New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-07-22
FTFTY-TWO YEARS Or 1hh D1''

RECORDS SHOWING WHEN
LARGELY FOREIGN INDEBTEDNESS
HAS BEEN INCREASED OR
DECREASED.
,,. ,,,,,,oceIep,ed record Of foreign trade during
a., ,,., ascaI veor invites some investigate" VI
the s,n,e of trade balances In different pe''
| the following table merchandise eNpo'' ,n.i,,
| rorts are shown for hfty-two years anu "'". 80,
atons reckoned at 10 per cent OF imports ". ,or
estimated by Treasury ana e'oho'"' 49, enc.
many years but at only per cent uhuer VIC ''
,,,~,,,. and the present tariff. The net eN-
Ito or imrorts Of specie are shown an" "'
cess Of imports and undervaluations over cNi' 49,,
reckoned a. debt due abroad ana i"'oae tt
amount at the end Of each year aite' '''' rn.
lated as due abroad during the succeeu'nh 80 oar
rate allowed Is per cent until July l. DO anu p
' - 49,, .aar I, is assumed that the entlie
dh, ,,ior to the Civil War was either N't''"''
r.rualo,ad or cancelled. or collected by io''s
creditors after the war began wheh t"e 'aod
! securities and refusal OF credit by %
great prostration Each period runs from '"''
July Of the years named
July /. isis-July /, 1861 low tarln ana oe''
ton: "a, 1sh,
Merchandise s. .sp o5l,s ssssg5.i941ss
spceic net' 4Ic7oasn 's''O0- lou
July. 1851 rs. debt increasing each year
Merchandise 7os S5s d, 20 70 as
! tnderN
f Interest "e.. .... 3d,o'Sa" sa'"p.''-'
Merchandise M s73i3 2oG I2' S. !as ~; ~ t s,o
Undervaluations. * 500 pe
Specie. net. - .ss.S55.72o ss2s 1913 ''s
Iu,v lss5-July. 1889 cleveland, increase deo''
$780, Ol6 776:
Mcrchand.c sesa'Oeaeaa 81 5 - s =, 80
specie ne'.... ''4el,Sio s.oo2 ST. 81 5sio@ai
49,, eco rulv ,sq2 Harrison, decrease DEBT:
Merchandise 900 81 800 80 $50 s.. S2s go ss o,a
lndervS alt, EOS ga 40 go oeo 7gs
INV lsos-July. 1897 Cleveland and pan'c''
M,rchandise m 1888 90 23l s.sS 80 t tde @,
specie. net. i9S27ioei 1e.2i4sos seo75574as
'"J Juiy iso,.July. 1895 (McKnley-one year-new
Marchandise si2si.sises ss IS SO =
rndervaIultiors 20 soi G25 -
While there is no doubt that fully nan '"e u,,
LIBERALIZATION occurring under an an '"'o 'u ,,aA
has heen cut Of under the specihc tar'i lam.
=, MCKINNEY I'm 1890 and the similar tarih P"s''"
a., year Il NAV he added that were under'a'ua
lions reckoned at 10 per cent for the "hoie 80. 49,,
| there would he added N5osS,7@ 10 the net u.u'
| hes,dos four years interest, amounting W "''
! s3l.lp ,0,e hssan
49,. a., iors per,od Of low tariff which created
/
| 49,, balances abroad and drew from TINS couh-
| ,rv great sums in specie. In the ht'ee" Ss s
! ending July I. 1861. over shZ|oou" III P'.'o
metals went abroad. but with merchanoise eAp1'
apparc lily fell about SB.co"o snort o' o"'a ,,
| ,ronorts and undervaluations. With the OUTBREAK
| ' .f ,rao foreign debts were repudiated. while
| ou,r, NJ securities here for what they wou'u
| bring cancelled other large INDEBTEDNESS anu ~
may he presumed that by July l. lSi' ioie'sI !,
creditors had realized about as far as they cou'u
on their Indebtedness. Then came ia'se
| ing and fourteen years OF debt creation III WHY"
,r,rorts and undervauations. with interest on 'ne
balance due at the end OF each previous year. eA-
ceeded exports OF merchandise ana spe0io ~
., o,o $40 COX Iulv 1873 For this period interest
for dividends on property owned or on se'u
| held abroad has been reckoned at per cent
Then followed ten years of liquidation specie
| s,,r,n,,o, and debt reduction in which exports
! overv wear exceeded imports Reckoning In tne
same way but with interest reduced to per cent
on debts abroad the ten years appear 10 nav
reduced the balance due to sssls3oos July l. io''
This was shortly after Cleveands nrst inausura-
ton with It's threat OF change or tarn, ana III
inst four years reckoning on the same basis as
| before the debt abroad raised to Slso'2ioS5t
The following four years under President HARRISON
| with the Mckinley tariff in force during the ias'
| three years and undervauations reduced TOT 'hose
| wears and the one following. showed some re-
| duction OF indebtedness but because Of the heavy
wi,bdrawals OF gold for securities returned after
Clevelands second election, in November lss- the
statement for the entire period SHOWS reuucuoh
| of only S41496O6 by July /, 1898.
The manic then reached its height, foreign credit
was broken securities returned In large
amount and in the four fiscal years ending July
, 1857 with largely increased INTERPRETATIONS arter
the first year and with net exports OF sl%2lWo
| gold and silver the amount due abroad. reckoning
az before was cut down 1851 j57.iSS. II this be
| a correct statement, the fiscal year just closed
| has cancelled more than two-thirds OF the remain
ing foreign Indebtedness not by prostration or
| credit but by a prosperity so great that foreign
| holders could not believe II would last and they
| have repeatedly taken advantage OF rising markets
| IN sell a large amount OF securities. But there
| are not many who believe that the entire amount
| due abroad including the foreign ownership or
all property I'm this country OF various kinds, has
| been reduced TO than sos 1852. The
alternative is 10 assume that the sums spent by
| Americans abroad have exceeded the sums spent
| here by foreign tourists brought In by immi-
| grants so far as to materially increase the bal
| ance OF Indebtedness. In former years the sums
| brought in by immigrants were quite large. as
was disclosed by careful investigation, but In later
| wears the character Of immigration has consid-
| erably changed, and it IL believed that the sums
! brought hither in that way have been somewhat
diminished. on the other hand, without doubt the
expenditures of Americans abroad have materially
| increased and doubtless account for material
| part OF whatever foreign Indebtedness re-
| mains.
Suicide AT FORT SLOCUM.
| crpcrANT Nrrr MALAY KILLS IIMSFr WITH