Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-09-27
Not Paid in Gold.

Editor Descre' Nc''"
:, your issue OF Sept. Goth YOU say
,,r,,de returns between the Unl'ou
s,,,es and Europe from 1913 10 1871,
-,,,ive. show en- eScesi Of exports
~, Europe 10 this country over eA-
~. nom here to Europe OF si7S,oOo'-
This sum, Il 10 supposed, ioas
"a IN goid, buts,lll about sT0OOOl,OOO
y, goldl rembin uuaccounted ior."
rbe italics are minc. The staiis'ical
.',,aot Of the United States for 1891
'sors. pages 81 to 81, inclusive, that
- nerchandiso alone, during the
.,,od from 1913 to 1873, tho amounts
stud; ....
.of imports... so 5is' lia
f,eess o. xports......'''.s'''''''' 49,
n.,,,,,s,.o...... .......si 4sss 9iilo
In gold alone the amount s'anc"
...,.tof exporta.........-.... .,...s5gi .g'g't
tt.e.t Of '''''''-'' 49,,
.,, .......... ,ll.5i9sn
In silver atone, the account stands;
,...,, of xporia.....................f oisi..sil
I,5ss Of impors.... .....'-...''.''"''' i,.''''D.
.,,,r ................s csl.i;oia
eun l0ta Of gold ..,.....'....s sss'''s -i'i''''-
..tiots OF specie. lQ9j h9.9Ii
.sof merchandise ............'-....'' i's'''4l'l"
o,,f, merchandise not paid Cor b.
specie. '''-'' ''f f4li' '''-
Tbels statistics show that while
.,',r 10 1873 there was a tendency 10
,Ie bhlauces Of trade In specie, yet
tner show that tendency was never
sosplste. They show, IA BRET thnt
nearly balfa billion dOllofs' worth o!
n,.rebaudlze imported into this Coun.
~ in excess OF the amount exported
US not paid for Ia epociu, or, u paid
fot 10 speoie, that the pay rem Ainsd Ia
thia obuntfy.
Al this period, however the banking
and clearinghouse eystem was hut
p.ftlally developed. Let ua 500 VIVA.
trent yaars show. ...
Taking tho period from 1879 t. lsNli
inclusive, our excess OF exports 0i
merchandise alone was
Exceis Of mporiF'...........''''. ''i+N'''
To-, OF ma. gi,iii
During the same period, our excess "
gold imports WIS .
Excess OF Sporis...........''.'''''''' iNa'''ovN
Cain Of gold. ,.............-.,s li.5il.2lo
During the enmr period the account
with silver atande;
Excess Of eXpOrts...... ..."..,-....f 2ll,9lj,5'i
htecss ul imports, none
inis N silver ...,.. s,,,....., 2llh-ifhi
Total loss tu Merchandise, gold aud
silyor........... l,s'9i!l,ilS
This expected surplus Of nearly
two billions ~ rot been paid for In
gold. That is, the pay has remiiinin
sbfOad.
The statistics give very different re-
suits from those OF popular superstition.
According 10 the popular notion, ifex'
Iorls exceed importB the pay VIII he
returned In the shape Of gold and
silver. And tho further back we 70
10 historical statistics, the nearer We
seem 10 get 10 that time when "bal.
Ances Of tn dep were actually settled
In gold; but we never quite reach that
time IN history. IL there ever WAS
such time, II was probably when tue
use OF spanith money was general
over the commercial world. In our
day, gold hnd silver nre commodities,
products OF labor, whose price II en-.
HANGED, Of course, by their use rs
money. But they are bought and sold
by weight, like wheat or cotton, aud
IN excess OF merchandise To-Day usu-
ally carries with II an excess OF spec o
also. Thus, In our traie with Europe
and South America In 1870, the ac-
counts stand for this country
our Imports Our Exports
Europe. from to
Merchandise, sIiags7 ,2cG. sssl.53g.ssI.
Gold and silver. 0,Ib.I!!, Jl,2S.6si.
America.
Merchandise, s21s,gIi,sao. Sl3',s5l. O5s
Gold and silver, .J.lao,s1i. d,lj1,bij.
Usually, as shown here, whore We
sent most merchandise we sent most
gold and silver. In our day, when
"balanoes" are not paid Ia merchan-
dlse, or settled by transfers Of credit,
the "balances" remain aud arc in.
vested In the countries 20 which the
merchandise has been sent.
| have verified results precisely
similar to those ust given In the
commerce OF Great Britain AMI Of
France. Truly yours,
j. II. PAU,