The Portland daily press., 1899-12-07


needs, has relieved the treasury Of all danger
OF difficulty from sudden emergency.
The commerce OF the year has been
marked BY three notable characteristics:
First, continuation ofthe phenomenal ex-
ports Of last year second, e moderate in
crease in importstions, and third, the COM
bined imports and exports form the largest
total ever shown BY q single year in the
history of our foreign commerce.
The total imports Of merchandise during
the year were $697, l4s.4s9 m compared
with S6l6,04g.654 in the fiscal year 1898,
and $764, 730,4l2 in the fiscal year 1887,
being less than in any fiscal year since 1887,
except 1884, when the importstions were
being held back 10 obtain advantage OF an
expected reduction In tariff, and 1898, when
they were sbnormally low because Of the ex-
cessive importstions in the preceding year
in anticipation Of an increased tar
III. The expectations of 1890
were 1927, 023, 800, as against S1,23l,4s2,-
$50 in the fiscal year 1898, and $1,000, 1885,
55e In 1897, being the fourth year in our
history in which the exports exceeded bill
lion dollars, and falling but -, 459.02s be-
low those OF the phenomenal year 1898.
when the supply Of breadstuffs abroad was
unusually large. The total Of our foreign
commerce for the fiscal year 1899 thus stands
q. Sl,924,l7l,79i, or $66,49l.lSl greater
than in any preceding year.
There arrived during the fiscal year 1899
at ports OF the United Ststes and Canada
3l1,7i5 immigrants, exclusive OF about
rs, 900, who, says the commissioner general,
came as cabin passengers, and an unknown
number from Mexico and Canals. The
above total was composed Of 297,349 from
Europe, 1912 from Asia, 81 from Africs,
and 5,343 from ell other sources, making an
increa,e over the number for the preceding
year of s2,4ie, or nearly SO per cent. This
increase consisted in large part Of European
i'm M grants. numbering 1858. and especial
ly of arrivals from Italy, Austria Hungary,
and the Russian Empire and FlIland. which
contributed thereto, respectively, excuses
over the figures reported last year OF 1896
(32 per cent?. 22.694 (57 per cent?, and
81 6f U0f per cent?.
In regard to shipping the secretary makes
the following recommendations
Ths activity of our shipyards, our sur
passing production OF steel, and
the evidences OF an awakening inter
est in shipping have created an opportu
nifty for the re establishment of our mari
time commercial rank, which it is trusted
Congress, by sagacious, liberal and durable
legislation, will convert into realization.
In the last annual report several specific
recommendations were submitted, drawn in
the main from the current practices OF our
maritime competitors, raising no diplomatic
difficulties, and believed 10 be adequate to
our needs. The situation is the same now
as then, and the necessity for action has be-
come more pressing. The same PROPOSE
tions, accordingly, are again submitted:
First. A remodeling and extension OF
he act of the oct of March 3, 1891, relating
to the carrying of ocean mails in American
steamships, so that it shall meet require
ments which have arisen since the law went
into operation.
Second. The establishment of "a system
OF graded bounties upon the mileage navi-
gated by registered American vessels while
engaged in the foreign carrying trade as
compensation for the training OF seamen
available for the national defense. the sys-
tenn to have regard also to the construction
of vessels which may be promptly and eco
nomically converted into cruisers, trans
ports. golfers. and supply ships for the use
OF the Government. Special provision
should also be made for vessels and men en-
gagged in the deep. sea fisheries.
Third. Extended application of the prin-
ciple of the act of May 10, 1892. by virtue
Of which the St Louis and st Paul we've
constructed in this country upon the regis
try of the foreign built steamships New
York and Paris, this extension to continue
for short term Of years and TO be so
guarded as to preserve the coasting trade TO
American. built vessels.
Fourth. A moderate increase in the rates
of our tonnage taxes, equalizing them with
the corresponding charges at present i'm
posed at the leading European seaports.
Fifth. The restriction of the trade be.
tween the United States, Porto Rico and
Hawaii and the coast;ng trade Of those
islands to vessels Of American registry.
Concerning the standard of money the
secretary has the following to say:
The state of the treasury exhibits degree
of financial strength never before equsled,
II places the government in position. more
favorable than has before existed, TO take
any steps Congress may consider wise
toward inaugurating needful improve.
ments in the currency or judicial
notifications in the banking LAVE.
There are two points to which public atten-
ton has long been directed and upon which
legislative action has been earnestly desired.
These are. FIRST, the money standard, and,
second. better adoption of our currency
system to the requirements of expanding
trade and industry. Upon these two ques-
tons feel it my duty to speak with earnest
ness.
First, as to the money standard. Gold
now constitutes that standard. 1t is now,
and for many years has been, the standard
by which tine values of all commodities,
whether foreign or domestic, have been
measured or declared. 1t is the standard to
which reference has been had in all con-
tracts or undertakings involving the future
payment of money. 1t is the standard
which tests the quality or
value of the intermediate cur
rency with which wages are paid and all, or
nearly all. of the minor business affairs OF
the people are carried on. The debate over
the relative merits of gold and silver as the
true and proper money standard has been
long and exhaustive; but while the discus
sion has continued the advanced
nations of the earth, one