The comet. (Johnson City, Tenn.) 1884-1916, 1894-06-07

- ~ T12O fhl la eAcehs 81 I'M.
,s.t., SseIo rs. Ia other words eur
exports have increased nearly sixty
two millions, while our imports have
fallen off $l75,0OO,0O0. This points TO
probable excess Of exports for the en-
tire fiscal year Of about $2i0,000,000,
the largest in our history with the ex-
ception of the three years 1878, 1879 |
and 1881.
1t is the contention Of Republicans
that a nation grows rich by selling
more than it buys. Hence they insist
on legislation to check imports. Their
idea Of prosperous nation is one
whose exports are large, and imports
small. Measured by this standard the
country has seldom BEEN so prosper
GUS as it is today. Only three times
in 105 years has the excess Of exports
been so large. The Mckinley Bill was
passed to check importations, and its
friends, pursuing their usual methods
of what they call reasoning, might
very we'll claim that it is putting in its
work very efficiently. Somehow, they
do not seem to care to discuss this
phase OF the subject.
OF course, such narrow views OF the
question are not to be accepted. The
falling of of imports is not wholly or
even chiefly, due to the direct action
of the Mckinley Bill. Indirectly, ii
may be said to be wholly due to this
illstarred measure. In order to pas
that bill 1t was necessary to make a
bargain which included the passage OF
the Sherman silver purchase act. The
two measures coupled with the extrav.
agance deliberately set on loot to des-
troy the Treasury surplus, brought on
the great Republican monetary panic
of 1898. This disturbance has de-
ranged our industries, thrown millions
out OF employment, and greatly re.
duced the purchasing power OF The
people. Hence the reduction OF cur
imports, along with smaller demand
for domestic goods. This disposes
very effectually of the theory that
small imports are an evidence of pros.
perity.
Equally unfounded is the notion
that an excess OF exports must neces-
sarily cause flow Of gold to this
country, or vice versa. If there were
nothing in the world except imports
and exports, as they appear in official
reports, and all business were done for
cash, this might be true. In fact,
there is geat deal OF business done
which does not appear in official re-
ports, and all business is not on a
strictly cash basis 1t happens, there
fore, that the exports and imports Of
gold frequently refuse to follow the
lines that are drawn by superficial
thinkers. The experience of the cur
rent fiscal year affords case in point
; According to the theoy that trade bal
ances are Immediately paid in gold
we should have imported in ter
:, months $22S,0O0,0O0 of gold excess ex
: ports. In point of fact, the excess
was only $4O,000,000. This would
seem to leave balance OF $1S7 ,O00,OO(
of gold due us; but since the the be
ginning Of this month gold has gone
out in very large quantaties.
9 OF course, the large falling off o
: imports has a very important bearing
= upon the receipts OF the Treasury
Even high rates avail nothing unde
conditions tuat to large degree pro
J. hibit imports. The Republican idea
:. OF tariff is one that prohibits import
J. of competitive articles and puts non
i competitive articles on the free list
0 and such tariff would yield no reve
t' nue. attall. The extreme Of protection
L means the humiliation OF revenue
0 Courier Journal.
IS