The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-09-05
THEORY AND FACT.

HERALD lunatlc, an idiot, and then an |
idiot and lunatc. We expected this, as
every time the argument reaches the stage |
at which the Tribu,e's theory is overturned |
by cold facts, it "falls a swearing" and |
plays the baby act of calling its conqueror
names. About once week, therefore, the
organ unloads its pent up rage, and tries to
coverits periodical defeat in a shower of
frothy excavations.
The occasion of its present exhibition of
impotent evaporation was the following
from THE HERALD: lin the last fifteen
years, the exports from the United States
have exceeded the imports by 81 ,6Sl, lS0,059,
sum nearly four times as great as the
total amount OF coin circulating in the
United States. 1t would have
taken half the coin in Europe
to make up this balance; and
the fact that our gold and silver
money has simply kept pace with the in
crease OF our population, is proof positive
that this immense sum has not come into
the country in the form of gold and silver
coin. What has become of this excess of
exports over IMPORTS The custom house
reports show that we have exported more
than we have imported and the amount of
coin in the country shows that we have not
received the balance in splice. Where is
the money we should have received! 1t
hasn't been sunk in the sea nor melted into
bullets. But we haven't received it, 40
where is it? 1t has been invested in
English ships, and French factories, and
Russian railroads. This fabulous sum has
been driven abroad by the Republican
policy of sending out more than we re-
ceive-paying more than we get"
To this the Tribune fastened to explain
that:
This country has been paying It's debt at just
about the rate the balance of trade has seemed
to be in its favor, The balances instead of be-
ing met in money have been met by returning
to this country this country's promises to pay.
We then remarked that if it had not been
for this fortunate debt of ours, the balance
would have been goods of some kind, since
no European countries produced gold or
silver for export; and that every coin in
Great Britain would not pay one fourth of
the balance that country has owed us in
trade since 1877. The war debt thus made
possible this favorable "balauce Of trade"
our exports greater than our imports
for it enabled foreigners to return our notes
instead of sending goods; and our excess
of exports must have been invested abroad,
since the only thing we have to show for
them are our notes returned to us. The
reply of the Tribune is characteristic. The
only reference it makes to the subject of
this foreign investment of American ex-
ports is:
What do foreigners generally do with their
money? They invest it in America, South
America, Australia, Africa and everywhere
/ where money is nee led,
: Why the editor left Europe out of the
} list of places in which money is invested,
/ the reader may judge for himself; but we
r showed that the money has not been
} brought here, and the Tribune showed that
2 the pay for our extra exports was Simply
r our notes of war Indebtedness returned &c
, US, so that none of it has been invested
here SO far as can be learned.
, Thus. one truth is clear, viz: That by
D having the 'balance of urade' in our favor
Exporting more than we import-we are
Q draining this country of its surplus wealth
4 which is being invested abroad to the exact
4 extent that our exports exceed our imports
But the protectionist organ has a theor,
/ that the more goods we can send away anG
: the less we can bring back, the richer we
shall become.
S We pin our refined antagonist down tt
o this one question, and ask it to show what
: has become of this surplus of exports, if i
. has not been invested abroad. 1t maintains
that a Favorable balance of trade'-ex
r porting more than we IMPORTS adesirab,,
: condition; there was once belief, that
q money would be sen6 to make up tho bal
ance;" but that political fetch has nc
foundation in fact If it had, we should
have French francs, German thalers, Eng
lish crowns, Chinese yens, ETC., all mixed
, together in our money, while as matter O
4 fact we never see them. Indeed, the tota
importation of coin into this country is
:, mere trif1e compared with the amount O
n goods imported, and cuts no practical figur
= in international trade. The projections
/, theory about the importation of money i
: only fiction.
% We have no theory; facts are goo
enough for US. The actual practice tina
; we find to prevail in trade, that it is bes
i to import more than we export-give les
O. than we get--in order to get rich, we merel
=. accept as an established truth; we have nc
g sought to prove this by any theory, and W
q are free to admit that 1t has only the fact
in its favor.
- ..........,....
10 You Take No Risk
~ IN buying Hoods Sarsaparilla, for 1t