The broad ax., 1899-12-02
OUR FOREIGN COMMERCE.

/ oOn FOhEiSN NShl W 6hSSs
From the National Rural: I want
to make a vigorous protest against his
way OF stating the condition Of our
foreign trade. When at that great
iron center, Joliet. ILL.,. he boastfully
and truthfully said. as reported in one
OF our leading Chicago newspapers:
For the first time in our history, we
sent more American manufactured
products abroad than we buy abroad.
Then he adds: THE balance OF trade
is, therefore, in our favor, and 1t Is
paid in gold" / fear this last state
ment Is misleading to many people
who may read 1t. have such conf
dence in the honor OF President Nc
Kinley that doubtless he would admit
that the following statement bearing
on this issue would be a more explicit
one, and at the same time do not
think he would question one word, as
1 quote only from official reports pub
lished under his own administration.
Let US examine the figures.
During the fiscal year ending June
30, 1898, the balance Of foreign trade
in merchandise, in our favor, was s615,-
324, ,791, and for the year 1S9S-99 1t
was $3.50, 0,0SS,565. The balance Of trade
in our favor, in silver, for 1S97-9S was
s24, ,1S0, ,65S, while for 1S9S-99 it was
S25,643. .9O9, thus making for merchan-
disc alone s1,145, Az, 1856, and for sill
yer. which in this case was nearly all !
merchandise, it was $49,S34,567, or a
total Of 81. .195, ,237, ,921. The balance OF
gold received in 1S97-9S was S1O4,9S5.- |
2S3, while for 1S9S-99 it was s51.432,- |
SIT. making the total amount Of gold !
received as a balance on our foreign
commerce for these two fiscal years /
$156, ,417.SOO. Putting these official fig
ures In round numbers, 1t can be seen |
that the value OF the merchandise and /
silver We exported for these two fiscal
years exceeded what we imported by |
81, l,195,000.0 COO, and the entire balance
Of gold that reached us, as officially re-
ported, as having been paid us and
brought here. was only $156, All. 500.
This would leave a balance due US OF
nearly S1.039, 100000. Please note that
a large proportion OF this vast sum
represents the products OF American
labor sold at decidedly unremunerative
prices. If this vast business had been
closed up at the end Of these two won
derfully active years, this amount
would have to be settled on the So
called existing gold standard"
His statement, 1T is paid in gold,"
should be received with more consid-
Grafton than is generally given to the
question of how we make the settle ,
ments Of our immense foreign COM ,
merce. A disposition on the part Of !,
those engaged in the task OF securing ,
he so-called gold standard on this
nation tends to cause them to impress
IN the minds Of our people that We ,
have enough gold in the world, and ,
hat plenty OF it is coming our way, so !
hat we can dispense with silver as =
'ne OF our two agents OF valuation,
or full legal debt paying. Please spe-
tally remember all the gold that is
reported to have been re- ,
'eived as our balance, in these two :
iscal years. from foreigners, was the :
l56,4l7,S0O. The remainder Of this v
asst sum due US was expended in liq- Il
lidating the interest due to foreign
rs, paying foreign debts, lifting our p
'onds and mortgages, raying the ex- o
enses Of our travellers abroad, and U
aging foreign ship-owners for carry
ng our freight and passengers.