The Globe-republican., 1899-01-12

A notably impressive statement is
that of Mr. James r. Kenne regarding
the present fiscal position Of the
United States, chiefly as the result Of
IN economic policy which has in
creased the use and consumption Of
our domestic products while at the
same time diminishing our use Of the
products of other countries. Nobody
win accuse Mr.. Keene Of talking poll
tics when he draws attention to this
wonderful development Of national
prosperity. Indeed. so far as any pub
lie expression of his on that subject
goes he can hardly be said to have any
politics.
Jay Gould once said that while he
belonged to any or all parties, his only
politics was the Erie road. Mr..
Keene's politics may be said. in the
same sense, to be the stock exchange.
Judged by the authorized interview
which he gave out for publication a
few days ago he ought to be Repub-
lican and a protectionist, but if he is
he has not said SO. In that interview,
while tesufying to a condition which
could only proceed from eighteen
months of protection, he refrains from
the acknowledgment of any obliga-
ton to the system which defends the
great home market as means Of en-
abling American producers to success
fully reach out after the worlds mar
kets. But We should let Mr.. Keene tell
the story of projections grand achieve
ments in his own way. He says:
ITO my mind the foreign trade Of
the United States is the fundamental
factor in the present situation. Most
people have apparently not yet appre-
ciated it's significance. The govern
ment figures of foreign trade show:
Excess of exports year ending June 30,
1896, $85, 1897 1888; excess Of exports
year ending June 80. 1897, $265, 621 .112;
excess of exports year ending June 30.
1898. $6.615,259,124. Total for three
years, 1896, S78.219. Excess exports
July 1 to October 30, 1898, four months.
$165, 799, 1884, making a total Of 81, 10O,-
OO0, 900.
Here is an addition of over 81, 1O0.-
100000 to the wealth of the country
from surplus products in a little over
three years. There is persistent and
importunate demand for our grain,
provisions. cotton and manufactured
products, which insures for the fiscal
year ending June 80 next another large
excess of exports. The total gain to
the country in four years will probably
be in excess of $3.50, 100000.
"The trade statement for the three
preceding years is important. show
ing the gradual growth of foreign
trade: Year ending June 80, 1893, ex-
cess of imports, $1S.735.72S; year end
ing June 30, 1894. excess of exports,
1921, 1880; year ending June 80. 1885.
excess of exports, $64.076.7S2. These
net sales of surplus products must be
paid for in some form. Foreign ma
lions did not have $1.100, 100000 gold
to remit, they sent us some gold and
some securities. Today they owe us
in various forms large amounts Of
money in the shape of liabilities, as.
for example, exchange, the collection
of which has been deferred. The debt,
moreover, will grow instead of de-
creasing. We have not demanded
money due us by foreign nations, be-
cause of the fear of disturbing mo-
mentary affairs in England, Germany.
France and other countries, and be-
cause it pays us to leave it at interest.
"A gratifying feature of our foreign
trade is the growth in exports Of man
ufacture. In Is years these have near
ly trebled. Last year they were nearly
5000, 000, 900. There is every prospect
that this growth will continue. We
have imported fewer manufactured
goods because We have learned how to
make our own, and with improved ma
chinery, abundant raw material and
skilled and well-fed workmen, We COM
pete with the world in manufactures as
never before. The opening of Chinese
ana Ol0cr EASTERN mdTkcIS Will IUEulSu
new and almost unlimited opportun-
ities.
1t is this enormous debt of foreign
nations to us which has made money
SO easy throughout the country, flooded
the west with capital, filed western
banks to repletion, and brought west
ern men in large numbers to invest in
our securities.
Hardly one man in a thousand in
the United States realizes this change.
The power of $500. O00, 900 increased
wealth no one can controvert. The
figures are so stupendous and the logic
Is so irresistible that the student
stands aghast. Few have ever seen
these figures grouped in this form, and
even the financial writer's of the press,
clever and able as they are. have not
seemed to grasp their magnitude and
the Irresistible investment and spec
ulative momentum they have unques-
tionably exercised. 1t must also be re-
membered that while this increased