The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-06-07
The Adverse Balance Of Trade.

The Adverse Balance Of Trade.
Iron the Philadelphia Record
The United States, with its vast re.
sources and unfAgging energies, has for
years sustained an oppressive burden Of
debt, and commended manfully against O
foreign trade unequal In is conditions
from the advantage derived BY other
countries through our deprecated cur.
rency, and yet we have made won.
derful degree Of progress as far as the
building Of railroads and other permA.
nent improvements are concerned. Not.
withstanding these improvements, the
advantages derived by other countries In
the interchange Of their commodities for
ours have been 80 great as 10 accumulate
against Us an enormous debt, and as long
as our trade Is subject to these oneroua
conditions, Just 30 long will the balance
be- against US, and constantly ,lncfeSs.
ing, The depreciation Of our currency
Is the elementary cause Of this adverse
current Of trade, and It's want Of elias.
ITCHY, It's excessive issue, and the ex.
pansion OF bank credits In their various
forms make up the complement Of the
causes. The magnitude Of our import.
alton has been made more apparent since
the check In the sale Of our miscellaneous
securities abroad, as, while that process
was going on, we were secretly, unielt
and unseen by the great majority Of our
people, piling up 0 mountain Of debt
abroad, which must In all time 10 come
plague US by the. severe strain that the
payment OF interest makes upon our In.
dustry. II seems to be forgotten, or OF
least II Is not needed by our lawmakers,
that the advantages resulting To- foreigners
springlng primarily from the currency,
and the constant fluctuations In our mar
kets, caused by It's arbitrary character
alternating between stringency and Iple.
thora-encourages and stimulates impor-
tahons and Of the same time retardsex.
portatlons, and 90 marked has tliis been
under our system Of currency for the past
eight years, while our imports have been
largely augmented, our exports-which
are now almost exclusively confined to
cotton, breadstufs petroleum and to-
bacco, are diminishing In value.
The first and two last are our
only certain reliance, as the second
depends in great measure upon the
crops on the continent of Europe. OF
manufactures and the products Of skilled
labor, with the exception Of sewing ma.
chimes and few special articles we ex.
port nothing in comparison with two
years ago. OF textile fabrics, the pro.
ducts or iron and other miscellaneous
merchandise, the facilities for the making
Of which We have such unbounded re.
sources and natural advantages, are mere
nothing, and as consequence, Of this
condition OF our trade with foreign ma
tons, we are now called upon to meet
our current commercial Indebtedness in
coin. The credit Of our miscellaneous
securities Government bonds being
already pretty much permanently in.
vested) has been good deal les.
sened by the unsettled condition
of our relations with Great Britain and
the breaking down Of the speculative feel.
ing In Germany by restoration OF the
old.time conservative habits of her staid
population, and the wild speculation
which prevailed in both England and
Germany Is not likely to be easily reviy.
ed. The financial writers in Frankfort
and London express In undoubted terms
their distavor for the great majority Of
American securities always excepting
government bonds) which have been 90
industriously and energetically urged
upon their markets. The Bank Of Eng.
land has always set her face against inor-
dinate speculation, and Notwithstanding
the increasing power and speculative
tendencies Of the English and Scotch
banks, will, in the future, as she has
heretofore done, hold 1t in check at all
hazards. live would profit by the expe-
Renee Of the past, both in England and in
this country, we must understand and
realize that whenever the current Of ex.
change Is against US there ID but one
remedy, and that Is the immediate and
stern contraction of the volume Of curren-
cY, and to an extent which, while check.
ing importations, would cause such de-
cline IN prices as would make our pro.
duce and merchandise exportable. Gold
Is now going to Europe rapidly; the out.
flow for this month Is not estimated at less
than $15, 100000, and by some as high as
$50, DOC, 900. A profound interest attends
the consideration of its probable contin-
uance, upon which so much Of our future
prosperity depends.