FINANCIAL i;i:vn:\v <>K 



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i-ntativcs from thu several congreiwional di* 

 , i,!' tin- I mtcd States is in full sympathy with 

 ._ .jreat imdertiikini,' t'> bring logetoartht Indus 

 Ot of thr ei\ili/.ed world in "in- great 



II, \N here Hill) IT shown tin- pn-irres* made 

 in -c, tlif arts, manufactures, literature, cdllca 

 invention-, ami agriculture from tin- earliest 

 .:i\ .-.in.'r the lout great Paris V.\- 



That this Conirrctw is heartily in favor of tip 



and thorough improvement of our iiu-uns i.f 



:ran-portatioii by tin- Niitiinntl < lo\ eminent, 



uii'l we uiv upon the Congress of the United Stairs 



the import;!!!.-, of liberal appropriation! for this pur- 



That while tin- Fanners' Congress does not ap- 

 prove of lavish expenditures of public money by the 

 iiaciit, it rceogniy.es the importance of making 

 th.- ari.1 lands of the Western States and Territories 

 available for settlement by means of irrigation from 

 artesian wells, storage reservoirs, and canals, and wo 

 would tin rcforc request Congress to make sutl'h lent 

 appropriations for making surveys and experiments 

 that will demonstrate the practicability tod probable 

 cost of the different systems in the regions needing 

 Irrigation. 



Believing that the future introduction abroad of 

 corn product as human food will be of great benefit 

 to the farmers of the United' States in tKe increased 

 demand for that important cereal, and while we con- 

 gratulate the Secretary of Agriculture of the United 

 States on his course in this matter, we urge that such 

 additional help be appointed as will make the work 

 more extended and complete, and we respectfully ask 

 that the Congress of the United States make such, ad- 

 dional appropriations as will thoroughly demonstrate 

 the practicability of the experiment 



That we believe that the interest of the whole peo- 

 ple can be the better subserved by the extension of 

 free mail delivery in the rural districts than by the 

 reduction of letter postage ; therefore, we urge upon 

 our Senators and Representatives in Congress the 

 further extension of this branch of the mail service. 



That we approve and commend the principles in- 

 cluded in what is known as reciprocity. 



That Hon. J. M. Rusk, Secretary ot Agriculture of 

 the United States, is entitled to and has the approval 

 and thanks of this the eleventh annual session of the 

 National Farmers' Congress of the United States in 

 convention assembled at Sedalia, Mo., for the faithful, 

 courteous, and diligent discharge of tne duties of that 

 office in behalf of the agricultural interests of the 

 country. 



FINANCIAL REVIEW OF 1891. The po- 

 litical, financial, and commercial history of the 

 year presents some very unique features. Nearly 

 all the chief states of South America were af- 

 fected by revolutionary movements. A revolt 

 of the Brazilians against the dictatorial policy 

 of President Fonseca resulted in his resignation 

 and the installation of Vice-President Peixoto 

 as his successor. An uprising of the Chilians, 

 instigated by the Congressional party, ended in 

 the overthrow of President Balmaceda. Toward 

 the close of the year a rebellion in China was 

 suppressed only by the most vigorous measures 

 on the part of the Government. There were at 

 intervals troubles of a serious character in Spain 

 and Portugal. The declaration by Emperor Will- 

 iam of Germany of the driebund, or union for 

 offensive and defensive purposes between that 

 country, Austria, and Italy, very naturally ex- 

 cited all Europe and induced Russia to make an 

 alliance with Prance. The political tension 

 among the European nations was so great that 

 the visit of the Emperor William to England, 

 the rendezvous of the French fleet in the harbor 



of ('ronstndt, and tin- failure of the Czar to meet 

 tin- (id-man Kni|.i-r<ir. each in turn gave n-e to 



frave apprehensions court-ruing the peace of 

 lurope; and Merlin ami Vienna were on one oc- 

 casion panic stricken by an exaggerated rqx.rt 

 of a riMiiark to a 1'olish deputy by the Kinjxror 

 of Austria in which he referred to the strained 

 relations with Russia. The landing of a com- 

 pany of British sailors on the island of Mitylene, 

 in the JKgeiin Sen, and rejwirts that the fortifica- 

 tion at Sigri had been occupied, gave a shock to 

 every European center until the incident was 

 officially explained ; but it served to call atten- 

 tion to the importance of this island as a stra- 

 tegic point, commanding, to a certain extent, the 

 entrance to the Dardanelles, and it also elicited 

 from the Porte a statement of his reasons for 

 permitting vessels of the volunteer service of 

 Russia to pass into the Black Sea. The concen- 

 tration of Russian troops on the German and 

 Austrian frontiers tended to keep the military 

 authorities of those countries on the alert, and 

 furnished material for alarming reports at in- 

 tervals. The expulsion of Jews from Russia, 

 accompanied, as it was, by relentless persecu- 

 tions, excited the sympathy of the civilized world, 

 and induced the leading Jewish bankers of 

 Europe to retaliate by refusing to assist Russia 

 in her financial negotiations. Early in April the 

 Rothschilds, who had agreed to float a new loan 

 for that country, notified the Russian Finance 

 Minister that such was the feeling of the great 

 banking houses of Europe against Russia, on ac- 

 count of her persecution of the Jews, that the 

 loan could not be satisfactorily placed, and there- 

 fore they would be compelled to cancel their con- 

 tract. Russia had at that time on deposit in 

 London, Paris, Berlin, and Frankfort about 22,- 

 500,000, nearly half of which was subject to 

 withdrawal on short notice. This fact and an 

 intimation that a portion of the balance would 

 be required induced the leading bankers of 

 Europe to prepare to meet the demand, and ac- 

 cordingly goln was gathered from all possible 

 sources. By directly or indirectly paying a pre- 

 mium therefor the banks of England, France, 

 and Germany obtained large supplies from the 

 United States, and the movement continued al- 

 most uninterruptedly until August. The with- 

 drawals of golu by Russia from the European 

 centers were comparatively small, and part of 

 the metal was returned to London in July. 

 There was a French loan for 868,750,000 francs 

 issued in January. In Febniary the German 

 Government successfully placed a loan for 400.- 

 000,000 marks, and in the same month the Bank 

 of 'England returned to the Bank of France the 

 3,000,000 borrowed during the Baring crisis 

 in November, 1890. On March 6 the London 

 market was disturbed by the financial panic in 

 Buenos Ayres, and on the 12th there was a semi- 

 panic at Paris due to the embarrassments of the 

 Societe des Depots et Comptes Courants, but the 

 Bank of France and a syndicate of bankers 

 promptly came to the assistance of the Societe. 

 On the 27th the Bank of Leghorn and a large 

 commercial house in that citv suspended, but 

 further trouble was averted. In May the pros- 

 pect of the withdrawal by Russia of part of her 

 balance caused a financial crisis in Paris, during 

 which Russian's fell sharply. On July 18 the 



