The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1881-07-01

ST 200 100000. ghere are no
means of ascertaining the net ex-
ports Of bombs and other securities,
but as they nrc generally estimated
at n much larger sum, il is safe TO
reckon on the average balance Of
trade against this country during
that period of sl00,000,000 year.
The new departure by the Republic
may be said TO date from its CON
tennial celebration. In the year
ending June 80. 1876, the total ex-
ports Of merchandise amounted TO
$540,000.000, while the nominal
value Of imports reached 10000
900. This shows an apparent bal
ance in favor Of the United States
OF SS0,000,000 But this balance
was more than offset by the freight
and insurance on imports and the
heavy interest charge payable ut
that time TO Europe. The first real
advance to commercial indepen-
dence was made in the fiscal year
beginning on the lst of July, 1876,
when the apparent balance in favor
Of this country was Si50.000,000
In the five years ending on the 30th
of June 1881, the average balance
exceeds $200,000,000 year, which,
with II constantly decreasing in
terest account, AMI including the
specie arriving with immigrants,
which mt n minimum valuation is
estimated mt $l5 per head. would
seem to point with certainty TO n
clear balance in favor Of the Unite /
States of over Sl25,O00,00 annual
~.
Previous 10 1876 Europe was ne
customed to see trade balance
against her during one or two 0i
our busy shipping months, and in
her favor during the remainder OF
the year. But since 1876 the trade
balance has been uniformly in favor
OF the United States, and the re-
turn of either bonds or gold from
abroad has been almost continuous.
Until recently this change was con
sidered very fortunate for Europe
as il enabled her 10 realize n GOOD
profit ON our bonds and to receive
in exchange therefor an abundance
Of cheap food during the famine
period. ard when supplies OF an or.
dinary character. would have prov
ed sadly Intellectual. But the co
lossal proportions TO which the ex.
ports of American food products hae
attained did not cease with the fam.
inc emergency or with the return
of American bonds. On the contra.
ry, our export trade has assumed
still larger proportions and. aftel
compelling the return Of Slj0O00,
900 in gold up to January /, 1881
now threatens to continue drawing
that metnl from Europe Mt the rat.
Of 800, 100000 annually for year
TO come. or till the supply ther,
available for export becomes prac
tieally exhausted. Our trade bal
anee promises with equal certaint,
10 80 ON absorbing the immensl
amount Of European capital still in
vested in thiscountry until the sam'
isfinally eStinguishedand theU
States ceases altogether TO bc n deb
tor country.
This important change in th,
commercial relations between En-
rope and America cannot To an'
great extent bc attributed TO th
policy of free trade on the one sid,
or of protection on the other. II i
now getting TO be better understood
that the change is almost entirelr
owing 10 the recent progress Of me
chanical inventions and improve
ments, which by enabling the West
, ern farmer to increase his produc
tions almost Mt pleasure, and b
; bringing the Mississippi valley int
closer and cheaper connection wit
the Atlantic, hasenabled him TO nm
l dersell his European competitor
So long as our products found
] larger paying market only in Eng
land, the balance of trade was cor
stantly against us. 1t was onl
when we were enabled to enter th
J Continental markets, where I'll
opening for our bread stufls is no,
practically unlimited, that the trad
balance turned permanently in on
favor 1t is this wider field for ou
agricultural products, that ha
given America her present con-
mand of the gold supply. This con
mand does not now depend on an
such fortunate accident as success
ion of big crops. Even succession
of comparatively small crops woul
have little if any effect in reducin
! the trade balance, as any reductio
+ in the volume of our exports woul
be generally offset by their increas
ed value. Small crops in the Unit
! ed States would be serious loss {
the world, but this loss. under pres
ent circumstances, would fall on th
European carriers and consumer
rather than on the American pre-
ducer- Probably the chief effect {
smaller crops would be to Ietard
+ little the decline now going on i
the value of land in Europe, an
, which must continue to 80 on ii
prices there are relatively as low a
! in America. The trade balance i
favor of this country would renal
a great fact in the mean time, On
! its close connection with the Ian