The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-08-15
WHAT WE SELL ABROAD.

The official statement of the exports
and imports of the whole United States
for the fiscal year ending June 80, is
great exhibit. Since the panic our for
eign commerce has exhibited a reverse
of the prior rule of an excess of imports
over exports, the rate at which the ex-
ports are now exceeding the imports sur
passes anything that could have been
expected. In the fiscal year ending June
80, 1876, the exports exceeded the im>
ports by $I2o, ,2oo, 900 in the succeeding
year the excess of exports amounted to
500, 500 900; and last year the excess
reached the extraordinary sum OF S26I,~
100000, specie being included in these
figures in the case of both imports and
exports. In its money article the New
York EVsHiHg Post holds that such a
condition of the trade balance is render
ed possible only by the fact that we are
largely indebted to other countries. But
for that circumstance the balance in our
favor would call for such remittances of
the precious metals from Europe as would
totally derange the foreign money mar.
kets and put stop to the purchase of
our products AS matters stand, how
ever, our foreign creditors have taken
from 500, ,ooo, 900 to $4,000, 900 of this
S26I,7oo,ooo balance for the payment of
interest on our indebtedness, and the re-
mainder they liquidate by the return of
our securities, chiefly government bonds.
The surplus of exports over imports for
the three last fiscal years amounts to
$548,ooo, 900; and if from this total we
deduct say $2Io, 900 900 for three years
interest payments on our foreign debts,
it would follow that we must have re-
ceived during that period about $685.
900, 900 of securities, thereby liqudating
to that extent our foreign indebtedness.
1t argues well for our production, or our
economy, or both, that we have been
able to pay off such an important amount
of our foreign debts; and it carries an
unfortunate implication in respect to
other countries that they should have had
to part with such large amount of their
investments in order to procure the nec>
essaries of subsistence.
The increase in the export trade is re-
markable. The value of exports of mer-
chandise for the fiscal year just closed
is $694,9oo, 900 while for the preceding
year the value was S6o2, 500 900, and for
the year 1856 $40, 100000. 1t will
thus be seen that within two years we
have increased our exports of goods by
$G54, $780, 900, or at the rate of nearly 20
per cent. Considering that the exports
indicate the surplus of products beyond
the requirements for home consumption
these facts show an activity of produc,
ton in the country at large which is in
striking contrast to the prevailing im>
preston as to the condition of our induss
tries; and this contrast would appear
still greater if we could present the sta
tistics of quantities in the exports, in
which the increase is far greater than in
values.
With this large excess Of merchandise
exports over merchandise imports, the
specie movement has naturally under>
gone important changes. Instead of
exporting nine.tenths of our product of
the precious metals, as formerly, we re-
tanned, last year, nearly the entire pros
duct at home. Setting off the imports
of gold and silver against the exports
we find the net export to have been, last
year, SO, 900, 900, in 1867, $I54oo, 900, !
and in 1856, $40, soc, 900, or for the
three years combined $5o,Soo,ooo. In
ordinary years we should have made a
net export Of about $I65 100000 within
like period so that we may reckon
on having accumulated some $Ios ,ooo,,
of the precious metals during the last
three years, without making any allows
ance for an increase of production with
in that period, which has undoubtedly
occurred,