The Yazoo Democrat., 1854-02-15
YaZOO Democrat.
WILLIAM 5. EPPERsoN, EDIT o R.
Whig Arguments on the Balance
OfTrade.


Whenever that class of newspapers who are
bound to the high protective tariff or the bank
interest. seek to pave the way for increased
facilities FOR making money ont of lampblack
and rags they raise the cry that the country is
ruined, because the balance Of trade is against
the United States The same cry, says the Ohio
Democrat, we have heard annually repeated since
first we remember anything of the trade of the
country, and we expect to hear it repeated, par
rot-like, until we cease to hear anything. 1t is
the greatest Of ffallacies-although, strange as it
may seem, it can be proven by figures that won't
lie. Let US illustrate:
The entire exports from the United States to
other parts of the world for the fiscal year end
ing in 1882, amounted to 1892, 1868, ,984, while
imports amounted to S2l2 945, ,442-the imports
exceeding the exports 800, ,576,4 ASS; and thus
they show as plainly as can be, by figures, that
the balance of trade is against us, when in truth
ii is in our favor. Paradoxical as this assertion
is. it is easily shown to be true
A merchant in New York ships 10000 barrels
Of -four from New York to Liverpool. In New
York the flour is worth sc per barrel. On the
books of the Custom House. on the -four thus
sent forward, the United States is credited with
900 of exports. The flour is sold in Liver
pool for $40 per barrel, amounting to 100000
This money is laid out in railroad iron and
brought to the United States, and on the books
Of the Custom House charge is made against
the United States of 100000 on the imports
thus showing, by this mode of figuring, loss Of
$40 600 TO the trade of the country, when, in
truth, it is gain of $4,000, that being the
amount that the -four sold for in Liverpool over
and above the market price in the United States
The mode of showing up this thing, called the
balance of trade, on the Custom House books, TO
those unacquainted with the facts, is deceptive
and naturally leads the initiated into errors.
The United States supplies most of the raw
cotton used in Europe. On the export side Of
the ledger is placed the cost of the article in the
United States-not the price it sells for in Eu-
rope. 1t is either turned into goods in Europe
and brought back to the United States or else
the hard cash is brought home. In either case
the Custom-house books show an apparent loss.
equal to the difference between the price in Liv-
erpool and New York which in reality is pock
eted by our merchants and is a gain of that
amount to the country.
Still further to illustrate: An American
whale vessel, fitted for three years cruise,
leaves New Bedford. She goes out In ballast.
and the books of the Custom-hous show that
she expended some $4,000 for provisions, casks,
&c. The vessel is successful in killing whales,
and during the three years she sends or on her
return brings home oil worth $l50,00O. Al
though it was taken by an American ship, fit
ted out in an American port and manned by
American seamen, and is that much added to
the wealth of the country, yet, upon adding up
the account, it shows the exports to be Sl50000
"a clear loss of Sl45, ,00O-when in truth there
was no loss ALL but clear gain to that amount.
On the other hand, vessel leaves New York
for Liverpool, with produce to The amount Of
100000 on board and is lost at sea, The Gus
tom-House books, in noting the departure of the
vessel, sets down the exports at 800, ,00O and
on paper, makes out the country that much the
gamer, when in truth it is loss of property tc
that amount, to say nothing Of the worth of the
vessel.
The same Custom house books also show I
large amount of specie sent from the United
States to Europe. This specie is sent out al
freight, and therefore entered as that amour
exported. The amount of gold sent from Cali
fornia to the Atlantic ports, as freight, is alsc
entered; but the very large amount brought from
4 California by return hniners-by merchants Il
! purchase goods, or entrusted TO passengers j
not on the manifest; and hence the Custom
house books say nothing about it. Every emf
grant from the old world to the United States
brings specie with him-many of them. particu
! lary the Gelmans, bring large sums. No not
OF the specie thus brought is made, and henc
the exports of specie to Europe, on paper
largely exceeds the imports whereas, in truth
the latter generally is larger than the former.
American ships sailing from our AtIanti
shores to Europe, frequently, on their arriva
engage for other parts of the world; for vessel
differed by Americans are preferred, for the res
son that they are less addicted to intoxicatio
than the English: Vessels thus employed al
: absent sometimes for years, and the money thu
made by American enterprise is brought home i
: hard cash, if no chance offers for Yankee indus
try to earn penny in purchasing, as freight
? such goods as are well known to offer renunera
ting prices in the United States. This none
: belonging to the owners is not on the friegh
list, and hence is not added to the amount g
specie imported into the United States.
l we mention these facts to show how total
o deceptive it isto trust to such figures to sho'
! : balance Of trade against OF in favor Of the .
I States. The more prosperous the country--th
Il go