New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-20
LOSSES TO EUROPE.

The statement of foreign trade for June and
for the fiscal year Is a very saddenng ex-
posure of the unwsdOm of the existing tarlH.
The value Of the dutabe imports as officially
stated is only 1860, 7S6,39S. against S3b3 233 100
for the previous year. but it is we'll known that
the true value of such imports is much larger.
On the face of the returns there appears an
excess of merchandise exports amounting to
$1O2. sol 1913. with net exports Of gold amount
ing to $50 521 ,2S7, and net exports OF silver
amounting to SAG. 72G,345. making in all $780,
O43555 in value sent bIOad in excess OF the
value of merchandise and specie imported. 1t
is not necessary TO say that this most melaIl-
choly exhibit considerably exaggerates the eX-
cess of outgo Undoubtedly material part Of
the apparent excess Is due to the fraudulent
differentiation Of imports. In the light or
many official investigations there seems to be
no reason TO doubt that this differentiation
averages at least 20 per cent of the dutiable
IMPORTS or about S75,000,000, and 1t may be
even larger.
But at that reckoning there would remain no
less than $50. OO0.O 900 excess Of merchandise
and specie exports over imports for the fiscal
wear Just closed 1t is not at all probable that
interest on foreign debts of all kinds, National,
State. municipal, corporate and commercial,
exceeds 500 900 600, for it is easily demonsrable
that the aggregate Of foreign Indebtedness Is
not more than $1,1OO.OO0.000, and while no in
terest whatever is paid on part, and only small
interest on another part, the average for all
certainly does not exceed . per cent. While
Populists and silver men put the figures OF in
| debtedness and interest much higher. it is de-
| monstrated beyond dispute that the balance
received from all foreign countries for the last
| forty years, after liberal allowance for under
| valuation does not exceed the amount here
| stated But this leaves about Sl0OOOOOOO sent
| abroad during the last year in excess OF interest
| Oh debts The inevitable conclusion Is thar
| foreign investors have been diminishing their
| holdings during the last year by about $780,
| 100000. Notwithstanding the numerous transac-
tons effected by Mr.. Morgan and others who
| have placed American securities abroad, ana
the frequent reports Of London buying in the
stock market
Those who are acquainted with the nature or
operations on the Stock Exchange know that
! the shrewdest dealers often hide their transac-
| tons by making such sales as II on 1or-
eign account, and the Street Is frequently de-
| ceived in that way. But the offcal returns
| from all the custom houses are not doctored
| for speculative ends, and they make 1t clear
that selling by foreigners has greatly exceeded
buying during the last year. OF some heavy
| transactions on the opposite side the public Is
| promptly informed; of the sale Of a controlling
interest in the Anaconda mine, for instance
But the continued dribbling Of stocks and
bonds which are sold here by foreign invest
ors because they apprehend evil consequences
from the silver craze attracts scarcely any al
tention at the time, and yet 1t takes out OF the
country an enormous sum-
This state Of things cannot continue win
out serious trouble But the men who talk OF
supporting n silver ticket this year are com
PEELED to face the fact that any part of $1,000
| 100000 still due abroad may be collected III
the same way, without warning and suddenly
if there is supposed to be reason TO expect a
victory of the silver party. No sane man
| imagines that this vast body Of foreign ndebt
etlness or any considerable part of it can be
paid without frightful disaster. The with
drawal Of gold from this country might empty
the Treasury in single week if there should
be serious alarm abroad Every announcement
like that of Purroy and his Tammany associ
ates in favor of the Red Revolution ticket Is
| likely to start an epidemic Of selling American
securities, which nobody in this country has
| power to resist Here there Is confidence that
the BRYAN ticket cannot succeed. But people
In England. Germany and France do not know
the situation here with accuracy. and every
declaration for the party Of free silver is there
| fore step toward National disaster.
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