The times. [volume] (Richmond, Va.) 1890-1903, 1899-03-31
OUR FOREIGN COMMERCE.
The Growth of Exports ana imports
Since Attention of she Constitution.

\ picture ~ the foreign commerce Of
the United States from the adoption OK
the Constitution 90 the present time Is
pras.uted fu "A single table which forms
A uart Of the recently issued Tee
MORT ~ CHIEF OF the Bureau OK
statistics This table shows tine im-
ports and exports and excess OF Imports
.u each year since the adoption VI the
Coutituti0n. and includes both merchan-
disc and specie. The total imports of
merchandise ina the entire period are s2s,-
g79s6l. 4s1 and the total exports, S5l.s52.-
202 gs5. making the excess of exports OK
merchandise S9,22il.in. Tho total I'm
ports OK gold and silver are $3.50. 80
and the exports. g. l0O,6Z35Sl, making the
excess of exports 0f specie Nf0V,f,3Z5L
Comi ming these. the table shows the to-
tai imports OF merchandise and specie
BOO the entire period as @lg20 10 .s0l, the
exports as &l.352S2C.56G and the excess
0f exports SZi32. lli.ll9.
Commenting upon these figures the re-
port says. "rhe fact that the statement
gives tho total exports OF merchandise
since 1859 as practically billion dollars
in excess of the imports OF merchandise
and the grand t0al OF exports two and
a half billion dollars IN excess Of the I'M
ports seems susceptible of explanation.
"All statements OF values of imported
merchandise give merely tho cost OF the
goods abroad and do not include the
sums paid for their transportation 20
the United states. which OF course enter
into their real cost 20 tho importer and
their real value Statements OF value Of
goods imported uto The United states
are. therefore. 90 that extent mlslead-
ing no obtain the real value Of imports
at the point where the value OF exports
is taken. tho cost OF freights should be
added a recent elaborate computation
puts tho average costs Or freiehts on
imported goods at 80 per cent or their
original cost III this Doe accepted as o
fair addition 20 be made for treieh.s 70
the stated values of tho imporlailons
.iroe i-q II would make their real value
$1,000 250129. a sum which ABOUT equals
the value o. the merchandise
with the exports OF merchandise prac-
fioauv equalling the imports of mercnan-
disc. The excess in the grand total OF eN-
ports must he found chiefy I'D inc specie
account and amounts approximately 10
81 -luU0O This excess of exports or
rurria seems 20 he accounted for py lHe
fact chat large SUMS are annually sent
abroad ON account of foreign capita in
vested Ina the United States and consld-
CRADLE sums also expended abroad 10y our
citizens temporarily s0Journng ln lot
eigu countries THE earnings ot iofei-N
c4nItal invested iu The United states nave
recently been estimated 900 S'"'Np"' p'I
auuum. and the expenditures 1pi'd4 "f
american citizens at 80 100000 per an-
num- Tf 10 this bc added t-I"'"' p'i
amum for liquidation ot tine primer l'
OF our foreign indebtedness. the operation
OF a single decade would account Iot Tue
entire excess of expectations
While au of the calculations 'nle.
uuou for the purpose oi 'dJu- ."s '''
.,rard International balance sheet are
necessarily estimates they are iHe 'ol
/ e.n.ls of views of those whose ripe eA
r.ri.uce gives value and accuracy "a
th.lr Judgment iu these matters.
one interestine fact shown by the IA
bile covering the imports ana exports os
wears since 1859 whether of merchduuie ,
or OF merchandise and specie combined
| IS that prior to 1876 the imports Amos
constantly exceeded the outflow or eA
ports. while since that time the oulno"
has almost constantly exceeded the M
H9w. This is probably accounted loi
by the fact that Do the Garner yea,
money was borrowed abroad for use i
construction of railroads. development OF
farms and establishment or Iac-oflr-
and that ln the latter years the excess
of exports has been devoted Co payment
of interest and part Of the principal
well as the larger expenditures or our
/ citizens abroad Tho excess NJ impor.
0f merchandise and specie prior Co lni'
was H.mlE9W2. and tine excess of eN'
ports since that date &5llHi6L
Two important facts seem 20 DE sus
eested by study of this balance sneel
OF our International trade. First. thai
our reorl. arc RAPIDLY uluIlatln4 their
/ foreign indebtedness. second, that Io'
] the sake of accuracy in our accounts oi
! FOREIGN commerce au statements of Nal'
ICES of imports and exports should oo
/ made with reference t0 common point
/ viz the door thr9Heh which they enter
and leave the country
I'm the above attempt % balance me
accounts of our international ulde iI'
sums estimated annually expended TOT
reiehts on imports are included no ma
additions made % the stated valuation
Of imported merchandise while lnos'
| on exports do not affect the statements
| of value 40 point of export1i zion.
The following table shows the totals oi
! the imports and exports ~ merchandls'
anu '''' '''' 1889 10 1893
Merchandlsei bo. l.'i.-.. ,..
Ir,no-ts ................ %. 1919 g61. 49,
| Excess or exports '"''' ''-'-i''''
! Gold and silver 100 e59 -s,
NI.. le40 100 32t
rvocss n, svporis ...... 1.iG0 4-3. 25
| Merchandise and gold and
silver combined --.-...-. -.-
....... sl 9201ll sol
.. -, ,~ror,s ....... 2t92 TI4.7 5'