CONGRESS. (TiiK I'RKSIUKM > MKSSIOE.) 



183 



interesting, and to some will In- surprising, t< know 

 that duriiiLTtlic \c ; "' ending Sept. :to, Iv.M.our im- 

 :' merchandise amounted to (8M,716.870, which 

 i more than eleven inillioii dollars 

 <ivei the value of tlio imports of the corrcs|M>nding 

 months dt' the preceding year, when the imports of 

 merchandix- were iiiiusuafl y large in anticipation of 

 the turiti legislation then pending. The average 

 annual value of the import-; of merchandise for the 

 ten \cars from 1881 to 1890 was $692,186,522, und 

 during the \car ending Sept 80, 1891, this annual 

 average was exceeded by $182,528,469. 



The value of free imports during the twelve months 

 i-ndintr Sept. ".o. ivl, was 1 Ko'.i-_>.;;s7 more than 

 (he value of tree imports during the OORVnOOding 

 twelve months of the preceding year, and there \\as 

 durinir the same period a decrease of $106,846,508 in 

 the value of imports of dutiable merchandise. The 

 percentage of merchandise admitted free of duty dur- 

 ing the year to which I have referred, the first under 

 the new tariff, was 48-18, while during the preceding 

 tdve months, under the old tariff, the percentage 

 J7, an increase of 13-91 per cent. If we take 

 the six months ending Sept. 30 last, which covers the 

 time during which sugars have been admitted tree 

 of duty, the per cent, of value of merchandise import- 

 ed free of duty is found to be 55-37, which is a larger 

 percentage of free imports than during any prior liseal 

 year in the history ot the Government 



If we turn to exports of merchandise the statistics 

 are full of gratification. The value of such exports of 

 merchandise for the twelve months ending Sept. 30, 

 l^'.M, was $923,091,136, while for the corresponding 

 previous twelve months it was $860,177,115, an in- 

 crease of $62,914,021, which is nearly three times the 

 average annual increase of exports of merchandise for 

 the preceding twenty years ; this exceeds in amount 

 and value the exports of merchandise during any year 

 in the history of the Government The increase in 

 the value of exports of agricultural products during 

 rhe veur referred to over the corresponding twelve 

 months of the prior year was $45,846,197, while the 

 increase in the value of exports of manufactured prod- 

 ucts was $16,838,240. 



There is certainly nothing in the condition of trade, 

 loreiirn or domestic, there is certainly nothing in the 

 condition of our people of any class, to suggest that 

 the existing tariff and revenue legislation bears op- 

 pressively upon the people or retards the commercial 

 development of the nation. It may be argued that 

 our condition would be better if taritt' legislation were 

 upon a free-trade basis ; but it can not be denied that 

 all the conditions of prosperity and of general content- 

 ment are present in a larger degree than ever before 

 in our history, and tluit, too, just when it was prophesied 

 they would be in the worst state. Agitation for radical 

 changes in taritt' and financial legislation can not help 

 l>ut may seriously impede business, to the prosperity 

 of which some degree of stability in legislation is 

 essential. 



I think there are condusive evidences that the new 

 tariff has created several great industries which will, 

 within a few years, give employment to several hun- 

 dred thousand American working men and women. 

 In view of the somewhat overcrowded condition of the 

 labor market of the Qnited States, every patriotic citi- 

 y.en should rejoice at such a result. 



The report of the Secretary of the Treasury shows 

 that the total receipts of the Government, from all 

 sources, tor the fiscal year ending June 30, 1891, were 

 *1.>..M l.-J.",:;.o:;, while the expenditures for the same 

 period were $421,804,470.46, leaving a surplus of $37,- 

 M962 



The receipts of the fiscal year ending June 80,1892, 

 actual and estimated, are $433,000,000, and the ex- 

 penditures $409,000,000. For the fiscal vear endimr 

 June 30, 1893, the estimated receipts are $455,336,850, 

 and the expenditures $441,300,093. 



