, 1874-02-06
:" "BALANCE-OF- N0NsENsE.

.:he most incurablo dolusion OF tho Protection
ints is tho aagumption that whenovor country
imports more thaa 1t exports, 1t creates bal
| ance Of trsde against itself, which is dead
losa; aud that the remedy for this loss is to be
found in measures for prohibiting importation.
Tho argument is that 1t tho United Statoa ex-
port S400, 600, ,00U worth of products mud im-
port S600,oo0,000, tloy arc 5000, ,000, ,oOO out Of
pocket by tho operation, There have been vol
umoa written to prove and maintain this ab-
surdity, aud there arc thousands OF Intelligent
people who honestly believe 1t. Wo layo soen
tho statement made by tho highest official au-
thority in tho United States TINT ttso amount
paid for freights to vesscls owned by 1oreigners
is that much money thrown into the soa. On
par with this statement was the gen oral rosult
reached at mooting held in st, Louis
last weck to consider tho expodloncy Of estab-
lishing cattlo-yards On tho Missouri sGlo Of the
river. Tho conclusion reached was tho t the herd
ing and feeding Of cattle on the Ili aois sido Of
the river represented so much money loHt by tho
people Of Missouri and gained by the foreigners
living in Illinois. It was claimed thrft St. Louis
could never prosper 30 long as the '"balance OF
trade |" was in favor of East st. LouieL
It il true that, as general thing, vi, import
moro from foreign 6tntes than wo cxpop., but it
docs not follow that NC arc poorer 10 thu oxteut
Of the difference or to any oxtout, by tho opera-
ton. The moro foreign goods We can get for tho
articles wo export, tho creator is our gain by tue
exchange. II for 800 worth OF wheat TO can
got foreign goods worth 9125. the "be1 anco Of
trado" IL s25 against us, but wo mako s25 by
tho operation.
The balance Of trade, as general rulo, meas-
uros the profit accruing to tho country against
which the balauce seemingly atands. The, goods
VIC import arc worth to US what thoy cost US de-
liyerod at our door; otler#iso wo would not i'm
port them. II We recoivo foreign goods worth
$500, 100000, and send out in exchange goods
that are worth only 9400, ,00o, GOO, wo uEake by
the exohauge the difference in the two yalues
notwithstanding there in seeming "balance Of
trade" OF 100000, 600 against'us. The extont
Of this balance Of trade shows cur profit Ia the
exchange. Tho country is indeed unfortunate
receives In return $25o,ooo,000. Tho grent COM
mercial prosperity Of England is due to tue fact
that thoro IL q large "balaneo OF trade against
her. Here arc tho facts showing, by periods,
tho growth Of her commerce and the iuyariable
"balance OF trade against her:
1855-Impora into United Kingdom e 717.714.250
lS55-Exporta from the United King
4bG, QUO
Balance Of trade "aganstn Eug1and.s III, ,2s7, 200
1ss0-Imports into United Kingdom, to52, ,ae5
1bG0-EKports from tho United King
dom.. So, a,755
Balance Of trade "aganst" England.s. a3o,ol7,o4o
1eo5-Imports into United Kingdom $ 1885, so1, ,4os
1B65-Exporls from tho United King
dom.... ........"......,....... o94,l57,sso
Balance of trade "aganst" Ena'and.$ 2el l,7o3.5l5
1@s1o-1mports 1872 into United Kingdom :...s ls1o,2s74c5
dom... ..."................... l.2ao, o,4o2ass
nalance Of trade "ugatnHt" Englands ?95t8s4.6ao
1a12-1mports into United Kingdom; ;...$ l.77s cs12o
1s12-E1ports from tho United K4ng-
aom..... h571, Oh, ITO
balance Of trade "againss" Euglsud.$ zoo. $50
Assuming that the "ba1ance Of t ado" was
a loss to hor, In twonty years the 1holo Iona
would have amounted to noarly $50 ", ,000, 900,
or moro than her present national d, vt. It iH
because Of the atoady profit resulting II ON thls
falsoly-tetmod balance Of trade TINT. ,sho has
been allie year aftes year to reduce hor. t. uatiop
Her policy IL to enrich horsolf by &c It'll g back
annually tho largest percentage ut ,'oroigu
goods In exchange for her own products; while
cur polb,y III to got as littlo In return fo3 what
wn export al possible. The whole cnot1t les Of
our Government are directed to re prosainl, ir,-
portatiott. To tho oxtont tllat tAia pclioy is
tho Govornmont depriy o. ia .pf the
profits Ut foreign trade. But IN nseat Iirl:atn
Ehe oppsa&ss policy pxs.Als, md u4s wealth. tlAs