The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-03-26
The Balance Of Trade.

The New York Herald of Monday says
there were never SO large importations at
that port as there have been during the part
Of March that has already expired. During
that period the average daily receipts at the
New York Custom House have been over hall
million, notwithstanding the fact that there
has been an average reduction of the tarh
ten per cent since March 1872. Estimating
that the revenue of the New York custom
House will be $15.O0O,000 in Marcn, 'ne
Herald jumps at the conclusion that 'n.i
will be very large surplus revenue al the emu
of the year. lat journal also sees III .n,'o
enormous importations an evidence -
great wealth and unexampled prosperity VI
the country as well as the extravaganza u o'i
people. e,..oa
tn Wow Of the past, it must be confessed
that nrosperity indicated by an excess OF
.xnorts over the imports OF the country,
would he far more satisfactory proof of the
positive and increasing wealth OF the country
than the glaring fact that we are consuming
more of the products of our neighbors than
they take of our own, and that the deficit
must come from what should properly be con-
sidered the reserved wealth of the nation In
deed, the fact that the balance of trade against
US the past fiscal year was in the neighbor
hood of hundred million dollars, and that it
promises to be as large the present, is one
that should cause serious apprehension if not
positive alarm.
1t is doubtless true, that the balance against
US is partly met by the largely increased num-
Der and improved character of the immi-
grants to this country, who bring large sum
OF money in the aggregate which is expended
in making homes and developing the re-
sources of the country, and which may prop.
erly be considered as so much money perma-
nently transferred to our side of the balance
sheet. In this connection, too, it should be
remembered that the amount of foreign cap
ital invested in this country in railroad, mu-
ncipal, mining and other securities is very
great and is constantly Increasing, and it is
matter of question whether the amount OF
interest paid on such investments does not
fully cancel the amounts realized by the En-
tsrprises in which such capital is employed.
History repeats itself simply because the
relations between cause and effect produce
like results when similarly connected. The
financial panies of 1887 and 1857 were not
because such general revulsion must come
in every period of twenty years, but because
they were preceded by those periods of pros
perity shown by excessive balances of trade
against this country and similar extravaganza
arising from speculation. This balance had
been accommodating for some time and at those
periods our foreign neghbors called us to set
tie, and settle we did with such results as
will always be remembered.
1t must be admitted, however, that there is
vast difference in the present condition Of
the country as compared with the dates
named. Then our manufacturing industries
were in their infancy and were langushing
under the baneful influences of hostile legis-
lation. Now they are multiplied more than
tenfold over the latter date and have been ex-
tended to hundreds of important branches
not then thought of. 1t is true that this
country is in position to declare itself more
nearly independent of others so far as its pro-
auctions are concerned, than at any other Pc
roc of its existence, should any combination
of adverse circumstances demand it, In view
of this. it is fair to presume that large part
of the balance of trade against us might be
avoided at the sacrifice of our love for foreign
luxuries and fnery, and by cultivating thor.
oughly American spirit.
The country has become disguised with the
theories advanced by psuedo statesmen fol
the resumption ofspecie payments and it i;
certainly providential that every one who has
plan of his own has insisted upon il
as being the only possible solution Of
the difficulty and arranged him against all
Others and thus saved the nation from
the calamity that would have come from
the adoption of any one OF them. By what
means and at what time, the country can ac-
complish this end, it is impossible to tell, but
no sane man can expect it so long as the bal
ance of trade against us is one hundred mil
lion dollars year.