The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1903-12-09

an increase in the importation IF
manufactures and luxuries. The value
of the raw material imported for man.
ufacturing was $375,15O,947. an In
crease of S41,494,550 over last year.
and the value of the partly manufac-
tured materials for use in manufac-
turing was $114.320, 720 an increase of
S23,2O2,I26 over last year, making the
total of manufacturers material I'M
ported $4S9, ,667, an increase of So
691,276 over last year and of s164.OO =
775 over that of 1898. The increase
in inportations of raw material occur
red in practically all classes, while
that of partly manufactured material
was chiefly in iron and steel for use in
manufacturing, despite the fact that
the home production of iron and steel
last year was the largest in the history
of the country. The condition of gem
eral prosperity which led to the i'm
pOrtatiOn of diamonds alone amount
ed to $26,5O7,7S6, against $1S.SS7,523 in
1902.
Of the total exports, amounting to
|
|duction amounted to 1892, 231, 3O2
Products of agriculture exported
amounted to sS73,322,SS2, and were
larger in value than in any preceding
year except 1901. The total value of
the manufactures exported was S4O7.-
526, f59, an increase of $3,SS4,75S over
last year, despite the exceptional de-
mand of the home market.
| The commerce with the nOncontigu-
Gus territory of the United States
showed gratifying increase during
the year. The value of the merchan-
disc brought into the country during
the year from the islands which have
recently come under the American flag
was: Porto Rico $11,051,195: Philip
pines, $11,372,5S4; Hawaii, $26,242, 500
a total of s4S,666,64S. against $2O252
563 in 1897. The shipments of mer-
| chandiSe to those islands during the
year We're: Philippines $4.O3S, 9O9: Ha-
| wall, $1O,S40472; Porto Rico, S12246,-
225-a total of S27,125, 500 against So
| 173,, $50 in 1897. The value of mer-
chandise received from Alaska was
$10,22S.O69, and of the merchandise
zent to that territory. $9,497721. MAX
ing the total commerce with our nom
.ontigucus territory $95,51S,O44 during
the year. If to this were added the
gold ore of domestic production re-
ceived from Alaska, $4,719,579. the to-
tai would exceed S1OO,O00.O0
Our Monetary System.
Our currency system has been sub
:ected during the year to some very
severe tests. Unprecedented prosperi-
| ~ encouraged the natural optimism
| f our people to such an extent that
| property of all kinds found ready and
a&ger buyers at figures phenCmenally
| Ugh. a condition. therefore, existed
| which of necessity could not last
| Within a year the market value OF
| stocks and bonds. the proper and
Legitimate holdings Of the people. has
! deprecated in an amount estimated
| far in excess of the cost of four years
| devastating civil war. Yet nOtWith-
| standing this enormous and nconceiV-
| Bile shrinkage, il mas not affected in
| noticeable degree other classes Of
| property. Banking institutions have
| exhibited no suggestion Of weakness,
| 'eW business failures have occurred,
here has been but slight curtal-
| 1ent in commercial enterprises. very
| itt.e apparent hardship, and absolute
| Y no fear of any depreciation in any
| form of currency. To all appearances
the crisis is passed. There now exists
| |cant reason for apprehensiOn-cer-
| tainIy no occasion for alarm
| BY the provisions of very wise act
| Of congress approved March IA, 1900
| it was made the duty of tho secretary
[of the treasury to redeem United
States notes and treasury notes in
gold on demand, and TO maintain AL
| forms of money issued or coined by
| he government at a parity of value
| Evidently the people have understood
| as they are justified in doing. that this
statute authorizes the redemption of
silver and silver certificates in gold
whenever necessary for the mainte-
| nance of parity. Nothing short of this
through the period to which l have re-
ferred
One we'll recognized weakness, how
ever, has been strongly emphasized
our currency system is nOnelastic. I'll
does not respond to- the varying needs
of seasons, or OF localities, or of
changing conditions of business. This
admitted defect should be remedied.
But in remedyiug it no measure should
be considered that will in anyWfse
weaken that which is now stable. and
no element should be injected that will
cause distrust or doubt Fortunately
1T the present time no recipient of
any of our several forms of money
stops to examine it's character. 1t is
| all known to be as good as gold, for
| the credit Of the government is pledg-
| ed to maintain its parity with gold
No act should be passed authorizing
the issuance Of anything less safe and
| secure.