Under the law of July 14, 1890, the Secretary of the 

 Treasury has purchased (since Aug. 13) dufinir the 

 fiscal year 48,398,113 ounces of silver bullion at an 



average cost of $1.045 per ounce. The highest price 



paid during the year was $l.^o-j.'i, and the lowest 

 ifi'.'.ir,:;.;. In exchange for this silver bullion there 

 have Keen i>Mie.| *.'.".:.77.t'.e^ of the Treasury note* 

 authorised \<\ the act. The lowest price of /-ilver 

 reached during the fiscal veur was $i .!;:} on April 

 _'_', ivl ; tuit on Nov. 1 the market price was only 

 $0.96, which would give to the silver dollar a bullion 

 value of 74J < 



Before the influence of the prospective silver legis- 

 lation was felt in the market silver was worth in New 

 York about $0.955 per ounce. The ablest advocates of 

 tree coinage in the last Congress were most confident 

 in their predictions that the purchase s hv the Govern- 

 ment required by the law would at once bring the 

 price of silver to $1.2929 per ounce, which would make 

 the bullion value of a dollar 100 cents und hold it 

 there. The prophecies of the antisilver men. of difl- 

 asters to result from the coinage of $2,000,000 per 

 month, were not wider of the murk. The friends of 

 free silver are not agreed, I think, as to the causes that 

 brought their hopeful predictions to naught Some 

 facts are known. The exports of silver from London 

 to India during the first nine months of this calendar 

 year fell off over 50 per cent, or $17,202,730, compared 

 with the same mouths of the preceding year. The 

 exports of domestic silver bullion from this country, 

 which had uvcraired for the last ten years over $17,- 

 000,000, fell in the last fiscal year to $13,797 ,391 ; while, 

 tor the first time in recent years, the imports of silver 

 into this country exceeded the exports by the sum of 

 $2,745,365. In the previous year the net exports of 

 silver from the United States amounted to $8,545.455. 

 The production of the United States increased from 

 50,000,000 ounces in 1889 to 54,500,000 in 1890. The 

 Government is now buying and putting aside annu- 

 ally 54,000,000 ounces,' which, allowing for 7,140,000 

 ounces of new bullion used in the arts, is 6,640,000 

 more than our dvinestic product available for coin- 

 age. 



1 hope the depression in the price of silver is tem- 

 porary, and that a further trial of this legislation will 

 more favorably artect it. That- the increased volume 

 of currency thus supplied for the use of the people 

 was needed and that beneficial results upon trade and 

 prices have followed this legislation I think must In- 

 very clear to every one ; nor should it be forgotten 

 that for every dollar of these notes issued a full dol- 

 lar's worth of silver bullion is at the time deposited 

 in the Treasury as a security for its redemption. 

 I pon this subject, as upon the tariff, my recommenda- 

 tion is that the existing laws he given a full trial, and 

 that our business interests be spared the distressing 

 influences which threats of radical changes alwa\> 

 impart. Under existing legislation it is in the power 

 of the Treasury I >epartment to maintain that essential 

 condition of national finance as well as of commercial 

 prosperity the parity in use of the coin dollars and 

 their paper representatives. The assurance that these 

 powers would be freely and unhesitatingly used has 

 done much to produce and sustain the present favor- 

 able business conditions. 



I am still of the opinion that the free coinage of sil- 

 ver under existing conditions would disastrously affect 

 our business interests at home and abroad. We could 

 not hope to maintain an equality in the purchasing 

 power of the gold and silver "dollar in our own 

 markets, and in foreign trade the stamp gives no 

 added value to the bullion contained in coins. The 

 producers of the country, its fanners and laborers, 

 have the highest interest that every dollar, pa]>vr or 

 coin, issued bv the Government shall be as good as 

 any other. If there is one less valuable than another 

 its sure and constant errand will bo to pay them for 

 their toil and for their crops. The money-lender will 

 protect himself by stipulating for payment in gold, 

 hut the laborer has never been able to do that To 

 place business upon a silver busis would mean a sud- 

 den and severe contraction of the eunvncv. by the 

 withdrawal of gold and gold notes, and sucn an un- 

 settling of all values as would produce a commercial 



