The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-03-28
FOREIGN COMMERCE


sfTlsi
or United States from tho Adop-
ton of the Constitution to tho Pres
ent Time-Wonderful Growth of tho
Country.
WASHINGTON. D. c.. March 27.-A
picture OF the foreign commerce OF the
United States from the adoption OF the
constitution TO the present time is pre-
scented in 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 mer-
chandise and specie. The totallmports of
merchandise in the entire period are
se9s7996l,4S7 and the total exports,
$50, 952. 202, 1856. making the excess Of ex-
ports OF merchandise s972.2i1.4sS. The
total imports OF gold and silver are
$3.50. $50, $40 and the exports, $1,000, 623,-
56l, making the excess OF exports OF
specie sl,i60.473.26l. Combining these
the table shows the total imports OF
merchandise and specie in the entire
period as s3l.920. III ,S07, the exports as
$685.. s26566 and the excess OF exports
s2,i32,74,759.
Commenting upon these figures, the
report says: 1.-THE fact that the state
ment gives the total exports Of mer-
chandise since 1889 as practically a BILL
Hon dollars In excess OF the imports OF
merchandise and the grand total OF
exports two and half billion dollars
.n excess OF the Imports seems suscep-
tible Of explanation. N
.'All statements OF values OF imported
merchandise give merely the cost OF the
goods abroad and do not include the
sums paid fo- their transportation to
the United States, which OF course en-.
ter into their real cost to the Importer
and their real value. Statements 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 frelghts
should be added A recent elaborate
computation puts the average cost OF
freights on imported goods at 35 per
cent Of their original cost. II this be &C.
cepted as fair addition to be made
for frelghts to the stated values OF the
importations since 1883, It would make
their real value l.029, 260.139, a sum
watch about equals the value OF the
merchandise exported.
With the exportG OF merchandis, prac-
ti:ally equall!ns the imports Of mer-
chandlse. the excess in the grand total
o. exports must be found chiefly in the
specie account. and amounts appro1i-
mately to Sl,50o.000,000. This excess OF
exports of specie seems to be accounted
for by the fact that large sums. are an
Eually sent abroad on account of foreign
capital invested in the United States
and considerable sums also expended
abroad by our citizens temporarily So
journing in foreign countries. The
earnings OF foreign capital invested In
the United States have recently been
estimated ct SS8.eG8,888 per annum, and
the expenditures abroad by American
citizens at S5O,C00,050 per annum. II to
this be added s20OO0.0OO per annum for
liquidation OF the principal OF our for
e!Sn Indebtedness, the operation OF
single decade would account for the
entire excess Of expectations.
While al. of the calculations entered
upon for the purpose ofiadjustins the
grand International balance sheet are
necessarily estimate, 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 mer-
chaldise or OF merchant . and specie
combined, is that prior to 1876 the i'm
ports almost constantly exceeded the
outflow OF exports. while since that time
the outflow has almost constantly en-
ceeded the inflow. This is probably &C
counted for by the fact that In the ear.
Her years money was borrowed abroad
for use In construction Of railroads. de-
velopmeIt OF farms, and. esta blshment
of factories, and that In the latter
years the excess OF exports has been de-
voted to payment OF interest and a part
of the principa! as well as the large.
expenditures of our citizens abroad.
The excess OF imports OF merchandise
and specie prior to 1876 was 81. oS4. 339. slo
and the excess OF exports since that
date. s3.5l7 .054,671.
Two important facts seem to be sug-
Gested by study of this balance sheet
OF our international trade: First. that
our people are rapidly liquida;ing 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 the country.
In the above attempt to balance the
accounts OF our international trade the
sums estimated annually expended for
tFeShts 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 at poirt OF expectation.