Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-08
SHAW ON FOREIGN TRADE.
Secretary Of the Treasury Points Out
Defects in Our Systems.

A dispatch from New York yesterday
says: The corner stone of the new New
York customs house was laid today The
ceremonies were made impressive by the
presence Of a number OF committees Of
prominent men from the leading mercantile
and industrial organizations and detach.
ments Of militia and regular troops. Speech
es were made by Secretary of the Treasury
Shaw and former Secretary Gage Mr.
Shaw said, in part:
Our foreign commerce. like the produc.
tive and consumptive capacity of our peo-
pie, has increased more rapidly than our
population. Since 1860 the population has
multiplied by two and one-half. while our
foreign commerce has multiplied by three
and one-third- Thus, our very prosperity
rebounds to the advantage Of those across
the seas who supply that which we do not
produce.
Not only is this true. but the public
revenues are dependent in a great meas
ure upon our prosperity. In 1894 we had
a deficit in round numbers of $40. OGO 600
have had the actuary of the Treasury De-
partment carefully estimate the proba bic
result If the conditions existing in 1894
were repeated, and the people of the United
States were to produce. to import and to
consume in the same proportion per capita
that they did in that year and of the same
class Of goods, and he estimated our annual
deficit. under the present revenue laws Of
the United States, at approximately S0.-
OOOOO0
I'VE labor under a disadvantage as COM
pared with some other countries. in our
standard of weights and measures. Sooner
or later we must come to the metric system.
and. in my Judgment. the sooner the better.
But We have the advantage over all other
great commercial countries in our monetary
denominations. I wish T might say in none
tary system. But the dollar. dime. cent and
mill are the natural complement to the
metric system of weights and measures. So
soon as all our forms of money shall be
made by statute Interchangeable with gold:
when the 60 per cent fiat in the silver shall
be protected. well as the 100 per cent
fiat in the greenback, and when the possess
Sor of any form CT our money shall have the
right to have it tested by the standard. then
will exchange on this western metropole be
as acceptable the world around as drafts
written in less convenient forms of money.
The recent acquisition Of territory be
You'd the seas cannot but help to advance
our commercial influence, and our COM
merce can but benefit the people Of these
islands.
United States money followed the flag
to Porto Rico, and he declared at will
not be many years until the prices current
of the surrounding islands Will be written
therein and all balances settled on exchange
In this city. Sooner or later United States
money will be current in the Philippines.
and it will be carried thither to the CONT
nent beyond, and the prices current of the
orient will be written in United States
money.
The Secretary contended that our COM
merce with the South American republics
was not what ii should be, and he recount
ed some of the disadvantages to which he
attributed this fact. In conclusion. he said:
Give us currency secure. a banking
policy as elastic, system of weights and
measures as convenient our rivals. give
us non partisan support to such measures
as will establish lines of steamship COM
munication with countries in South Amer
lea, South Africa and the islands adjacent.
give us the isthmian canal, and we ought
to be able to maintain such relations to the
commerce of the world will conserve the
peace and good will of all nations, while we
carry beneath every sky a language that
breathes liberty and patriotism and the OBJ
ject lesson of flag l,Iat stands for equal
rights and justice according to law"