Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1894-01-19
RECORD BREAKING YEAR.
OUR FOREIGN COMMERCE FOR
THE LAST FISCAL TERM.
The Value of Imports Attained the
Highest Mark, and the Exports of
Gold and Silver Reached tho
Highest Figure in Our History

ouF
The Causes of the Gold Movement:
The annual report of the Chief of the
Bureau of Statistics, Worthinyton G. Ford.
which has just been issued, comprises
statistics Of the foreign commerce OF the
United States for the year ended June 80,
1898, and discusses the causes of the gold
movement The report says:
Noticeable features of these figures are:
The values of imports of merchandise at
tanned the highest mark in the commercial
history of the country, and the exports OF
gold reached higher figure than ever be-
fore attained in a single year since the
foundation of the Government. In 1864 the
exports of gold reached the figure 800, 661.-
634, and this has been the high-water mark
of gold exports until the last year. In 1898
the net exports Of gold were less than the net
exports in 1864. being SS7, SOC, 1853, as
compared with 5S9, 484. 1865 in 1864. The
exports of 1864 were due to a pressure re-
sulting from years OF war and consequent
arrangement of commerce and industry, and
to a general displacement of gold and silver
from circulation by issues of bank and
Government paper. An outward movement
of gold of nearly the same amount, occurring
in a tirle of peace and apparently in defiance
of commercial laws, will make the year 1898
notable for this single item in its financial
and commercial experience. 1t is true the
country. in 1898. was better able to lose
So. 500, 900 in gold than it was in 1864 An
import and export trade OF SILVA, 066, 900 is
good evidence of all economical standing
and capacity. UNNECESSARILY superior to the
situation that prevailed in 1864, when the
trade of the country was only about one
fourth as great as in 1893. viz, S475. 2S5, 0O0
''Jhere are other features worthy OF men
ton. The imports as we'll as the exports of
silver coin and bullion attained an amount
greater than is recorded in any one year in
no jcff Of fhsN, Mt In Th
will be remembered as the year of panic and
important monetary legislation, the exports
OF silver reached $50, ISL ,859. a point that
had never been attained in previous years,
and has never been touched or exceeded in
subsequent years until 1893 when the eX-
ports were $40, 767. 319. In 1890 the imports
of silver touched the high level Of S21, 032,
! 1874. movement probably due to anticipated
legislation on silver In 1893 the imports
| were $23, 1873, 252, thus making new record
in the imports of silver.
''While the year 1892 gave the highest
figures for exports of merchandise, CONNER
cially and financially the year 1898 will be
the most notable because OF the larger num-
Der of achievements, surprising previous
performances in no less than four items.
The year 1898 also marked one step down in
the relative importance of the American
merchant marine in the foreign carrying
trade of the country. Low as was the per-
centage OF imports and exports carried in
foundation to a belief that no lower point
could be reached, there was an actual de-
crease in 1898, and 1872 per cent. must be
recorded as the lowest point this feature of
our commercial history has touched.
"A number of circumstances combine to
make the trade of the year 1898 an interest
ing study in the general laws governing in
ternatiOnal commerce. The previous two
years were noteworthy through the enormous
grain crop gathered in 1891 in the United
al foil of ooiE, iInr
crop in European countries, thus giving this
country a natural command over European
markets. The prevalence of good prices for
these grain products reacted greatly in favor
of the American farmer. An abnormally
large cotton crop. coupled with ar unusually
low price would seem to have Disseminated
against the cotton grower III favor of the cot
ton manufacturer. Whilea market was found
for the increased production of food and raw
material, the benefit was directly reaped by
the farmer and manufacturer. Exports wer3
largely increased and imports favored with Il
result that the export trade figures for 1892
were larger than have ever before been at
tanned in the commercial experience of the
country.
''The influence of such an exceptional year
was not confined to the twelve months OF
that year. 1t made itself felt in the succeed-
ing year. but with constantly decreasing eff
feet. An average crop of European cereals
narrowed the market for the American pro-
duct and sent the price of wheat to a point
below which it would seem as if continued
production could no longer be profitable
eighty cents a bushel exported, as compared
with S1.03 a bushel in 1892. A large decrease
in the cotton crop was not met by a cOrre-
spending increase in price. Thus internal
influences We're by no means SO favorable to
producer or manu- iacturer in this or other
countries i'll the last year aS i'll the year pre-
viOus. The situation was further aggravated
by q widespread and. in some Senses contra
dictOry financial situation.
The chief cause Of the movement OF gold.
the report says. was the withdrawal of large
sums of foreign capital invested in this
country, the foreigner finding it cheaper to
export American securities to this country
than to liquidate his Indebtedness by an eX-
port of commodities or specie. Tho import
movement of American securities tho report
estimates at from $50, 900 900 to 1926, 900 900,
and the extent of the entire movement from
June 1892, to June, 1893, at upward of $780,
100000. Against this return of American
securities must beset the amounts purchased
on foreign account, whether for speculation
or for actual Investments, which for the en-
tire year is estimated at between 800. 900 900
and 300, 900 900. Thus the balance of this
movement was upward of 500 900, 900 %
the side ofimpOrts of American securities.