New-York tribune., 1899-01-20
Values exported. Excess OF exports.
Fiscal Calendar Fiscal


Instead Of $3.50 OOOO 900 in the fiscal year end
ing June 80 1896. exports haze increased s3I3,-
100000. over AZ per cent, while the excess of
imports has increased 800 per cent. That year
saw the last great Job in debt-creating by Presi-
dent Cleveland, and the extreme depression Of
industry and trade forced goods to hunt markets
abroad. After II came the nomination OF Nc
Kinley, then fright about Bryan's appeal to
anarchstc elements and when that had passed
swift recovery with assurance Of the restora-
tion OF the Republican policy. What has since
happened the figures eloquently recall Congress
has restored protection of industry. limiting i'm
ports so that they fall 500 100000 below 1897,
S4S, 100000 below 1896 and S16S000000 below
1895. Domestic business has increased over 30
per cent and exports over 40 per cent
NOT ALL FOREIGN FAMINE"
It Is quite the fashion In some quarters to say
that foreign femme has done all this, but while
the exports of all breadstuffs. only S137, 100000
in the fiscal year 1896, have increased $172. .000.-
600. the increase in exports of other products
has been S201 100000 These three distinct
changes have contributed-the decrease Of i'm
ports through protection S16S, 600 900 since 1905
the breadstuffs exports S172, 100000 since the
fiscal year 1896. and the exports of other prod
ucts S201 100000, thus making the Nation credl-
tor of the world.
It Is but few years since the talk about "a
billlon-dollar Congress- was answered by ex-
ports showing "a blllion-1olar country" That
was in the year the Mckinley tariff en-
acted. and after years Of Cleveland prostration
the Dingley tariff Yields "a bon-and- a-quar-
ter country" In the three years lS9092 the ex-
cess Of exports rose to S203 900 600 and now It is
over three times as great. The heaviest bal
ances used to be always on the side OF imports,
and ushered in disaster in 1886, when there
were only S124000000 exports. against $176.-
100000 imports. with the highest balance then
ever known; IN 1857 only $2Cf 900 exports.
against S34S 600 600 imports, with balance fol-
lowing others yet larger.
Paper imitation made more trouble Of the same
sort In 1864 and later. until 1872 came, with
only S444,000.000 exports. agains. $4,000 900
imports, a balance of S1S2 900 600 to be met with
gold or with panic in 1873 and much repudia-
ton. The tide turned when Republicans enacted
the Resumption law. and in the five years, 1877
1881. the exports from S602, 100000 to $902.
000.000 and the balance due this country on
merchandise account was 81, 100. 900 600 in five
years But the two calendar years 1898 and
1897. with the closing four months Of 1896 after
the Bryan fright faded. have brought balance
nearly as great. on merchandise account 81. .092,-
600 900 In less than half the time with better
prospects OF continuance than were visible when
the assassination Of Garfield disturbed business
in 1881
THE GREATEST GOLD MOVEMENT.
The imports OF gold in 1898 exceeded exports
by S141,S41 .298. being less than quarter ofsthe
difference on merchandise account In no pre-
vious year has the net movement either way
been nearly great, the largest before this year
being S97,OOO,OO0 net imports in 1881 and $751;
600, 900 net exports in 1893 to mark Democratic
return to power. But silver exports exceeded
imports in 1898 by S24 767 $780, so that the net
payment in specie was only $11I073,01S. Neither
this payment nor all the allowances which have
been suggested cover nearly the apparent bal
ance on merchandise account. Bankers who have
made serious efforts to determine what sums are
actually loaned by this country to Europe have
found evidence OF about S75. 100000 deferred ex-
change hypothecated here. but nearly all frank
y admit that this is only part Of the indebt-
edness OF which they know. though the rest
they have no means Of measuring.
It will in time dawn upon some benighted
minds in Congress and elsewhere that the in
debtedness Of several millions yearly to this
country for interest virtually cancels part Of the
supposed balance due other countries on secur-
ties held abroad. This body Of deferred pay
ments by other countries is chiefly important at
present as constituting high and solid barrier
against the financial disturbance which troubles
abroad or unforeseen disasters at home might
cause.