Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-21
proposition Of Mr.. Ewing is in some respects
better than any other yet submitted. We
trust, therefore, that the measure will be
adopted without unnecessary delay.


trust, therefore, that the measure will be
adopted without unnecessary delay.
HAYES BALANCE OF TRADE.
Mr.. Hayes has seized the opportunity pre-
sented by resolution of inquiry from the
cial relations with South America to repeat,
In the form OF message, the main features
OF his agricultural fair speech, rehearaed in
so many places last fall, at the same time in
jecting a sly plea for steamship subsidies
into the document. He takes very pecu-
liar view of the uses and advantages of
foreign commerce, arguing, in effect, that it
IS of benefit to the country only when the
balance of trade is in our favor, and posi-
tive injury when the imports are greater
than the exports. IT Mr.. Hayes ideas are
correct, we learn for the first time that our
foreign commerce has, ever since the first
settlement of the country, been a drawback
to our prosperity, and that not till within a
year have we derived any benefit whatever
from it. The proposition is SO absurd as to
be almost unworthy of notice, and it is diff
cult to see how sane man
could be guilty of incorporating it in an
official document. If he is right, then every
nation on the globe, with but two excep-
| tions is on the high road to destruction, and
| will soon plunge headlong into the abyss of
ruin.
Mr.. Hayes chief desire is to maintain the
balance of trade so as to prevent the outflow
of the precious metals. He wants to accu-
mulate all the gold and silver on this side of
the Atlantic, without any reference to whether
we have any use for it or not. The posses
sion of vast piles of precious metals is, in
his conception, all that is needed to make
the country prosperous and contented.
10 increase these boards by ievying tribute
upon South America, he adroitly suggests
that measures be taken to supply adequate
facilities for transportation between the
United States and South American ports,
| and that the government aid in the estab-
lishment and maintenance of these
facilities by granting subsidies to John
Roach, the ship builder. Although
he does not state in terms that such
is his recommendation, it is easy to see that
it leads to such a conclusion.
The GLOBE begs leave to differ most en-
phatically from Mr.. Hayes. Surprising his
hearts desire was accomplished, and the
United States hal drained all the nations of
the precious saetals they contain: what bet
ter Off would we be? We would have more
gold and silver than we could possibly use,
and it would be lying idle in our treasures
and our banks. It would be of value only
for what it would buy, but if we bought
nothing abroad it would be of as little ben
eft to US as so much scrap iron. 1t is very
pleasant, and useful too, to have the balance
Of trade in cur favor occasionally, for it
tends to equalize the trade and commerce of
the world. But to be blessed with an ex-
cess Of exports over imports for all
time would work great harm not only to the
nations with whom we have trade relations.
but to our own industry. The laws of trade
require that an equilibrium be maintained
between the nations. It is folly to claim
that continual current in one direction
would be beneficial. Commerce must have
it's GIBBS and its flows in order to maintain a
healthful life; any attempt to reverse that
law will result in disaster most dire. We
derive almost as much benefit from what we
import as from what we export. ''The out
flow of the precious metals" which Mr..
Hayes seems to regard as a national calalni-
ty. is national necessity. The production
it is as necessary to find market for our
gold and silver as it is to find market for
wheat, cotton and manufactured goods. We
have no need to import it except in an
emergency. If Mr.. Hayes can find no bet
tar reason for improving our commercial re-
lations with South America than he assigns
the increase of our export trade-we prefer
to do without it. There are, however. more
cogent reasons for its encouragement. Trade
with the United States would assist in devel-
oping the countries of South America and
would afford new avenues for industry here
at home. We would find use for the pro-
ducts of those countries and import them
largely, thereby adding to our comforts and
more readily supplying our needs. We would
export to and import from these and all
other countries, sometimes having the bal
ance of trade in our favor and sometimes
against US, but neither for length of
time sufficient to disturb the equilibrium
that will always subsist as long as inter
changes between nations continue.