been attended with very marked success.

The importation of manufactured goods was at the same time reduced in
an equal degree, and the result has been an extraordinary reversal
of the conditions so long prevailing and a complete cessation of
the outward drain of gold. The official statement of the values
represented in foreign commerce will show the unprecedented magnitude
to which the movement has attained, and the protection thus secured to
the public interests at the time when commercial security has become
indispensable.

The agencies through which this change has been effected must be
maintained and strengthened if the future is to be made secure. A
return to excessive imports or to a material decline in export trade
would render possible a return to the former condition of adverse
balances, with the inevitable outward drain of gold as a necessary
consequence. Every element of aid to the introduction of the
products of our soil and manufactures into new markets should be made
available. At present such is the favor in which many of the products
of the United States are held that they obtain a remunerative
distribution, notwithstanding positive differences of cost resulting
from our defective shipping and the imperfection of our arrangements
in every respect, in comparison with those of our competitors, for
conducting trade with foreign markets.

If we have equal commercial facilities, we need not fear competition
anywhere.

The laws have now directed a resumption of financial equality with
other nations, and have ordered a return to the basis of coin values.