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In 1895, for the first time in the history of the country, our exports of manufactured goods exceed our imports. We are ceasing to be a debtor nation and are rapidly becoming a creditor nation. To one who can look behind the mere figures in this table, it becomes a poem of men restored to work and children to school, of the singing tea-kettle and the steaming dinner, of increase in the savings bank accounts and in the ownership of homes.

GOLD EXPORTS, 1897.

At the same time our exports of gold coin and bullion for the seven months ended January, 1898, decreased $3,678,195, while the imports, amounting to $30,885,138, show a strong reverse tendency from the outflow of gold for several years under Cleveland.

FARM PRODUCTS AND IMPLEMENTS.

For the calendar year 1897, under a Republican Administration, the value of our exports of agricultural implements exceeded that of 1896 by $659,078, while our farmers sent abroad 52,697 head of cattle more than in 1896, at a gain of $2,803,120; of horses 17,010 more than in 1896, at a gain of $2,016,128; of mules 1.219 head more than in 1896, at a gain of $156,798; of other animals and fowls to the value of $137,870 more than in 1896, or taking the lump sum of all, $5,113,916 more than in 1896, realized from the export of cattle, horses, mules, and other animals and fowls, exclusive of hogs and sheep. These are the official figures:

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Other exports for the twelve months ending December 31, were:

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Here is an excess in wheat exports for the calendar year 1897 over 1896 of $40,362,088; of corn $15,535,242, and of total breadstuffs, as shown, $69,729,946, surely a pretty fair showing for the first year of the Republican Administration.

IMPORTS,

Among the imports showing an increase during the fiscal year 1897, wool and sugar are most prominent. This is due to the fact that in 1897, in order to escape the prospective import duties under the Dingley bill, then pending, wool and sugar were rushed in under unusual pressure. The increase in the importation of wool alone amounted to $20,000,000 while the receipts of sugar were larger by nearly $10,000,000 than in the year preceding. If those abnormal gains in the instance of sugar and wool be excluded, our agricultural imports for 1897, instead of showing an increase of nearly $10,000,000, exhibit an actual falling off of more than $20,000,000. Other imports showing an increase were tea, opium, rice and rice meal, and cattle, the increase in the latter being due chiefly to large purchases of Mexican and Canadian cattle. Coffee also showed increased importation in quantity but a decline in value.

Articles of agricultural origin showing decreased importation were silk, leaf tobacco, hides and skins, and fruits. The table following shows such of our agricultural imports during 1897 as had a valuafion exceeding $1,000,000 compared with 1896, and also the amount of increase or decrease during the former year.

Not enumerated prior to July, 1896.

AGRICULTURAL IMPORTS, 1897.

Quantity and value of the principal agricultural imports of the United States during the fiscal years 1896 and 1897, respectively, with amount of increase or decrease in 1897.

Years ended June 30

32,924,966

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Increase (+) or decrease (-) in 1897.

Quantities. Values. Quantities. Values.

Values.

Sugar.

Coffee.

Wool

Quantities.

..pounds.. 3,896,338,557 $89,219,773 4,918,905,733 $99,066,181 +1,022,567,176 + $9,846,408 .do...... 580,597,915 84,793,124 737,645,670 81,544,384 + 157,047,755 3,248,740 ..do..... 230,911,473 32,451,242 350;852,026 53,243,191 + 119,940,553 +20,791,949 Hides and skins...do...... 210,398,011 30,520,177 206,100,844 4,297,167 2,657,151 Silk. 9,363,987 26,768,428 7,993,444 16,957,307

Fruits....

..do......

Tea.................pounds.. 93,998,372

Tobacco leaf.........do...... |

27,863,026

18,918,283

1,370,543

7,845,145

14,926,771

2,030,536

12,704,440 113,347,175

14,835,862 +

19,348,803 + 2,131,422

Wines....

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19,119.739

6,918.975

6,862,465

244,540

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55,350,520

6,578,212 51,898,926

5,884,262

3,451,594

693,950

Oils, vegetable..

5,218,364

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154,320

Distilled spirits, proof

gallons.......

2,539,252

3,077,694 3,021,465

3,850,114 +

482,213 +

772,420

Sisal grass.

..tons..

52,130

3,412,760

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Rice and

rice meal,

pounds.

146,724,607

2,185,579

197,816,134

3,517,160 +

51,091,527+ 1,331,581

Cocoa or cacao...pounds..

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3,441,470 +

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Manila fiber.

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3,604,585

46,260

3,408,322

984

196,263

Opium.....

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1,418,481

1,229,975

3,317,588 +

765,716+1,899,107

Breadstuff's

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6,051

Vegetables

2,576,850

2,610,851

34,004

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Spices............... pounds.. 39,811,986

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Nuts......

2,075,132

2,576,716 +
2,200,161

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FAILURES IN THE UNITED STATES, 1897.

There were 13,351 failures in the United States in 1897 compared with 15,088 in 1896, the liabilities for the former period amounting to $154,332,071 compared with $226,096,834 for the latter. The liabilities for 1897 were the smallest of any year since 1892, when they amounted to only $114,044,167. With the advent of the Democratic Administration in 1893 they reached the highest figure of which there is any available record, aggregating in amount $346,779,889, or 1.28 per cent. This rate of per cent, however, was eclipsed in 1896, being 1.31 for that year, the highest on record. The figures are from Dun's Review, quoted by the Bureau of Statistics.

FARM PRODUCTS AND PRICES.

Table showing final estimates of average farm prices of various agricultural pro

ducts, December 1, 1897.

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FARM ANIMALS, VALUE OF.

The total value of farm animals in the United States in 1897, according to the statistics of the Department of Agriculture, was $1,655,414,612 against $1,727,926,084 for 1896. The value of farm animals reached the highest figure during the first year of President Harrison's term and the three years following, as below:

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They never reached these figures again except in 1893, showing a steady decline the following three years of President Cleveland's term, as follows:

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Compared with 1896, the falling off was in the value of horses, mules, oxen, and swine. There were raised nearly one million more horses in 1896 than in 1897, but only about 62,000 more mules, about a million more cattle and two million more swine. The number of milch cows and sheep was also somewhat smaller, but they were more valuable in 1897, and the reports show that the value of milch cows was $263,955,545 in 1896 compared with $369,239,993 in 1897, an increase of more than $100,000,000, while the value of sheep was $65,167,735 compared with $67,020,942, an increase of nearly $2,000,000.

FARMER AND FINANCE.

[From the address of Hon. J. Sterling Morton, Ex-Secretary of Agriculture, at the Auditorium, Chicago, October 6, 1896.]

But we are told that the farmers "are discontented and distressed." And eructatory orators say all this comes from the unsatisfied demand for more money and bigger prices for farm products. But these economic oracles confound terms and make desire and demand synonymous. Nearly all men desire more money. But no man can make a lawful demand for more money, except he offer some valuable in exchange therefor. Going over the fruitful States of the Northwest one may see many attractive and productive farms which he can hardly help desiring, though his ready money may preclude his demanding any of them. But we are told that money of the gold standard has too potent a purchasing power, and buys too much of the products of these farms. Why, then, do

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