New-York tribune., 1897-01-17
Az JUPPESSITE REPORT.

The returns Of foreign commerce for the
month of December are Of the utmost impor-
lance The excess Of III rrchandse exports over
imports was not only as large as was expected,
but considerably larger, amounting TO Sj9.2I1.-
Ono II will be remembered that the exports
in the three months ending with November
were IN value 500. 1851. while imports were
in officially reported value only S1J1 1.36l .3Jl.
Adding December returns there is obtained for
thc last four months Of the y'ar 1896 the value
of merchandise exports amounting to $42i.9I6.-
Go against merchandise imports amounting to
ONLY S2O931I I36O The excess OF exports was
therefore S21JGJ9319. or over S600OOO great
or than the total value Of imports as officially
reportcd No such return has been made for
"A similar period i'm the past history of foreign
commerce. and with all proper allowance for
the differentiation Of imports, the record IL as
important as II is historically interesting.
The net imports of gold in these four months
have been $40. .SOG,i,S. which is almost equal TO
the entire excess of gold exports in the whole
wear lS95. II Is Obvious that much less than
half the debt Of other cOuntries on merchandise
account has been paid ana in banking circles
il is well known that English bankers are try
ing TO negotiate here for n virtual extension
of loans made by this country through opera
tions in long sterling exchange. on which some
thing like S4OWO00O Is said TO be due by
London But il is not believed that the Eng
lsh market has been sending securities here
in excess of those bought here for some months
pas, There is an obvious and large balance
unsettled beyond such sterling transactions.
and il is i'm favor of this country.
| The differentiation Of imports must he held
| accountable for heavy difference between
| the actual and the reported balance of trade.
| During the wear 1896 the dutable imports were
i'm official value SJS. .tI. IOI. but il is generally
believed that the differentiation Of such i'm
| ports averages nj least 20 per cent. and If 80
something like S12ONIOO0 must be added 10
the reported value of imports. which means
| that Government has been d"fraudcd by the
ad yalOfcm or Democratic system of about
S3OODOOOO How greatly ;hc people have been
defraudeI by denial OF the scant measure Of
protection which the Wilson tariff pretended TO
give them cannot be calculated. But If ST.
100000 be- added 10 tie reported value of i'm
! ports there would still remain for the year
! 1896 an excess Of S2J3Oo00O exports over true
! imports To this must De added the rcmarka-
! hlc exports OF silver exceeding imports Of that
| metal by SJO.Jli.1',9. ON the other hand. net
! imports Of gold were only Si6O2.'J9l 80 that
! the excess Of all exports. merchandis" ana
! specie over all imports was about S2I1.0O.OOo.
| There was n large liquidation of foreign indebt-
cdncss in some Of the earlier months Of the
year. when disrIst abroad and nt home caused
| sales of American securities on foreign account.
But the course of events for the last three
months at least has not been Of that nature.
This country has been piling up unsettled
demands against London primarily. ns the set
tlng agent for the rest Of the world II is not
probable that any Of the current estimates Of
such unsettled claims is high enough. The
comparison of exports and imports. even after
allowance for undcrvaluatons. indicates that
there is a heavier balance in favor Of this coun
try than has been supposed. The new Ad-
mInistration will therefore take office. not long
hence. with u large measure Of security against
| any dangerous drain of gold until the revenue
system Of this country can he reformed and
the semi -barbarous ad valorem methods Of
| Democracy swept out Of the way. In this re-
spect the country Is already incnlcuably better
| off than II was when votes were east In the be
, ginning Of November. for there Is fair security