Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1864-12-21
OUR PIBANCIAL STRENGTH.


Mr. LoR1N BLoDGET has published re-
markabe phamphlet or the Commercial
aRd Financial strength Of the United States
as shown in the balances of Foreign Trade
and the increased production Of star lie arti
! cles Its object is to prove that the resol1r
| ces Of the eouRtry are far greater and its
condition far more favorable than Is com
monly supposed; and especially to demon
strate two propositions; First, that the
balance of trade between the United States
and foreign nations IS largely in our favor;
and second, that notwithstanding the war
the production Of the loyal States is greater
than it was at the outbreak of the Rebel
ion.
The ouly just and adequate measure of
the national resources, says Mr.. Blodget,
Is to be reached through calculation of
the quantities of all articles Of value pro-
duced, and Of the exchanges, both ofquan-
titles and values, conducted with foreign
countries Measured by these two stand
ards, the actual wealth of the country is
much greater than ordinary estimates make
it, Mr.. Blodget considers first the trade
with foreign countries, rs being the express
sion Of the actual results Of the industry
and productiveness of the country and On
this point generalizes the results Of his in
yestigatious as follows:
CONTRARY TO the impression almost uni
versal.y prevalent foreign exchanges do not
draw an exhausting balance from US, nor
!
not since 1883 Still mere important is tae
fact that since the war the balances in favor
OF the United States in foreign trade have
increased greatly over those of any year i'm
mediatelv precediD" This balance was
twice IS great in 1923 as it was in lS59-6O,
being IN the last named year s3. ,95S goo,
while in lsG23 it was SO, 9,63L,0oD.
The facts and figures cited on both these
points, although relating ii part to years be-
fore The war, are new to the public, and
have not heretofore been collected in
any authentic and accessible form Such
returns OF total exports for recent years as
have been published require to be corrected
by adding the actual reports Of the cotton
crop of 1860, which mainly went out while
the Southern ports were still open, Y ct was
not embraced in the published report Of
trade for 1S6O-6l Correcting the tables ON
the principles authorized by the Secretary
OF the Treasury ring the period when
these ports were actually open, the totals
for that year become:
Exports =: $40, ,S56,Sl8
Imports :: 352, ,075, ,535
Balance in favor of L. S. $5S, ,S81, ,283
The uncorrected tables gave a balance the
other way Of $50, 3O5, ,240. Yet even this
correction is below the real value of the ex-
ports of produce from Southern ports du-
ring the period unreported. But taking
this statement for the year l8606l, the
of the totals of foreign trade for
a series of years to 1868, shows that:
The scale of excess of exports establish
ed in 1918, rises gradually and steadily TO |
1868. Its average for the last two years, |
the worst of the war, is $5l, 100000 each |
year. Its average for the two years prece-
ding the war, lS58-59 and lS59-60, was
SIS, 600 600 each year only. For the last |
period of six years the total excess of ex-
ports is $3.50, 4S4, SO, an annual average OF
S54, l6I POI.
This statement includes the mutual ex
changes OF gold, and excludes exchange re-
mittances If. however, gold is not to be
reckoned as merchandise and is excluded,
it remains true that:
''The annual balance of aggregate foreign
rade in favor of the United States for
,ix years to July l, 1868, was $43, 4l4, 095,
and that the annual excess of the gold sent
abroad, over that imported for the same pc
.iod, was only s34, ,ls3. There was,