as $923,091,136, while for the
corresponding previous twelve months it was $860,177,115, an increase
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 the year 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 products was $16,838,240.

There is certainly nothing in the condition of trade, foreign 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 oppressively upon the people or retards the commercial development
of the nation. It may be argued that our condition would be better if
tariff legislation were upon a free-trade basis; but it can not be
denied that all the conditions of prosperity and of general contentment
are present in a larger degree than ever before in our history, and
that, too, just when it was prophesied they would be in the worst state.
Agitation for radical changes in tariff and financial legislation can
not help but may seriously impede business, to the prosperity of which
some degree of stability in legislation is essential.

I think there are conclusive evidences that the new tariff has created
several great industries, which will within a few years give employment
to several hundred thousand American working men and women. In view of
the somewhat overcrowded condition of the labor market of the United
States, every patriotic citizen 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 for the fiscal year ending
June 30, 1891, were $458,544,233.03, while the expenditures for the same
period were $421,304,470.46, leaving a surplus of $37,239,762.57.

The receipts of the fiscal year ending June 30, 1892, actual and
estimated, are $433,000,000 and the expenditures $409,000,000. For the
fiscal year ending June 30, 1893, the estimated receipts are
$455,336,350 and the expenditures $441,300,093.

Under the law of July 14, 1890, the Secretary of the Treasury has
purchased (since August 13) during the fiscal year 48,393,113 ounces of
silver bullion at an average cost o