The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1898-12-30
HORRIBLE FATE.

tno Kansas lily OtaI, Id ltS issue Q
dec. s3rd, has discovered a new
source of alarm. 1t proclaims tina
our foreign trade has grown So i'm
mense under the tariff laws Of tn,
Republican party, and is continually
increasing at such a rate, and oul
imports decreasing each year anC
each month Of each year to such an
extent that the gold of the whole
world will soon be dumped into oul
laps in such quantities that we will
be weighted down and will not know
what to do with the vast accumula.
ton. By most writer's on politicaI
economy it is generally supposed to
be a healthy condition, commercial,
lily, when the balance of trade i.
largely in country's favor.
Notwithstanding the Stars fears,
we think it would be safe to Con.
tinue in power a few years yet the
party which, by its legislation. has
brought about these conditions.
1t might be we'll to keep a jealous
eye upon its actions, and when the
accumulation of gold really begins
to become burdensome, a little
Bryan free silver talk or a letting
down of the tariff bars a little will
soon check the inflow so we can
breathe freely again.
Below We give the article in full:
Remarkably anomalous conditions
are developing in this country's for
eigu trade. Imports are steadily grow
ing smaller and exports larger. The
sales of merchandise to foreign coun-
tries this year has been the gre test
on record, and the purchases Of goods
abroad have teen the smallest in ten
years, with single exception, and the
smallest In twenty years, In proper.
tion to population. The aggregate ex-
ports will not fall far short OF 1850
millions, and the imports will be less
than 700 millions, leaving a balance
Of almost 600 millions. or this i'm
mense sum lbs millions have been set
tied by gold imports and an unknown
amount has been Cancelled by the pay
ment OF freight charges to foreign
vessel owners, by the expenditures of
American travellers abroad, and by
the return OF American securities held
by foreigners. These items have been
variously estimated and generally in
eXtravagant figures. In the five years
from 1891 to 1895 inclusive the net ex-
cess Of exports over imports, including
gold, silver and merchandise, averaged
over 100 million dollars per annum,
and as foreigners were selling instead
OF buying American securities during
all Of that period, the average annual
net trade balance In those years must
cover the three indefinite items re-
ferred to.
Now the question arises, how long
can the United States continue to sell
TO foreign countries hundreds OF mil
lions OF dollars worth OF goods in ex-
cess OF what Is purchased abroadf
Trade accounts must balance in some
way. The United States cannot con.
tinue to draw hundred million dol
lars OF gold annually from Europe. be-
cause Europe cannot spare it, and be-
cause this country will have no need
OF any such accumulation OF gold.
AS long as Europe has American Sc,
curities to return, part OF the balance
can be paid in that way, and part OF II
will be settled by transportation ser
vice performed by foreigners tor TIL.
country. A good many millions Of il
will be spent every year by American
travellers abroad. But there remainI
large balance TO be accounted for
and there will be every year. TIL,
rapid development Of this country
manufacturing industries is not 0nl,
shutting out foreign-made goods. bu
1t il also increasing the exports ever,
year, The shipments of MANUFACTURED
goods have almost doubled in tiv,
years. There is also the certaint,
that Europe will continue to take in
creased quantities Of food stuffs from
the United States. Despite gooC
crops abroad this year the expectation
of American grain and meats is large
now than ever before. There is n
reason to doubt that this country
excess OF exports over imports vii
continue large for many years To come
What will be the outcome OF thes
anomalous conditions? How will FOR
eiRn nations settle these enOrmuu
trade balances? How can trade cor
tinue indefinitely with such a d..
arity existing year after year?