The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1873-07-26
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ss'e,soustAs Of : solsns, sssysar. !. 50 %
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................. IN ~
I.sel NSs5sss Is So : ~ i;.. 20
STATE Of prosperity = n : ! position
( 70 inapOst ssn6Aau1unl1ias thar :
coustzy thatit d.slHine = wealth.
and 4 = htUs ospsanS Of her Inn
porSssseof . ,istrs nspssuary to
her further dsvslopin~.t aihs is NOT
to b ragnndsd - . apSnithrift he.
cause sheastnslly spends mors than
abe receives ftom abroad bat in
the light ola PsndiAts md. oahter-
priing investor. Ths.s ideas .re
suggested h9;ths iasls which come
70 light &rDngh ouw National Bu-
rea Of ShtisticA Tia aggregate
fords1 A5bt6dls1s ef the United
Stasssis ~ sthouaaudI nillion of
dollare aiahe has ior sorAsu years
past bsn inersa6ns1 GisIby ausad.i
yanss balahss bf aaasly. 4ne hun !,
dredmnioe psaranasn. ,Butnesr-
y sixH-thxseE pr ssak a the ia.
ereass ofimportatien consisted last
year Of materials snterine into
manufactures Of various kinds, Tor,
which there 10 growing demand.
a great pert of tho agsregate for,
eign indebtedness has been incur.
red for the constraction of rail
roads, and the chief portion, un-
doubtedly, was the result of the
war. The latest returns, however,
show, what might be expected.
something ike q reaction from this
state Of things, and Che condition
OF trade at present seems to be
tending towards the preponderancs
OF our exports over our imports.
J The popular fallscy regarding
the balance Of trade is rather natur.
81, for the reason that it is 50 s. sim. ~
pie on the surface, and appeals SO 7
strongly to the intellects Of men men
who have given the subject Of Po
litical Economy very little consider
ation, The trade Of any country 9
is made up Of the total transactions Z
Of Individual merchants and busi.
ness men. Each one expects to
make a profit On the goods he ex-o pc
ports, and the larger the profit on
these the greater in The quantity he
can import Of articles wanted by
his customers. If on ! cargo 81 Z
produce he conld double his rnoney. q
he wouldbe able to import more
largely than he would doif his pro-
1T VAS small IF on the other hand 4.
be suffered . loss his purchasing
power abroad would be 30 much
The more diminished. II viii not y
be denied that in the ease first sup O
posed tho exporter has made mon
y on the trailsaction, and that by
he very fact sof his importations :
being Of grester value than his exsrs
'ortations at the time and place Of
'hipment, he ia in better position
o meet all claims against him Butt
'ccording to the ideas of rnany Cd
'eople, this is all wrong. He has s
imported more than he exported, SO
md therefore must b lodng mon.
y largely, or to put it differently, oh
he smaller profit he makes on his
'xports and the less these will en-,
'bie him TO buy ina foreign, market, IN
ne greater is his prosperity. Asr
he world grows aoldst, however, it. #
'rcws wiser, and ths old theory of
he balacerof trade i NOT nearly 70
implicitly ibelieusdih q il ence Hasni
'sNobodt,S says tina Boston Jo,r.,,
q, ''now sttaches tho importance :
Q the balance of trade which VIVA
nce sttribnted to It for tbe gener-
! I'd experience Of England.
nd of most manufacturing coun- II
ries' is isacurrentexcess of imports
yer exports to . slight degrea.--n
'nr own prosperity has gone on, 3
'1thout nneh refersnce to the con
Ition OF the foreign balance sheet. 5
Ievertheless a healthy state of ii
'nde implies changes and variety
1thin certain range, md not a..
xed order Of things Al ono, way. 81.
7e can readily import mote than i =
God for us, and there u usually q =,
to do 20; consequently,
'ere J re is q satisfAction IN seeing that
nr current resources are ahead Of
u liabilities. It viii, or ought to.
op the groans of those who have
that we are going TO ruin.
st q because the squaring up pro-
80 was not always visible before
lem, forgetting that if as nation.
Q we're not becominc n narsactl,, -