The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1901-04-20
THE BALANCE OF TRADE.

Among the many hobbies of the hobby ridden Public
of the chief is that balance of trade in favor
indeates of loss to this country, rather than gain
Listen to this
There is idiotic Dragging about our wonderful
excess of exports For the eight months ending with
February the excess of exports of merchandise was
1902 224 1874. That that nearly half billion OF
goods have gone out of the country and above
FORE these figures show loss-unless the difference has
been, is now, is to be paid in way other 1t
has not been paid in the past for of exports
has been almost continuous since 1873 and foots up
total 1t is not paid with gold silver now,
for during the eight months of exports
was SIT 49, thus increasing the aggregate of
port balance instead of paying any part of it and our
of gold imports during the period but
$23 $50 395-ony S. 934, $40 than enough pay
for the exported silver Of the excessive merchandise
exports of the past eight months then, have received
back gold payments less than II per cent What has be-
come of the restg
The business of the world is done on a credit basis
This is especially true of the larger commercial tansac
tons 10 induging concerning ''idotlc brag
ging about wonderful of EXPORTS" which he
does with considerable degree of regularity, this i'm
placabe toe of the existing order of things ignores this
simple and universal business truth Heattempts treat
the exchanging of commodities among the nations the
world he would fifty cash transaction at the
grocery Because the monthly and quarterly aud
nual differences between imports and exports not
Immediately extnguished by the tender of actual cash. he
ENORMOUSLY offers the puere argument that the con-
sany increasing trade balances our favor are really to
our disadvantage
Not satisfied with the doorous remarks given above,
this cherries freak continues in the same strain
At the present time he content with the notion that
perpetual Ougo balance favorable because
obligations abroad which to be paid in gold time
or other. But he is as far afed Though we
have had continuous export balance for almost thirty
years, net foreign credits nil. We more to
foreigners than foreigners owe to American secur
ties dealt in the foreign exchanges but foreign Sc
cnrities not dealt in exchanges Foreigners
own American land but foreign land worth
mentioning. And so 1t goes. If the books were bal
anced, it would appearand nobody disputes not only
that foreigners enormously than they owe
us, but that they much more American prop
eriy than Americans of foreign property Yet our
of exports since the foundation of the government
runs we'll up into the billions And what is more remark
able, astute economists we'll ruleo' thumb
business men, point to this evidence of our
Astounding prosperity 1t is if debtor seeking credit
should offer prove his sovency by showing that al
though be deeper in debt than over he has tor the past
thirty years paid out continuously than he has
received in"
Herein The Public wilfuIly attempts to befog those
whom would win to its opinions. 1t talks about
our owing more to foreigners than foreigners owe to
u.s. and says, american securities dealt in on the
foreign exchanges etc., and foreigners own American
andD Put to the necessity of helping out lame argu-
nen Mr.. Post deliberately ignores the vital distinction
the characters Of the respective balances owing
y America and its foreign customers. When we sell
more goods to the world than buy, the difference
f which ne have at the counters of the merchants in
ofeen countries This credit is in the shape of an open
ocount and while it is constantly being drawn upon by
e. yet SO long as the balance of trade despised of Mr.
os continues in favor, will continue appear
inject to varying fluctuations is just as valuable
Commercial asset 70 our exporting houses their bal