Lewiston teller. [volume] (Lewiston, North Idaho) 1878-1900, 1899-10-28

wear ending june %, 1894, N">
SS3o. 500 ,c57. which was reduced .
by gold imports OF $50. 80 SJ- tie
an apparent neJ excess q: S+>', {
ooo, ooo. The figures ioT the hrSI !
three months % the new fiscal year /
July. August aud September last /
show 4 net merchandise balance /
Of exports OF SIIz, 6S2.9e4 reduced /
by gold imports OF $ oso go TO an
apparent net balance OF abouil
$40. ooo. COO. This is al the rate
[ of <42S, 900, 90 Per year, which
does not indicate q large reduction
over the rema, kable balances OF
i the fiscal year 1898 and 1892 /
/ Monthly returns since tn close OF !
the fiscal year indicate an ac-
celebrated movement of the net eN- /
ports In April, May and June /
4 the excess OF exports, not counting i
/ ST ecie. averaged S27. 900, 600 a !
month. Gold was exported, net,
in the 10 ing three months oi the
fi,cal year SIS 600, ooo odd; but Il
July, August and September god
has been imported, net, S, co.,
600. For these three months. alsc,
there is a net export balance tiI
silver OF $. 1000, 900, leaving a
net balance III our favor OF about
SIIo. COO, 900 Tor three months
Against this rate OF S4+o, ooo. 600
|. year must be considered, OF
course, the familiar cff>ets. Per-
haps the most trustworthy esi :
mates oil these items are tho c
compiled by the New York Jour
nal OF Commerce. II its estimate
is correct, that the balance on az
count of freight shipments, foreign
interest charges and other items,
is against the United States 10 the
amount Of $40, ooo, 900 per year,
S then the rate at which meFchan
< disc and silver exports are now
f running. minus the gold imports
would still leave credit balance:
abroad in favor OF the UHiteC
> States OF between S25, 200, 900 ant
G $40. ooo, DOC per year he lac
$ that these credits have been large
,f ~ settled By the sale OF securitie.
to the United States is admitted
by Chief Austin, of The Bureau o
y statistics, but he is at loss TO &C
d count for the persistence of til
e trade balance except upon tn
10 ground OF large demand for Ger
tain American products. like whoa
~ and manufactured articles. 1t /
< not improbable that expenditure
lie OF American tourists abroad hav
he generally gown into unprece
re- denied figures. Ii is possible tina
40, 600 more persons visit d Euiop
I" the past season than usual, and a
10 an average expenditure OF 500
n each tJis would account for $40
at COO, oco o; the trade balance.
"A With due allowance for ali thes
offsets, il is nevertheless clear tha
:" an accumulated debt of Europe /
III the United States is steadily pre-
ne ceeding. Immense sums are a
he ready known to be lent by Amer
nc cans i'll Europe, especially on tn
continent. These debts cannot fC
- "A long time, of course, equal til
re investment Of Europe in America
nj securities. We ate increasingly
v. creditor nation, but considerab
a. lime must elapse before we can
=. creditor nation, strictly speal
" ing. As is the case with ever
ne young community, we must {
a bust less on borrowed money unit
lat we have earned enough to pay {
,e our debts and turn capitals
This process was never before
i'o Illustrated Oh so grand a scale as
he the case of the United States. III
by exhibit is gratifying one, becau
,rn scholars agree that the test of Il
"a modern nation is in the product,
" capacity developed by its peopl
'eu . esor an