The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-06-16
THE PET SUPERSTITION.

J THE PET SUPERSTITION.
The pet superstition of the Republican
party i. that bringing goods from abroad
drains this country of its money to pay fol
them.
1t is impossible for person who know.
anything of the mechanism Of exchange
to be deluded by this idea, for the reason
that there is no international money, anC
gold and silver between different countries
are simply commodities, bought and sold
like cloth and -four.
Let US take, for the sake of illustration
the five years from 1885 to 1889, inclusive
to determine whether, as Democrats as
sert, our imported goods are the final pay
for our exported goods, or whether, as
Republicans claim, gold and silver is the
pay for them.
In 1885 we exported S742, 1S9, 755 in mer-
chandise of all kinds; and we imported
s512, 527 ,329 in merchandise. That Is, we
exported $50, 662, 426 more than we i'm
ported. According to the 'balance of
trade' theory, we received this difference
in gold and silver. Our excess of gold i'm
ports for that year. however, over the
amount exported was but SIS, 2l3, S04, or
only one-ninth of the balance the protec-
tionists say we received. But the same
year we exported ST. 203, COG more in silver
than we imported, so that the only bal
ance" we received in gold and silver to-
gether the money metals) was beggarly
81, Ole, 19S IN payment for the $40, 662, 426
due to Us.
1t is evident, if the same facts are found
in the trade of other years, that the ''bal-
ance of trade'' theory, which maintains
that our exports ought to exceed our i'm
ports, on the supposition that we shall re-
ceive the difference in gold and silver, is a
mere delusion. We shall tabulate the facts
for the succeeding four years.
E1cess OF Erp0rts ECcsss Of cold
Year 0Cer Imports. Exported.
1886. SAC ,694 s22 2Os, s42
Here we observe that this country not
only did not receive gold in payment for
the excess Of exported goods, but actually
sent abroad more gold than was received.
The same year we also exported Sl1, $50, 9l2
more in silver than we imported.
Ereess Ercess Of cold
Year. Of Exports. Lnlp0rted.
1887. s23, s6S. 443. ia.
In this year the gold imported seems to
have paid for the excess of imports. but
leaves the former years still unexplained.
We exported an excess of 50. O36, BIB in sill
yer the same year.
Es'ess Ercess Of cold
Year. Of Imports. Imported
1855. s2S,OO2. 6O7. s25,55SOS2.
Here again is the same difficulty. Vein
ported more goods and also more gold than
we exported. We sent abroad Sl2, 634, $50
more silver than we brought in
Year. EToess or in Eecess Of gold
1889. s5'SsSasu sa sSS7 81
As before, there is no correspondence.
Gold does not pay the balances" During
these five years we imported only s., 1OI, 632
more in gold than we exported yet our ex-
ports exceeded our imports by SOL, ISL. 619
during this period, and we also exported
SOS, SIS, ga more silver than we imported
during the same time.
1t may be asked what becomes of this
E'balance" that we do not receive though it |
is in our favors OF course it is not lost. 1t |
is invested in other countries. 1t is paying
wages and building enterprises abroad.
The Republican policy is to make our i'm |
ports as small as possible by taxing them. |
on the theory that we shall receive the |
balance in gold. II we received this |
balance, there would not be the same objec-
ton to this policy, but we do not receive
the balance in gold. We receive securities
or the bonds OF some English mandatory
or Russian railroad in which the actual
wealth has been invested and IN which it is
paying wages to foreigners.
The truth is that our imports are the
pay for our exports, and when the tax on
imports is so high that it does not paw to
bring them into this country. that much
wealth Gmports) is simply kept out of this
country and is consumed in building I'D
,ome other country. Il
Since 1876 we have exported billion and
/ half dollars worth of wealth more than
We have imported. We have sent more
han we have received, given more than we
rot. 1t is the Republican policy to drain
his country of its wealth in order to build
Up other countries.