth of manufactured commodities,
lagainst an export of like commodities
during the previous fiscal year aggre-
eating 1921, 100000 worth. Our ex-
ports of the mines and forests also
showed maraked increases, and the
comparative figures for the two fiscal
years on these classes of products
show an improvement in exports ag-
|gregating about $14,O00,000.
1t is worthy of note that although
the new policy Of protection estab-
|lished by the Dingley law imposed pro-
Itective duties on raw wool, one of the
chief articles of production entering
into manufactures, of which a large
lportion is imported, the fiscal years
business in imports of articles in
lcrude condition for domestic industry,
not subject to duty, increased about
s2S,O0O,000 worth, showing that the
aggregate business on imports Of raw
commodities for use in domestic man
ufactures increased under the new
tariff law. On the other hand, the
measure of increased protection af-
forded on general lines of so-called
raw materials" made itself felt in the
importation of dutiable articles of this
class, and there was decline in such
imports of s3,O00,OOO worth.
The fact should not be lost sight Of
that the volume of money in the hands
of the people, as registered by the re-
turns of national banks to the comp
troller of the currency, shows a mar
velcus increase over the returns of a
year ago. In July of 1898 the national
banks reported having in their vaults
individual deposits subject to check
to the amount of $2,032, ,000, 900. Con-
siderable comment was created by this
remarkable showing of last year, be-
cause the figures demonstrated that,
compared with the period of depres-
sion in 1896, the bank deposits Of the
people had increased about $400, 0,000,-
900. Marvellous as were these figures,
the second year of restored protection
witnesses a record even more note
worthy. In single year from July,
1898, to July. 1899, the increase in in
dividual deposits aggregated a half
billion dollars, the figures being ap-
. proximatelyl $49s,SOO,0Oo = American
Economist