Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-06-12
The Balance Of Trade.

The St. Paul Globe of the 9TH inst, in
an article on the balance of trade be-
tween the United States and foreign
countries, states as follows:
"1n 1S47 we find considerable excess of
exports, and also in 1851. Pierce's admins
tration did not produce beneficial results in
that direction, but Buchanan's balanced the
account by an exhibit Of more than hundred
millions OF excess Of exports over imports
During Lincoln's administration the balance
was on the other side of the ledger, but John
sons resulted in our favor to the amount of
more than three hundred and fifteen millions
of dollars"
The Globe makes big mistake. In
the first place, during Johnson's admin )
istration the balance of trade was against
the United States to the amount of about
three hundred and sixty-fve million dol
lars; in the next place the condition of
the currency in the United States effected
business IN such a manner at that time
that a favorable balance of trade was
simply imposslble; and, thirdly, in
other parts Of the article quoted
from, the Globe appears to admit that
an excess Of exports over imports neces>
sarily indicates prosperous condition Of
affairs in this country, which is exactly
opposite to the truth, and is very seldom
asserted, except by Republican pollti-
clans for the sole purpose of catching
gudgeons. johnson took the presiden,
tial chair in the middle Of April, A. D.
1865, and the excess Of imports over ex,
ports for the fiscal year ending June 80
1865, was 72 million dollars, or Is mil,
| lion dollars for the two and a half months
that johnson was President in that fiscal
year. In the fiscal year ending June 80
1866, the balance Of trade was against us
to the amount of 86 million dollars in
the fiscal year ending June 80, 1867, 10l
million dollars; in the fiscal year ending
June 80, 1868, rs million dollars in the
fiscal year ending June 80, 1869, 1S1 mil,
lion dollars but Johnson's term of office
expired on the 4th OF March in the las1
named year, so that the balance of trade
against us in that fiscal year up to the
expiration Of Johnson's term was about
88 million dollars. Thus the balance o.
trade against US during Johnson's tern
amounted to 1886, 100000. But aside
from these statistics, the abundance o.
money then in circulation stimulated the
material interests of the country, and
caused the building of railroads and 9TH
er Improvements which, while in the
process of construction, tended to dimin,
| ish exports. For instance, in 1871 there
were 1870 miles of railroad built in The
United States, and at the prices the1
current at least twenty thousand dollar:
per mile must have been paid to laborine
men engaged in manufacturing railroad
iron, in grading and in the various kind.
Of work necessary. The entire sum pai6
to these laboring men in that year, ac'
cording to the estimate given above, wa!
more than 153 million dollars, represents
ing the labor Of 25O,OOO men at $612 PEI
year each. It is evident that while these
250, 900 men were building railroads they
were producing nothing for foreign mar
kets, and that they were consuming tn
surplus produced BY those not engaged il
$3.50 i D .-ia 4 - 's--