The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-10-22

heavily, 1t will pay us better to invest
the money abroad. And this is what we
do, as shown by the reports of the
bureau of statistics
But the SURPRISING charm of pro-
tries dumping ground" for large
amounts of American capital that
would otherwise be invested here.
During the last ten years Great
Britain has each year imported over
$780, 900, 600 more than she has exported.
Her imports for 1890 were s2,13s, 10000
and her exports were 81, 55S $50, 900. The
difference of s579, 100000 represents how
much Britain gained on her commerce
that year.
The British have an idea that 1t is
good thing to have other people make
their country dumping ground" for
surplus wealth. They imagine it is good
British policy for foreigners to invest in
English enterprises. So they put no tax
on wealth shipped into Britain. If they
send out one dollars worth and get as
pay for it two dollars worth Of goods.
they actually think they are gaining the
difference. OF course they haven't been
educated up to the protection" idea
that the more wealth they send away
from their country and the less they
bring back the richer they are. They
actually think exporting more than they
import would make them poor. You
can't make John Bull believe that if he
gets more than he gives he is losing
n h fa1- 70
believe that
OF course every Republican will
hasten to explain that Britain pays this
balance against her in gold and sill
yer; for no Republican can possibly be
made to see that when man gives
little and gets much the difference is his
profit on the bargain. A man who has
two cows and needs but one trades one
for a horse, which he gets off a man
who wants a COW, but has more horses
than he needs. No Republican can be
made to see that each trader may make
a large profit. He thinks the trader
who gets what is of more value Ito him)
than what he gave. must pay the diff
erence in money. He doesn't know that
both gain by the trade.
There is one way, however, of ST.
lencing protectionist who talks of
England's paying this balance in gold
and silver. The total circulating money
of England is about $500, 600 OOO-a little
more than enough to pay last years
balance against her. In two years she
would not have coin left. IN fifteen
years all the coin ever minted would be
required to pay "the balance against
her. The money of the whole world
could not pay it. In fifteen years, from
1874 to 1888, Britain imported 1888, 074,-
635 more in goods of all kinds than she
exported. The mind shrinks from the
contemplation of such figures The to-
tai gold and silver coin of the United
States barely reaches the seventh part
of it. The total wealth of Spain and her
colonies is less than this addition to
Britain's wealth through commerce
alone in fifteen years of free trade.
Just eight months ago the Republi-
can committee published the fact that
England received more than she sent
away and declared that this balance"
shows what free trade England" is
losing by her trade. They correctly
quoted figures, showing that the bal
ance of trade against England exceeds
each year almost our total average ex-
ports or imports In seventeen years
the balance of trade "in our favor and
against England" between the two
countries has been $4,000, 600, 900. All
this American wealth has been added
to England's taxable property. All
this wealth the United States Con-
gress has been relieved from the bur-
den of taking care Of 1t must be, of
course, a very heavy drain upon the
English resources. Yet those fools of
Englishmen, so far from being opposed
to this balance of trade in our favor
and against them" are anxious to see
| it increased. Instead of bowling like
demons at our making a dumping
ground of England for our agricultu-
raj products and a part of our machine
products, they actually howl for more.
They provide the dumping grounds
free of expense to us. They go to
enormous expenditures to make the
dumping ground convenient for cur Tor
rather their ships. They are willing
for us to dump upon them every dol
lars worth that we have got. The full
product of every factory would be
welcome. If we should strip our
houses of the furniture it would be
welcome. If we would even dump up
on them the $1,000 tons of silver now
in the treasury they would pay the
cost of transports ton.
| But the "balance of trade" theory
breaks down at every point when push
ed to its limit. It reduces to the alb
surdity that nation will grow rich
by sending away all she possesses and
by bringing in nothing. Even if it
were possible to bring in nothing but
gold and silver las protectionists fond
lily dream), still we cannot be fed on
clothing, shelter or any other useful
purpose except to exchange them for
the goods produced by other people.
Beyond a certain limited amount they
would be worth no more than tin and
copper, if we were not permitted to
buy foreign goods with them.
| But take the other theory. Do with
it as you please. exaggerate it as you
WILL push it to the farthest extreme.
Imagine that foreign nations should
make dumping ground" of our
country for all the wealth they pos
sess. Imagine that they should "in-
undate" us with the good things of
earth and absolutely refuse to take in
return anything whatever from US.
Then the man whose imagination can