Arizona republican., 1899-03-31
Grand Total Shows Exports
 Exceed the Imports.
CHANGES IN RECENT YEARS
Until 1876 inc Imports Almost Con- StanfIY ExCt eded inc Exports, But Since that Time inc Ball. anCe of Trade Has Been Almost All inc Time tn Favor of fhe United States.

Washington, March 30.- Special. )--
 A picture of the foreign commerce of the United States from the adoption of
 the constitution to the present time is
 presented in a single table which forms
 a part of the recently issued report Of
 the chief of the bureau of statistics.
 This table shows the imports and ex-
 ports and excess of imports or exports
 in each year since the adoption of the
 constitution, and includes beth mer-
 chandise and specie. The total inn
 ports of merchandise in the entire
 period are s29, ,979, ,961, ,487, and the toal
 exports, $3O,9 ,952 ,202, 1885, making the
 excess of exports of merchandise
 $972, ,241 ,498. The total imports of gold
 and silver are $1,940, 15O,3 1920 and the exports, s3,4OO. .62S, ,5S1, making the ex-
 cess of exports of specie $1, ,460. .473 ,261. combining these, the table shows the
 total imports of merchandise and spe- cie in the entire period as $31, ,920111- SO7, the exports as $34, 1852 ,S26, ,566. and
 the excess of exports $2,432, TIA. .759
 Commenting upon these figures, the report says: "The fact that the, state
 ment gives the total exports of mer-
 chandise since 1789 as practically a
 billion dollars in excess of the imports of merchandise and the grand total ex-
 ports two and a half billion dollars in excess of the imports seems suscepli-
 ble of exp.anation.
 ''AlFNatements of values of import ed merchandise give merely the cost of the goods abroad and do not include the sums paid for their transportation to the United States, which, of course, enter into their real cost to the im- porter and their real value. State ments of value of goods imported into the United States are, therefore, to that extent misleading. To obtain the real value of imports at the point where the value of exports is taken, the cost of freights should be added 4 recent elaborate computation puts the average cost of freights on imported goods at 3.5 per cent of their original cost. If this be accepted as g fair ad- dition to be made for freights to the stated values of the importations since 1789, it would make their real value $31, ,029, ,26O, ,139, a sum which about equals the value of the merchandise ex- ported.
 With the exports of merchandise practically equalling the imports of merchandise, the excess in the grand total of exports must be found chiefly in the specie account, and amounts ap- proximately to $1,50O, 100000. This ex- cess of exports of specie seems to be accounted for by the fact that large sums are annually sent abroad on ac- count of foreign capital invested in the United States and considerable sums also expended abroad by our citizens temporarily sojourning in foreign countries. The earnings os foreign capital invested in the United States have recently been estimated at ESQ.,, 000, ,060 per annum, and the expendi- lures abroad by American citizens at $50, ,00O,00 per annum. If co this be added $2O,0OO, 900 per annum for iiqui- dation of the principal of our foreign indebtedness, the operation of q single decade would account for the entire excess of exportatiOns.
 While all of the calculations entered upon for the purpose of adjusting the grand international balance sheet are necessarily estimate tLey are the con sensus of views of those whose ripe experience gives value and accuracy to their judgment in these matters
 One interesting fact shown by the table covering the imports and exports by years since 17S9 whether of mer- chandise or of merchandise and specie combined, is that prior to 1875 the imports almost constantly exceeded the outflow of exports, while since that time the outflow has almost constantly exceeded the inflow. This is probably accounted for by the fact that in the earlier years money was borrowed abroad for use in construction of rail- roads, development of farms, and es- tablishment of factories, and that in the latter years the excess Uf exports has been devoted to payment of inter est and a part of the principal as well as the larger expenditures of our citi zens abroad The excess of imports of merchandise and specie prior to 1876 was $1,0S4, ,339 ,912, and the excess of exports since that date $3, .054,G71.
 Two important facts seem to be sug- gested by study of this balance sheet of our international trade: First, that our people are rapidly liquidating their foreign indebtedness; second, that for the sake of accuracy in our accounts of foreign commerce all statements of values of imports and exports should be made with reference to common point, viz, the door through which they enter and leave fhe country