The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-05

and money than was sent away during
the same period.
A few years of that sort of trading
would bankrupt any nation
This republic is a business institu-
ton, when. it comes to carrying on a
foreign trade. It's affairs must be reck-
oned as are those of a firm. Uncle
Sam is in the position Of a farmer run
ming a great farm. The entire trade
with foreign countries must be con-
sidered, both the buying and the SELL
I ing; paying out money and receiving
money. A correct result cannot be
reached without taking into considera-
ton all these things. A firm engaged
in business, or a farmer running a
farm, has two sides to the business
account. One side is what is parted
of the firm or the farmer. The other
side is what is received; what comes
into possession. One side of the ac-
count is made up of what is sold, or
money paid out for expenses or any
thing necessary in running the bust
ness. The other side is made UP CT
what is bought and the money received
from any source connected with the
business. When these two sides are
summed up. the difference between
them will determine the loss or gain.
If the difference shows that all that
has been sold and all the money paid
out is less than the sum of all that has
been bought and all the money re-
ceived, then there has been a gain. If,
on the contrary, it appears that all the
goods bought and money paid out ex-
ceeds all the goods bought and money
received, there has been a loss.
In considering the foreign trade of
the country, therefore, it must be kept
in mind that there are two sides to the
account. On one side of the ledger is a
list Of what is sent out of the country,
the exports. On the other side is what
comes into the country, the imports.
Foreign trade requires that three
kinds of tables be used for the sake of
convenience and accuracy; that COM
modities be considered as merchandise,
gold, and silver. In order to determine
the state of the trade, it is necessary
to consult all of the tables. The pro-
lection organs quote from only one
I'VE exported merchandise valued at
81, 291, 500 $50; our imports We're $685.
COS, 159, leaving an excess of exports in
the unprecented sum of $615, 324, 791, .
says an enthusiastic Dingleyite, con-
corning the year ending June 30, 1898.
Nothing is said about what was re-
ceived for that S615, 1924, 791 of excess.
The obvious intention is to create the
impression that, having sold $615, 924,
791 more than we bought, we are that
much ahead on the years business.
The inference, without referring to the
government reports, is that there was
a sufficient Importation of money in
! that time to balance this enormous
sum; in other words, that S615 S24. 791
had been sent to this country in ex-
cess of the exchange of produce.
The official figures show that, during
the year in question, the excess of the
import of gold over the export was
S104. 9S5,2S3 while the excess of the ex-
port of silver over the import was
$24. $50. COS.
a little calculation will show that
the entire import Of money metals over
the export was $50, 7O4, 625, and this is
all that the treasury reports anywhere
show that we have received in ex-
change for the enormous Importation
of merchandise.
This means that there was, in the
year 1898, the sum of 1854, $40, 166 sent
out of the country, for which the re-
ports of the treasury department fail
to show that we have received a single
dollar Of anything in return.
When defenders of Dingleyism are
able to tell what the American people
received for this sum sent out, it will
be worth hearing them. And, after that
is explained satisfactorily, it win be in
order for some protectionist to explain
why it is necessary for US to send out
such an enormous amount of produce,
for which, according to the treasury
reports, nothing has been received in
return.