New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-22
4 prCOPD OF FJFTT-TWO YEARS.

The table covering difty-two years, showing
he changes In the .balanceof trade between this
and other countries. not only places on record
,acfs about which there.has been much Hin
formed controversy, utyhas peculiar peril
,ence I'm connection withifnancal problems. III
,ppears that two periodk-Of low tariff before
The war and of currency imitation and debt
treating after the war-took from the country
s216OOO.OOO In specie, and yet left 1t in debt
H.241. 600 900 OF July l, 1875. With liquidation
and specie resumption came period of debt re-
1uction every year, which ended with $S2S,OOO,-
100 debt abroad when Cleveland was hrst In
augurated: but agitation for low tariff and In
,rease Of undervaluatiOns through Government
rulings hostile to home industries raised the
rpreignsdebt again to S1.19aOOO'OOO the year he
retired In HarrsOn's first year. before Treas
nry rulings could be wholly reformed or new
tariff adopted the debt rose further to Sl,24I,-
OOOOO. but was reduced on July l, 1873, TO
u.141 100000. Cleveland's,second term brought
canc and selling of large lots or securities by
Europe. so that enforced liquidation had re-
1uced the Indebtedness to'S697 ,OOo,OOO on July
I. 1897 But one year OF prosperity under the
new taIifft has reduced "Reminiscences shown
by official records over two-thirds OF that
amount, to,S22S, 1862
It is not supposed that no larger amount or
American securities is held abroad, but the rec
ord Indicates that, considering only exports ana
imports Of merchandise and specie, undervalu-
atoms. and interest each year on the indebted
ness at thesbeginning, the balance or securines
40 held, less all running Indebtedness on COM
mercial or banking account from other couh-
tries to this should be no greater, unless o'her
items not off cially recorded are taken into ac-
count These include the expenses OF Amerl-
cans.a abroad, less the. expenses of foreigners In
this country, and the remittances by immi-
grants to their friends abroad less the cash
and credits brought here by immigrants NO
accurate ejaculation Of these items is possible.
Though they were heldtby the most competent
students to about balance each other not many
years ago. 1t is quite probable that increase in
the number undergraduates Of American tour
lists aud of ren1ttances by immigrants, to-
eether with some decrease in the sums brought
by immigrants, have caused in recent years
some balance in favor of other countries on
these items.
Rut these are not strictly trade items, nor are
they dependent upon the policy adopted by this
Nation. What is mose important they do not
affect in the least those enormous changes
which appear Oh merchandise and specie ac-
count with interest Oh ioio'sH i"ucc'O""e"S'
The increase at some periods and the decrease
nj others have been so great as to point strongly
toward certain lines Of National policy as disas-
trous 10 this country, and especially currency
imitation and low ad valorem tariffs are thus In
d,cated With like clearness they show that
debt reduction and greater National indepen-
dence have been produced by sound currency
since specie resumption and by protection OF
home industries, especially by specific duties.
Whether our people have spent more or less OF
their earnings in foreign countries Is or small
importance. The question which concerns theil
all Is whether the earnings and prosperity OF
the people can be increased by one Nationai
policy or another. Nor will the fact be over
,aakAa thAt the vast decrease N foreign In