The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1900-04-20
The Balance Of Trade FaIIacy.

OF exports over Imports. This Ia |
cons .rued as "A favorable balance of |
traue. The exec 50 of exports Is said |
to represent the profit on our foreign |
trade. During the So years ending
last Juhe our exp nrGs of merchan.
dire exceeded our imports by ~, 1921 |
O3O lOl. 1t Is a common BELIEF that
We have received this balance in
gold aud silver, but treasury statis-
tics show that during the sams per-
i0d exports on these precious metals
also exceeded their imports by ST.
45l OLD ,493 When confronted with
this fact, those who believe that the
more goods country sends away
and the fewer it receives in return
for them, the richer 1t becomes, 1t
back on the assertion that our eX-
cess of exports represents American
Investments abroad. But foreigU
Investments In America exceed
American foreign investments by
several billion dollars. America is
doctor nation ana Is being drained
of an enormous stream of wealth.
III this erroneous theory of "Dal-
ance of trade" were trde, Egypt,
India, Sicily, Ireland and Cuba
would be rolling In the lap of lux
ury, while England would be the
greatest pauper nation OF the age.
The ancient Romans would have
wandered, naked and shelterless,
begging their living from the
"bloated plntocrats" of the pro-
vinces But the theory is not true.
The SO ,573, 073,597 excess of exports
shows that the people OF America
have paid to Europe that sum as in-
terest on stocks, bonds and mort.
cages, rents for land held by aliens,
etc. 1t is tribute paid by the New
World to the Old, just as the excess
of exports from LELAND, India anu
| Egypt is the tribute that the OPP
pressed labor OF those countries pay
to the money kings, landlords ana
politicians of England.
English trade annually shows
balance of imports over exports Of
from $500 900 600 TO $500 00O 600 Ii
the current theory were correct
England would long since have been
bankrupt.
William Waldorf Astor, living in
London and drawing SO 100000 rent.
ais annually from his New York
tenants, has the favorable end OF the
balance of trade, not his exporting
tenants. Many millions ara eX-
ported annually to pay the expenses
of wealthy Americans travelling
abroad.
According to the "authorities"
the more TIVE individual pays out
for rent and interest, the more pros.
porous ne is Then WIN get rich by
such slow process? Why not pay
higher rent and interest? Ii our
$500, 900 excess of exports is a
favorable balance, billion dollar
excess would be still more favorable,
and if we exported all our surplus
product and received nothing IN re-
1uru for it, our trade would have
reached the acme Of perfection.
THIS result can be attained by load
Ing to the gunwales every ship that
leaves an American port and refuse
them permls ion to return with any
cargo more valu IDLE than sand
ballast; or, better still, commission
Dewey aud Schley to sink every
merchantmen which has the temer-
ity to cross the marine league limit
with cargo from a foreign port.
With our taxes paid by TO eigners
vide Mckinley, and senting them
fifty per cent, more than we receive
IN return from them, no wonder we
are subme rgsd in tidal wave OF
prosperity.
Uuder spanish rule the balance oil
trade in favor of Cuba was as four VI
exports to one of imports; ye5, as
tonishing to relate, Cuba was poor
The ilance is in favor OF Ireland
her exports doubling her imports
still her population Is dwindling
away.
midas favorable balance is enor
nous, still millions of her ryots are
daying of hunger.
Egypt exports largely in excess o.
her imports, but her favorable bal
anco does not ease the burden of hel
fallaheen.
The balance in favor of Sicily Ii
very large, still thousands of Sicil'
ians are reduced to a boiled grss,
and weed diet.
: America is exporting tens of thou
!, sands of hardy young men, milliont
: of dollars worth of foodstutfs to feeC
! them, more millions worth o
. whIskey and beer to stimulate them
= other millions worth of clothing
2 etc., to dress and shelter them, NOR,
y millions worth of hospital supplies
!; to cure them, still other millions
T. worth of ships, arms, and ammuni
ton for them to shoot with aud mil
= lions Of silver dollars to pay them TO
shooting. AS an offset against thes,
4 exports, she imports few thousan,
fever stricken soldiers and corpse
in plain boxes, a few hundred in
sane or self mutilated warriors, un
der guard, along with the smallpox
- yellow fever; beri-beri, leprosy ant
= bubonic plague. The favorablenes
9 of Americas balance of trade, from
y the above facts, must be plainly dis
y cernible to all.
= During certain year, little owe
a century ago, a large proportion O
20 British shi pping was captured b.
. Btrbary pirates. England's favora
BILE balance that year was unprece
. dented.
- SHOULD we not think that even
; dog had lost his senses, that snap
= ped and snarled when given a hon
. and wagged his tail when a bon
, was taken from him?"
1t is about time that Democrat
h statesmen and press cease lendin
aid to the tory party by cOnfuSin