The times., 1899-03-27
A BRIEF HISTORY OF
AMERICAN J. ! COMMERCE
Interesting Facts From the
Bureau of Statistics.
Our Foreign Trade Since the Con
stitution Was Adopted.
The Excess of Exports over Import.
The Industrial Progress of
the United states.

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 exports and
excess of imports or exports in each year
since the adoption of the Constitution,
and includes both merchandise and specie
The total imports of merchandise in the
entire period are 1919 961, ,4S7 and the
total exports. $50. .952, ,202, ,9S5, making the
excess of exports of merchandise s972241,-
49S. The total imports of gold and silver
are Sl,9i0 $780, 800 and the exports $780,
623, ,5Sl, making the excess of exports of
specie 81. ACC, ,473. .261 Combining these. the
table shows the total imports OF mer-
chandise and specie in the entire period as
S31, ,920 S07. the exports as S34 352, $685.
$50. and the excess of exports 81 432. .714.-
159.
Commenting upon these figures, the re-
port says: The fact that the statement
gives the total exports of merchandise since
1873 as practically billion dollars in
excess of the imports of merchandise and
the grand total of exports two and half
billion dollars in excess of the imports
"All statements of values of imported
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 importer and their real
value. Statements of value of goods i'm
ported into the United States are there
fore, 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. A recent
elaborate computation puts the average
cost of freights on imported goods at 3.5
per cent of their original cost. Ii this
be accepted as a fair addition to be made
for freIghts to the stated values of the
importations since 1888. it would make
their real value s31. .029. $50. 139. a sum
which about equals the value of the mer-
| chandise exported.
| With the exports of merchandise prac-
tically equaling the imports of merchan
| disc the excess in the grand total of ex-
| ports must be found 1chiefy in the specie
account and amounts approximately TO
| 81, 500 000, 900. This excess of exports of
specie seems to be accounted for by the
fact that large sums are annually sent
abroad on account of foreign capital in
vested in the United States, and consider
| able sums also expended abroad by our
citizens temporarily sojourning in foreign
countries. The earnings of foreign capi-
| tai invested in the United States have Re-
Gently been estimated at $S0.000,00 per
annum, and the expenditures abroad By
| American citizens at $50, 900 900 per an
num- II to this be added s2O.000G00 per
annum for liquidation of the principal of
our foreign Indebtedness. the operation of
single decade would account for the en-
tire excess of expectations.
While all of the calculations entered
upon for the purpose of adjusting the
| grand international balance sheet are
necessarily estimates. they are the con-
sensus of views of those whose ripe ex-
perience 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 1883. whether of merchandise or OF
| merchandise and specie combined Is that
prior to 1876 the imports almost constant
ly 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 railroads.
development of farms. and establishment
| of factories. and that in the latter years
| the excess of exports has been devoted to
payment of interest and part of the prin-
cipal as well as the larger expenditures of
our citizens abroad. The excess of i'm
ports of merchandise and specie prior to
1876 was s1.0S4, ,339.912 and the excess of
exports since that date s3.517, ,O54,671
Two important facts seem to be sug-
gested by a study of this balance sheet
of our international trade: First, that our
people are rapidly liquidating their for
eign indebtedness: second, that for the
sake of accuracy in our accounts of for
eign 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 the country,
In the above attempt to balance the ac-
counts of our international trade the sums
estimated annually expended for freights
on imports are included in the additions
made TO the stated valuation of imported
| merchandise, while those on exports do
not affect the statements of value ut point
of expectation.
The following table shows the totals OF
the imports and exports of merchandise
and specie from 1888 to 1898:
/ Merchandise 1883 to 1S1s
Exports ACKNOWLEDGEMENTS. S;}0. .052, ,202. .9S,
Imports NEUTRALITY-SUSPICIOUS.. 29.gT9, ,J6l. .5si
Excess of cxports........... s972.2 .ia'
Gold and silver
Exports Observation-Disclosures. 81. 400, ,623, ,5sl
Imports Observation-Disclosures. l.gi0. $50. S2t
Excess OF exports. SLIGO. l7s, ,26
Merchandise and gold and silver combined
Exports ...............-....-.. 81, ,352, s26 jGt
Imports ACKNOWLEDGEMENTS. 3l,920. Ill. so