The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-09-02
Balance 1892

OHAACA lAlAhSS WHICH dtIcCI In1S -Dal1nc6
are the carrying trade, which now adds
to the balance against America. the
bringing in by immigrants or the carry
ing out on their persons by tourists
bound for Europe, Of cash, and the mar
riage of American heiresses to Euro
peans, thereby transferring their resi-
dence and becoming foreign, instead OF
native holders of American property
The carrying trade is now principally
in the hands of foreigners but prior to,
1850 1t was principally in the hands of
Americans, and the losses and gains
from this source may be assumed to
balance. The same may be assumed
as to immigration and European tour
lists, as with the exception of money on
their persons everything that they bring
in or take out, whether bank checks or
other commercial papers, would show
in the exports and imports
Counting gold and silver as well as
merchandise. the balance was against
the United States for every year until
1871. No two consecutive years showed
a favorable balance until 1912 and 1S4S
and they were followed by another ia
vorable balance in 1914. From 1866 to 1863
inclusive. all the balances were favor
able except that for 1861. From 1864 to
1873, inclusive, all the balances were I'M
favorable, except that for 1868. From
1874 to the present time, all the balances
have been favorable, except in 1887 and
1885,
Never until 1878 was a favorable bal
ance sufficient to pay the interest for
the year. The balance in 1879 was also
more than sufficient to pay the interest.
The balances of 1878 and 1879 were suf-
hcient to pay off the interest for these
two years and leave a surplus, which,
when added to the balances in 1876 and
1877, were sufficient to pay up the inter
est for these years and reduce the prin-
cipal to about $46,0000O0 less at the end
of 1899 than 1t was at the close of 1895.
Never until the period closing with 1900
did any quinquennial period show dim
mutton of Indebtedness.
If the excess of exports should con-
tinue as heavy as the average of the
last three years, America will become
a creditor nation in twenty-five years.
Considering merchandise alone, the eX-
cess of exports over imports Is more
apt to increase than to diminish. We
have always exported more than we I'M
ported Of all articles, except manufac-
lures, and now that the balance of
manufactures is in our favor, and is
growing larger every year, it is not easy
to find reason for doubling that our
heavy excess of exports will continue.
AS for money, 1t will flow in or out as
conditions offer greater profit for it here
or elsewhere.
This large increase in exports of manu-
features, which guarantees the perpetu-
ity of the large preponderance of ex-
ports over imports, began with the
adoption of the Democratic tariff. The
| passage of the Dingley bill for time
reduced the increase, but the manufac-
turers had acquired such a hold in for
eign markets that the gain soon more
| than recovered its usual rate. The fol-
| lowing table shows the exports of man
ufactured products at the end of each de-
cade from 1860 to 1885, inclusive, at the
end of each period of five years from
1856 to 1895, inclusive, and for each
year since 1895. 1t also shows the an
nual per cent of gain. The Democratic
tariff is to be credited for the gain in
1896 and 1887: