The Penn's Grove record., 1899-03-10

valance, the American ptoplt, uo uuuo''
would like to know by what intellect
ual process he extracts satisfaction
from the situation The reports OF tie
Treasury Department show very clear
ly that during the time between June
30, 1873, and December 81, 1898, our
exports of merchandise and money met
ais exceeded the imports by over $4,000,
900 600. How this vast sum fol which
we have received nothing can be called
a satisfactory balance is ditliculJ>to un-
derstaad. If it is satisfactory to any
body the public will be interested in
knowing who it is that experiences the
satisfaction. Very certain it il thar
no patriotic American citizen ought to
regard such a showing rs satisfactory.
It is to be hoped that the President, or
his Secretary of the Treasury who sat
by and heard the remark, will, when
the next opportunity occurs to address
a commercial organizatian, inform the
BubliG wiz ~ Io tlbh 10 bChVlAiNN " NV
enormous export for which there is no
equivalent import.
1t is not what we send away, not
what we part with, that measures the
nations gain; but it is what we, get
back, what we receive. No matter
what may be our export, it will he a
loss, and the greater the amount of it
the greater the loss unless we have an
equal import. 1t is possible, of course,
that individuals may profit, but the ma
tion in the aggregate is the loser unless
every export is replaced by an import
of equivalent value.
All the talk of the President about
our enormous export and our ''satis-
factory balance" is not indicative of
more than a schoolboy's intelligence,
unless he intended to convey to his
hearers the impression that the "enor-
nous export" had not only been equal
ed by an import, but that the import
was large enough to make an actual in
crease in our national wealth. If this
was his meaning, then his knowledge
of what is shown by the statistics of
one of the departments of the govern
ment oyer which he presides is sadly at
fault. ~ e.
Not only has the nation, since 1873,
been the loser by the enormous sum
menti oned, but the loss month by month
has been increasing, and is larger now
than at any time previous. The aver.
age monthly excess Of exports inner
chandise, gold and silver over all i'm
ports was, during the first five years of
the period beginning with June 80,
1878, a little less than Sll 600, 900, while
during the five years ending June 30,
1898, the excess Vas almost S24, 600, 600
per mouth. During the fiscal year end
ing June 30, 1898, the excess of exports
over the previous year was increased
more than 1851 900. coo. The reports of
the Treasury Department show that
during the six months ending Decem.
Der 81, 1898, there VAS an increase of
nearly $4,000, 900 per month over the
corresponding SIX months Of the pre-
vious year. We are now sending out
of the country about $4,000, 900 per
month of the wealth which we have
produced, and for which excess Of eX.
portation we are yet receiving n dol
lar of equivalent importation. This is
the '.enormous export" that the Presi-
| dent told the Boston Commercial Club
''has made our balances satisfactory"
That these sums represent losses to
The people OF this nation, when the ma,
ton is regarded as a business aggrega.
ton, is too clear for argument. Does
the President-does anybody, insist
that we are increasing our aggregate
national wealth by sending out of the
country $50, 00L 900 per month of mer.
chandise and money metals more lban
we receive? We cannot, of coulse,
suppose that the President would make
any such foolish contention. This,
however, is the actual condition of our
foreign trade at this time, and we are
forced to the conclusion that he has not
been Informed in regard to it. Tosup
pose that he was, at the time when he
made The Boston speech, would be
equivalent to accusing him Of Il DELHI
| crate purpose to deceive.
1t is, | know, sometimes said that
this excess of expectation has been APP
piled on our debts. This is not true;
but suppose 1t was, what differences
would it make in the loss? If the Ma
ton, or our people, have received any
thing for the debts they contracted in
foreign countries, what was received
must necessarily, at some time after
the debts were contracted, be included
in our imports. In order to cover this
the Calculation can be extended back
to 1860, when VI had no foreign debts,
| and there is still from that date to Dec
ember 81, 1898, an excess of exports
over imports of over So, 431 900, 900.
The amount of loss is reduced, because
between June 80, 1860, and June 30,
1873, there WAS an excess of imports
| over exports of S447 600 600.