The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-07-25
EXPORTS PAY FOR IMPORTS.

The Republicsn-Liberal organ is again
nation sends away and the less it receives
in return the richer it will become. Its
latest stagger in that direction reads:
We said the business OF this world was done
on money basis. and that where the exports
OF country are less than the imports, the bal
ances have TO be paid in gold. That is, If our
country buys Of Great Britain this year $780,
COX, 900 worth OF merchandise ard sends back in
our own exports but s700,0o00 600 worth OF mer-
chandise, the 500, O0O0 900, which makes the
balance. has &c be paid in gold
For example, our exports to England
last year were 1856. As, 124, and our imports
from that country were S157, 6S6, sol. That
is. we sent to England SOS, 736, 623 more in
merchandise than we received from that
country. According TO our neighbor' 8
tieor,, then, we received this balance in
gold. As our total imports Of gold from all
countries last year were only sl2, 943, 3i2.
or about neseventeenth of the amount
our dull neighbor says "had to be paid in
gold'' by England alone, it is abundantly
clear that either the treasury department
or the Liberal-Republican organs theory
is gigantic lie. And as between these
two authorities our readers may choose
for themselves.
We sent to all Europe last year over
s233, 600, 900 worth of merchandise more
than we received from that country. Our
neighbor doggedly maintains that we re-
ceived this balance in gold and silver.
The treasury report again puts it to rout,
ba- hu oh 0r1r nf oOld
and silver from Europe to have been only
So, 135, I'D, while our exports Of gold and
silver to Europe were $50, 225.6Sl. That is,
while we sent about one-third more mer-
Chandise to Europe than we received from
that continent we sent over four times
more gold and silver also to Europe than
we received from that source.
Our neighbor will, of course, hasten to
explain that The HERALD ought to be Sin
the Provo asylum" ETC., for the reason
that these cold, official facts do not hsr-
monte with the organs theory.
In our trade with South America, we re-
ceive more both in gold and silver and mer-
chandise than we send there, the excess Of
gold and silver in each case goins with the
excess of merchandise. The facts in every
instance are precisely the opposite of the
organs theory. 1t has never learned the
elementary lesson taught by the
tariff document we circulated yes
terday, which shows that Europe
pays US for SIPS, 600 worth of
our exports of farm products in Spanish
American bills of exchange, with which
we pay for our Spanish American imports.
Europe gets these Spanish-Americanb bills
in payment fol- European mill goods, with
them buys our farm products, and we take
them to buy coffee. rubber and other trop-
ical products.
By singular coincidence we send to
thirty-six countries more than we receive
from them, and receive from thirty six
other countries more than we send to
them. AS whole our exports pay for our
imports, though this final result is accom-
plished by a maze of transfers anc retraus-
fers of credits through banks in sealed let
tiers. Since banking has become a science,
balances" are not paid between nations
in gold and silver.