New-York tribune., 1897-07-30
FOREIGN TRADE.

The Bureau OF Statistics has issued It's pre-
ljmlpary statement of foreign trade for June
and the fiscal year ending with June In FORM
which is the more suggestive because II COM
pares the returns for that and other fiscal years
since 1894 As students well know, there IS no
real use in treating any of the ofncal records
prior TO about 1866 as at all trustworthy, ana
except for forms sake the earlier years might
nc we'll bc omitted Investigation long ago
proved that the sOcalled official records in years
prior 70 the establishment of the Bureau OF
Statistics were crowded with inaccuracies
sometimes so gross that imports were officially
stated in place of exports and vice versa, the
fact being regretfully acknowledged by the Off
cial making the report after it had passed into
the permanent and printed record. But approx
imately the value of all merchandise exported
never quite reached S3OO,OOO,00O in any year
until 1860, and the value of merchandise i'm
ported only once slightly exceeded S35OOOOOOO
namely in 1860 In the twenty years after
the discovery of gold merchandise imports al
ways greatly exceeded exports two panic years
excepted. and the outgo of gold and silver to
pay balances was enormous
Coming to what may be called modern times
and fairly accurate records, the excess Of mer-
chandise imports over exports continued with
out break until the passage Of the Resumption
act As long as the country was willing to use
a deprecated paper. 1t had to pay every year
the cost in exports of specie amounting to many
millions. During that period merchandise i'm
ports had risen nearly S3O0,0O0,000 above the
maximum in 1860. while the maximum Of mcr-
chandIse exports rose only S2j0,000,000 above
the amount in 1860 When the panic Of 1913
brought the complete breakdown of depreci-
atcd currency there were two years of uncer-
tanty and laborcd attempt 10 adjust balances,
and then the Resumption act'opened new era.
Since 1879 there have been only three years
in which domestic exports fell below imports the
fiscal years 1SSS. 1889 and 1899. and i'm all these
the policy of President Cleveland was poten-
tia factor Gold imports began before specie
resumption came. and continued with but two
years interruption until 1880 But in the years
since 1857 silver imports have become large,
swelling net exports of specie 10 nearly $780,
100000 in the five years ending with 1883, and
since that year the net exports Of specie have
bren heavy There came first period Of enor-
nous debt-paying and foreign investments, end
ing with the fiscal year 1892 in which merchan-
disc exports exceeded imports by more than
S3OO.OO0,OD. while specie exports exceeded i'm
years 1892 that merchandise exports for the
first time exceeded 81 0O0.000,000.
The panic period began with the fiscal year
1893. which included the election and naugu-
ration Of President Cleveland. In that year
exports of merchandise and specie exceeded i'm
ports by SSG.000.00O. in 1894 by S2Sl 100000. in
1895 by S132 000000 and in 1896 by S213.00O.-
O0. After S1l2,O0O.OO0 I'm merchandise and
specie had gone abroad in excess Of imports
within four years indicating heavier liquda-
ton of Indebtedness and withdrawal of foreign
capital from this country Than had ever been
known in any like period. even after all proper
allowance is made for undPrvauatOn OF i'm
ports, the reaction began in the middle of the
fiscal year just closed. Merchandise exports
were The largest ever known-S1. .OJ1. .9S7. .O91.
against sl.03021S14S in 1Sg2-but reported i'm
ports were only S7G4.313,90J. against $S27 4O2-
4G2 in 1892. showing great nominal excess of
exports The truth is that the merchandise i'm
ports were so undervalued that a large part of
the apparent increase is due to fraud and the
net excess Of imports over exports of gold and
silver during the last fiscal year was only about
S13,OO0,000. Practical men will not believe that
so vast an Indebtedness of other countries To
this has been created in single year. and if
the records prove anything. they prove that the
actual value of imports Of merchandise exceed
ed by more than S1J0.0OO,OO0. or 20 per cent. the
sworn value stated in invoices This is the
practical effect Of tariff imposing duties main
~ al valorem and it Is distinct benefit TO the
country 10 have il made clearly apparent in
the official records