The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-07-28
ASTOUNDING FIGURES.
Railroad President shows How We
Got Practically Nothing for Our
Vast Foreign Debt.
The Resources Of the People Now
Consumed to Pay Interest ON
Bogus Capital and Bank
Credits.
Special Telegram to the Tribune.

Special Telegram to the Tribune.
WASECA, Mimi. July 20.-The address
OF President Stickney, Of the Great West
ern railroad, before the assembly ol the
financial ills and the remedies therefore
Is In part as follows:
Il will begin the consideration of my sub
ject with "A commercial conundrum. Since
tho beginning Of the civil war. we, Of this
country. have sold to foreigners merchan-
disc valued at more than a billion and
half Of dollars in excess Of what we have
bought of them, and at the same time have
run in debt TO foreigners to the enormous
amount of several billions OF dollars.
This is the conundrum How has it
happened? What consideration have We
received for this indebtedness?
FOREIGN INDEBTEDNESS.
There is 40 way of ascertaining the
exact amount, but it has been estimated
that on account OF the bonds issued by
the United States government, by the var-
GUS states counties and cities. by railway
and other corporations, and by bonds and
mortgages issued by Individuals such for
eign Indebtedness amounts in the aggre
gate to the enormous Of three four
billions Of dollars. In addition to sach
Indebtedness, the people of foreign lands
corporations and ownership to lands, brew
cries. Touring mills and other American
properties of the aggregate value Of per
haps) another half billion of dollars.
EXPORTS AND IMPORTS.
'"Phere is no such uncertainty as to the
exports and imports. All the products of
this country which are sold and exported
to foreign nations and all the products Of
aipn NAT u
ported, are entered at the custom houses
where records kept.
Such records show that during the sc
years between June 80 1860. and June 3O
1896 during the time the bulk Of this enor-
NOUS Indebtedness was being created, the
people of this country sold and exported
to foreign nations about 81 1,094,OO,0o0 in
value, measured by the gold standard more
merchandise than they purchased and I'M
ported, and, in addition. the gold value OF
SILVER exported exceeded the gold value of
silver imported by more than A05,o0o,CN.
but Notwithstanding a balance Of trade
IN our favor of over 81 .49e. 10000. we have,
IN some way, contrlVed to get IN DEBT.
and have parted with the title to property,
together, equal in value to the nconceiv-
able sum Of four or five billions of dollars.
HAVE WE RECEIVED MONEY?
1T is the popular notion that the con-
edoration which has been given for foreign
Indebtedness has been actual money sent
over during the war in payment for the
government bonds, and since. in payment
FOR railway and other securities. 1t Is a
popular notion that when Englshmen buy
American securities they send over to this
country money In exchange. But this is a
molten which is easily disproven.
1T must he understood that the only
thing which IS money. in international
trade, is gold, and the treasury depart
ment also keeps record of all exporta-
tions and importations Of gold. Such rec
prds show the astonishing fact that during
the time this Indebtedness has been accu-
mualting this country, instead of receiving
billions of money from abroad. has ex-
ported to foreign lands $725 600 GOO of gold
in excess Of the amount it has received
from foreign lands
Let us state the whole account. During
the So years. from June &c. 1860 to June 30
1895, our people sold and exported to for
eign nations:
Merchandise in of import
silver in excess OF import (sold
Gold in excess OF import . . 1900 900
foreigners, corporate stocks lands
etc, Of the estimated value Of
Nsey) .................... boo o0oOo
Making a total of - ... S. 724 600 900
"On the face Of this account foreign ma
tions should be indebted to us in the sum
Of more than two and half billion dol
lars on which the interest. at, say, per
cent, amounting to $125 G00,0C0 annually,
should be collected by us, but instead
are indebted to foreigners in the sum of
four or five billions of dollars on which
we are paying interest, amounting to per-
haps $3.50 600 900 annually
I'm other words. the people of the United
States are annually exporting $3.50 OOO coo
worth of grain. cotton, cattle, etc. for the
purpose OF paying interest to the people Of
foreign nations while on the face Of the
account the people OF foreign nations
should be sending US annually s1'- '*" '"'
worth Of their products for the purpose
n fO he nf
country.
1.-The difference between the facts and
the face OF the account is nearly, or quite.
9S15 900. 600 per annum against
do you realize what 3375, ,000, 600 per an
mum means? The total value on the farm
Pf an average wheat crop of the whole
United States is less than $315. 900 600. The
total value of an average crop is
but little. If any. more than $4,000, 900.
EXCHANGES DURING THE CIVIL
such is the astounding result of the
full statement OF the International ex-
changes during pesod of Sc years. A.
Ahe full statement gives no explanation to
abe conundrum let see if such an ex-
PLANTATION can be found in the details Let
ns examine the popular notion that for
Hign governments contributed large sums
Rf money to the government during the
civil war
1T will be recollected that in order TO
garry on the civil war the government is
sued and sold about 81. 773, 900, 600 OF bonds.
And 1t is approximately true that about
bne-half Of these bonds were sold abroad
Rt about 40 SO per cent of their par
ralue Thus was about billion and
nalf of this foreign Indebtedness created
Nor the inadequate consideration of. say,
16OO,OO0,O0. But how the 100000 600
paid? Was it paid in money?
THE first Of these bonds were issued in
1852, and the last in 1866 The treasury de-
Rartment returns show that during the
&our years of the war and the succeeding
year OF settlement Of war accounts the
United States, instead Of receiving $327, ,OOO,-
goo from abroad, actually exported $45, ,OOO.
900, the excess Of expectation being over
1882, 100000.