The times. [volume] (Richmond, Va.) 1890-1903, 1894-04-24
EXPORTS AND PROSPERITY.

Mr.. J. f. Jackson, Of this city, writes
us the following letter:
The Index of Nations Prosperity
Editor Times: In an article in Friday
issue, under the caption prosperity
Abroad you gave the figures Of exports
and imports from and into this country,
as published by the Bureau OF STATISTICS,
and as these show that the country Is
exporting more than IL imports TO the
extent in the past nine months ending
March. 1894. Of $25l 300 900. you state that
these figures prove two things: First,
that we are selling far more than We
buy and that we are therefore getting
rich fast; and. second. that we are buy
ing much less than we used TO, our I'M
ports for the current nine months being
Sl57 800 900 less than for the same nine
months OF the preceding year. Now, sir,
IL these contentious Of yours are true
ana yonr argument sound, then a nation
which imports more than 1t exports must.
by parity Of reasoning. be growing poorer
every day: and yet, sir this is the nor
NAL condition OF exports and imports In
England. and has been so for the past
twenty-five years at least The returns
issued by the English Board OF Trade
show every month an excess of imports
over exports In that country varying
from 80 to 70 per cent. If this means that
England is and has been growing poorer
at this rate for at least the past twenty
five years. then she must have had
marvellous hoard of wealth to start with.
But. sir, this is not the case. Everyone
knows who has looked into the subject
that England, Notwithstanding her ex-
cess OF imports over exports, has grown
IN wealth, and is daily growing In wealth
perhaps faster than any other nation IN
the world. Is Il not possible that you
and the great majority Of the people OF
this country-fOr | admit that in stating
the case as you state IL you voice popu-
lar opinion i'm this country-are IN error
Consider the subject for moment. why
do We export? Largely to discharge debts
due from this country to other nations.
They prefer 60 take our produce to our
money Just 80 long az they can get II
at a. price which pays them to handle II.
Immediately the price becomes too high
for them they demand our gold and get
H. We on the other hand, take their
goods when the price suits us. so that
by handling them we can make q prOit.
When this IL not the case then we de-
mand and get their gold. The fact, then,
is that as we export more than we I'M
port, and that largely these exports are
raw. manufactured products. foreign
|
gold end make a profit in doing so by
converting them into manufactured goous.
Largely these exports OF ours go to
England to pay England for carrying our
commerce on the high seas Nearly all
or goods are carried abroad In British
ships. and they are all paid for this work
I'm either produce or gold. England grows
rich by importing raw materials In ex-
cess of her exports in payment for these
services and in discharge Of debts due
her otherwise and then grows still richer
by converting these products into manu-
featured articles, in the process of doing
which she pays out to her working peo-
ple millions Of dollars annually In the
shane of wages. which wages are
again expended by her wage-earners In
the purchase of these manufactured arti-
cles. and the excess not required by her
own people Is exported and sold TO for
eign nations. again at a profit, and large
~ to this country. which thus pays
tribute to and largely supports the popu-
lation OF England. An excess Of exports
f. no evidence of a nations increase in
wealth. Rather. when II is an excess or
raw products as is our case, is 1t an evil
dence of poverty. and the condition of the
country at this time is strong proof OF
this fact If any one should doubt the
than she exports / am prepared 10 FUR
nlsh the figures proving the fact.
J. L. JACKSON.
According TO Mr.. Jackson's logic. If we
understand it, there is nothing in the re-
markably favorable present condition of
our foreign trade, as we have stated 1t.
to cause us satisfaction. The popular
b,.,fto tc
doubtedly the other way, and that we
grow rich in proportion as the balance Of
trade is in our favor, and we are COM
PEELED to share In, and adhere to that
opinion. Notwithstanding what Mr.. Jack
son says. And we therefore reafiirm every
word in the article which he remarks on.
We must say in the outset, that there
is no analogy whatever between Great
Britsin's case and ours. England has her
colonies all over the world. Englishmen
have investments In all Of them, and in
which together she annually draws i'm
mense profits. She also has ala enormous
merchant marine. trading In every part
of the earth and bringing its earnings
to England. She, therefore, makes the
money outside OF England with which
she buys the things that are brought
there. She is just like Richmond city.
whose inhabitants must make the money
In their trade outside of Richmond with
which they buy what they bring into
Richmond to subsist on. The record OF
England's exports and imports furnish no
sort OF guage. therefore. TO what England
is earning. Her earnings come to her
in the form Of what her vast enterprises
outside Of herself have yielded.
But we are in no such case. The Ala
bama drove Americas merchant marine
or from the bosom of the ocean and
our navigation laws have made II i'm
possible for us 10 build up new one.
Our protective-tariff laws have DESTROYED
our foreign commerce. so that we have
nothing now to make money out of for
eigners with but what we send 10 and sell
to them-principally cotton ana food
America is very much In the nx Of n
farmer on his farm He must make