The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-28
WHO ARE PAYING THE DEBTss

If it be true that England is our
creditor and we her debtor, we are,
or should be, liquidating our debts in
a. manner that will soon relieve us
from debt and reverse the positions.
We cannot certainly be going on year
after year piling up annual balances
of trade in our favor which represent
only free gifts. Something must be
received for the excess, and, as it does
not appear in the lists of imports, it
must be in the liquidation Of debts,
usually a silent and unpublished pro-
cess. The London Statist is giving an
attention to the trade relations of the
two countries that indicates the impor-
lance given there TO this excess of
their buying over their selling. In the
eleven years 1872 the least excess
Of our exports to England over i'm
ports was f3S, 900 in 1883, and for
1897 the Statlst estimates that England
will buy 100000 900 more Of our prod
ucts than she sells OF hers to us. This
$4OO00OOOO is paid in something.
The Statist is evidently Of the opin-
ion that we are borrowing less and
paying off previous loans 1t says Eng
land is loaning less, being unwilling to
make investments here because Of the
uncertain condition of our currency
question; but, if that is the case, it
makes it all the more probable that
English capitalists are realizing on
their investments in our stocks and
bonds made when their confidence had
not been disturbed. Assuming this to
be the true explanation of this appar-
entity unpaid balance of trade, it be-
comes a matter Of local interest to
know who it Is, what division of our
industrial army it Is, that is doing
this enormous debt paying; which one
is furnishing the money or the means?
For the ten months ending with Oc-
tober the value of our exports was
S204 ,000, 600 in excess Of our imports. OF
the $S42 O00,000 worth Of our products
sent abroad, $54S, 900, 600 worth was the
produce of our farms. They were IS
per cent of the entire value Of all ex-
ports. Our manufacturers reached a
higher percentage than they have yet
attained, but they Jagged behind the
farms with but 81 per cent Of all, rep
rescnting 1924, 72S09 worth. With all
the fostering they have had for over
thirty years, it would seem as If they
might do a little more than that in
this debt-paying operation and not be
continually begging the farmers to
help support them in addition to fur
nishing the wherewithal to pay off the
bulk Of debt.
The monthly report of the statistician
of the treasury for November indicates
more strongly than did the October
summary how much of this debt reliev-
ing the farms Of the country are do
ing. For the eleven months Of the cal
endar year the value of farm products
sent out amounted to $685., 2O6 900. This
is greater than the amount Of the whole
twelve months Of any year since 1898.
except 1886, when the total was 1884,
6SS, 45O. It exceeds the exports of prod
uce for the eleven months of 1895,
which were $5SS, O99, 512 Of this nearly
5000. 900, 900, >-breadstuffs contributed
over one-third, or S213, 500, 427; provi-
sions, $121, OBI, SIC, and cattle and hogs,
$33, OS3, 476. The fall in the price of cot
ton has reduced the share of the plant
ers from over $3.50, 100000 in 1896 to
$176 sol, 7SS in these eleven months The
worlds shortage in breadstuffs is
shown IN the excess of our exports
over former years, the value for the
eleven months of this year being $213,-
596,427, as compared with $154, 656,77O for
1896; sos 6SS, 1893 for 1895, and Sill, GAG, 43O
for 1894 Provisions show an increase
of $4,5OO.o00 and cattle and hogs Of
$1,5OO,OOo over 1896 It thus appears
that, as usual, it is the farms Of the
country that are now doing the debt
paying, as they have hitherto furnish
ed the foundation for the borrowing.