The Owosso times. (Owosso, Mich.) 1897-1926, 1899-08-18
An Unprecedented Volume of Business.

~ ali irleuuS Vi tue CAUSE Oh prOIecIlOu,
who predicted that the restoration OF
adequate protection to American indus
tries would be followed not only by re-
stored confidence but bya general re-
vival of industry and trade. There are
several points to which attention should
be directed as furnishing proof of the
fulfillment of the prophecy We are
at the beginning of the third year of
the operation of the Dingley tariff, and
the receipts of the treasury from GUS
toms duties continue to increase at a
ratio which furnishes proof that rev.
enue law which affords protection to
the industries of the country is the best
kind of a revenue measure to bring
cash into the treasury.
Not only are the conditions of the
treasury gratifying, but the conditions
of the people, as indicated by their hold
ings of cash in the banks of the country,
show that the full measure of prosper
ity is not only enjoyed by the general
government but by the people in all the
states.
Protectionists will be justified in talk.
ing for some time about the remarkable
achievements in trade and commerce
under the first full fiscal years opera
ton of the Dingley tariff. Although the
exports of agricultural products declin-
ed slightly during the last year, it being
impossible to keep up with the record
of the previous fiscal year in our ship
ments of agricultural products because
of the fact that the fiscal year of 1898
showed a tremendous expectation of
these commodities by reason of the
scarcity in many foreign markets, the
decline in agricultural exports was not
heavy however, the round figures show
ing for 1898 exports of 1858, 900, 900
worth, against 1874, 900, 900 worth for
the fiscal 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 dur
ing the last fiscal year $3.50, 900, 900
worth of manufactured commodities,
against an export of like commodities
during the previous fiscal aggregating
1921, 100000 worth. Our exports of the
mines and forests also showed marked
increases, and the comparative figures
for the two fiscal years on these classes
of products show an improvement in
exports aggregating about S14, 900, 900.
1t is worthy of note that although the
new policy of protection established by
the Dingley law imposed protective du-
ties on raw wool, one of the chief ar
ticles of production entering into manu-
features. of which large proportion is
the fiscal years business in
imports of articles in crude condition
for domestic industry, not subject to
duty. increased about S23, 900. 900 worth,
showing that the aggregate business on
of raw commodities for use in
domestic manufactures increased under
the new tariff law. On the other hand,
the measure of increased protection at
forded on general lines of se.called
raw materials made itself felt in the
of dutiable articles of this
class, and there was decline in such
imports of about So, 600, 900 worth.
The opening of the new fiscal year,
with the returns for receipts at the treas
ury during July, shows that in respect
to customs duties the Dingley law is
splendid record. The GUS
toms receipts for July aggregated about
Ole, 600, 600, and the first week in Au.
gust shows an increase of nearly two
fold in customs receipts over the cor
period of a year ago.
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 marvel
Gus increase over the returns of year
ago. In July of 1898 the national banks
having in their vaults individ.
ual deposits subject to check to the
amount of 90, O32, 600, 600. Considerable
comment was created by this remark
able sh owing oflast year, because the
figures demonstrated that, compared
with the period of depression in 1895,
the bank deposits of the people had in
creased about $500 600, 900. Marvellous
as were these figures the second year
of restored protection witnesses a re-
cord even more noteworthy. In sim
gle year fSQR July, 1898, to July, 1899,
the incrd in individual deposits
aggregated half a billion dollars, the
figures being approximately S49S, $780,
BOO
All advices that come to the treasury
from the industrial and commercial
centers indicate that the fall business of
this year will be the largest in the his
tory of the country. One of the indi-