The sun., 1901-10-09

ment in young anu growing country,
with wide area and great natural re-
sources. like the United States, and
century is but the prologue to the history
of such land. While it is filling up
with population, clearing its soil. open ng
its mines and providing means OF trans
portation its energies are absorbed in
meeting the wants of its own people and
preparing for the development with
which its means can hardly keep pace. II
does not accumulate capital but keeps
all it has at work, and attracts capital as
well as labor from abroad by the offer
Of rich returns. 1t buys from others only
what ii cannot raise or make for itself,
and gives little attention to foreign trade.
Its policy is self development. Hence II
was only toward the end of the nine
tecnth century that the United States be-
gan 10 loom up as large figure II. inter
national traffic, and it is now only on the
threshold of its material greatness.
In 1901 the imports Of the country ex-
cccded 500. 100000 and its exports S90,-
900 900 for the first time. and the figures
were more frequently lower than higher
for the next forty years. They did not
rise permanently above the SlO0,000,OO0
mark for both imports and exports until
1914 and as d rule the imports exceeded
the exports by Il considerable percentage.
In lS45 the imports We're valued at Nib
1Sl:22 and the exports at Sl06,O4O, III.
There was an accelerating advance after
that until 1857, when the figures for i'm
ports were S34S.i2S,342, and for exports
S293, ,S23. 100. Itwns aperod Of great stim-
illus for this country and for the countries
of Europe, from the output OF gold from
the mines of California and Australia,
and Of the rapid invasion If foreign cap
ltal which took the form of an excess of
imports A check came With the finan-
cial reyul.ion Of 1857, and recovery was
hndered by the civil war. 1t was not
until 1866 that the statistics Of our for
eign trade passed those Of 1851 Then
the value Of imported merchandise was
SI34, ,06G and of exports S34S, ,S,9,o22
For the next five years there was nc
N. .terial advance. In 1870 the value
Of imports was ,4OS. and Of ex
ports S}92,7T1, ,7GS, and it was not unit
1874, when the figures We're SOFT JOG,
342 and S5S6,2S3,o4O, respectively, tina
the balance appeared on the side OF eA
ports. With two exceptions there ha,
been an excess OF imports for twenty
abroad and the investment Of foreig
capital i'll this country. After 1875 ther
was decrease in imports and an il
crease in exports until 1879 when til
former were valued at $4f5,717,IT5 an
the latter at S7l0, Al, showing a ha
ance for the latter Of S264, ,6G1 ,6ti6, Th
specie movement at that time was ais
heavy, and We exported more than W
imported. We We're paying interest 0
large amounts of debt and rcmittiI
profits on European capital employe
here. The restoration of specie pa.
ments put affairs on Il more stable basi
and there was new era of donlest
development. with the expenditure
large sums in the extension of railroad
Capital was husily employed 1T HON
the increase iii foreign trade was
regular and only moderate in cxte
during the decade from 1881 to lS9
with a material decrease in the exec
of exports over imports. In the ty
years 1883 and 1889 the balance W
on the other side again. for the fiji
time since 1879. In 1890 our impol
amounted to S7S9310 400 and exports
$S51 ,6S4, exceeding for both lll pl
yious records.
1t is since 1890. and chiefly sipro 1St
tnat our Foreign trade mas been maxi
the progress that challenges ,.v II.
tion of the world, and it has been char
ing i'll character as well as increasing
volume. Comparisons are made for +
cal years ending June 30. In 1892 q
exports passed the hillon-dollar line,
ing valued at S1.030. .27S14S, while
imports were SS27, ,402, ,462 Then chi
THE panic Of 1893, and a material fall
off in foreign trade, as the result of bu
ness depression at home, and evidence
recovery appears for the first time
statistics Of 1887 These show s
diminished imports, but exports higl
than ever before, and the largest balar
in favor of the latter recorded mp
that time. The value of imports "
SIG4, ,t3O,4l2 OF exports 81 ,050 993 y
an excess Of the latter of S2S6.263 l
But tie most extraordinary advance |
come in the four years since, and
most Significant BECAUSE it appears
most wholly in the volume Of expol
The figures of this brief period will SO
A..l.f l..