Evening journal., 1900-10-23


money guarantees into the position OF a
great creditor nation Europe has been
sending as her gold. or the equivalent,
our securities IN settlement when our
gold Is exported, Il goes not to pay debts
born Of trade balances. IL goes In loans
safely placed, at per cent interest Why
should we not be- prosperous why
should We not continue to be prosperous?
We can-but not by reversing and re-
pudiating the government policy that has
made us So
The proposition is one Of plain busi-
ness. not Of partisan politics.
EXPANSION or MANUFACTUREs.
Striking as are the figures we have
quoted. however. they tell but half the
story OF our marvellous progress and
prosperity. The unthlnking aud the un-
informed are frequently told that our
vast increase in exports is the result OF
our exceptionally large crops and OF crop
failures elsewhere This is as fallaclous
as are most OF the free trade pleadings
We have, Il il true. been sending more
Of food products abroad OF late years
than formerly-but let statistics talk.
Advocates OF free trade we're wont 10
declare that, with protection and high
wages. we could not compete successfully
in foreign markets with our manufac-
tured goods Now. under the high tariff
law Of 1890 our domestic market was
fully protected for the domestic producer.
and new industries were born on every
hand while old ones expanded. For two
years we we're passing through n course
Of preparation to meet the world, and our
excess Of imports over exports naturally
continued. With 1888 came In a low tar
III administration, assuring a change Of
policy in the near future. This suddenly
checked the prospective export develop
ment. From 1890 TO 1894. when the low
tariff law was passed we purchased from
foreigners. in manufactures, more than
double what we sold them-approximate-
ly SS47 100000. against s151. 100000. an
nually.
Free traders now point 10 the fact that
the low tariff Of 1894 was followed by an
increase in our manufactured exports.
This is true In that year they rose to
s1s3. .00O. 600 But the secret was that the
American manufacturers. having estab-
lished costly plants and produced surplus
stocks. were selling abroad at cut prices
to escape utter disaster The hard times
accompanying this state Of things are
well remembered.
The ruinous plan. born Of necessity.
/ T., hoe oh. 4
were 1888. 100000 and our sales we're
s22s. 900 0OO-the balance still on the
wrong side and our increase Of sales
bringing no prosperity The election OF
November 1896. was followed by the
present high tariff. which became law
on July "a. 1897. Our manufacturers re-
gained confidence. In 1897 our imports
fell from $3.50. 900, 900 to 1904 100000. and
our exports rose from s22s .OOO,O 900 to
s277, 900. .OOO
In 1898 there came the first full twelve
months Of opportunity 10 test the high
tariff claims Of 1890 What was the re-
suit? Our imports dropped to $3.50 1000 900
under the inspiration Of domestic pro-
ductlon, and our exports rose to $3.50 OOO.-
600. Never before had we sold abroad
more than we bought Of manufactured
goods. Prosperity raided the country
The protective policy. decried as calam-
itous by the free traders. kept steadily
on its way. creating as It went new mills
and new homes. employing new thou
sands and stuffng the savings banks
with new deposits that astounded by
their total even the American Optimist.
In 1899 there was an increase of imports
because our people had the money to
pay for more than necessities. The in
crease was s29, 100000. But the export
record leaped to s83S.667, ,7s4. an increase
Of more than s4S. 900 OOOO-the net result
being that we sold abroad some SS0.OOO,-
900 more than we purchased.
For the last fiscal year. ending June
80. 1900. we set the tongue OF Europe
waeging with a further increase in our
manufactured exports Of nearly 100000 q
0OOl The exact value was 1892 2S4 1856.
In short since 1890. when the value was
si5l 100000. aud despite the calamitous
intervening period from 1893 to 1897. we
have Increased our foreign sales Of manu-
! factures nearly lOO per cent!
CHANGES IN IMPORTS.
In considering our manufactured i'm
ports during these years OF unparalleled
development and prosperity. moreover.
II will not do to ignore a very significant
change I'm one direction. There has been
a large increase in the item Of manufac-
turers' TOOLS made necessary by our in
dustrlal expansion. Another interesting
point is the large increase, in general i'm
ports. Of manufacturers materials not
obtainable here. In 1890 these amounted
10 s17s. .435. .512. or % per cent. Of our total
importation. while In 1900 their value
was 1910. 100000 or S5.S per cent. of the
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