The sun., 1901-10-09

ties, of the vast regions of the Orient,
including Siberia and China, and there
our front on the Pacific Ocean gives
us an advantage that no European ma
tion has or can acquire. We have
large productive area but partly de-
veloped west of the Rocky Mountains,
and railroad lines from the prolific val
leys of the Missouri and Mississippi
rivers to the Pacific coast. We only
need adequate control of shipping facii-
ties on the great ocean to hold command
Of the rising commerce of what is called
the far East, but what to us is the far
West. In that direction are possible
markets for our products of manufac-
ture to which there is hardly a limit,
and III which We can be at no diSad-
vantage in competing with the most ad-
vanced nations of Europe.
The one serious disadvantage unik.r
which we labor in all our foreign trade is
lack of American shipping, and with our
rapidly increasing accumulation of cap
ital we shall speedily remedy that What
ever may be said of the relative benefit
of investing capital in ships or paying
others to do our carrying, it is obvious
that there is no gain in forever paying
the freight to foreign vessels. including
the cost of operating them and profit to
their owners. Besides, there is an In
evitable discrimination in favor of the
country whose ships carry on the fife,
visiting the ports Of the world with own
ers and commanders concerned for their
home interests. 1t is largely British ships
and British mails, establishing their lines
with trading ports the world over, that
have carried British banking to the ends
of the earth and given London command
of international exchange, with its good
margin of profit.
In all the Babel of debate about the
preference of trade there is one fact
that must in the end be accepted. In the
long run accounts must balance. A coun-
try that sells more than it buys is paying
for something with the excess. A coun-
try that is buying more than it sells is
paying for the excess with some kind of
service, or it is getting into debt We
have in time past been deeply indebted
to Europe for borrowed capital, or on ae-
count of capital invested here, upon
which we have paid interest or profit
We are rapidly paying off that score
which accounts for our heavy excess OF
exports over imports. We are also pay
ing large sums for freight to foreign ship
ping, for the benefit of foreign bankers
in effectng a large portion of our inter
national exchange and for marine insur
ance upon cargoes. England's great ex
, cess Of imports consists largely of pay
ments to her shipping and banking inter
ests in transacting international business
for others. Other things being equal. thu
country is growing rich which bring
more wealth to itself than it sends away
, not the one that sends away more than
gets. The gold used in settling balance
; is but the medium of exchange, not it
substance.
We are paying off our accumulate
debt and piling up capital of our owl
AS we put that into shipping we sha
have to pay less for freight to forelg
ship-owners. AS our shipping extend
with our expanding commerce, we sha
establish banking facilities Of our ow
and pay less to foreign bankers for th
service of exchange. Bills on New 1or
will become as available in all parts q
the world as bills on London. AS W
loan or invest capital abroad we sha
get returns from it instead of payin
interest and profit to others. The ba
,ance of trade will take on new meal
ing for us, as the volume of trade es
pands in the broadening future. Havin
t developed our industrial resources an
internal markets, supplied our own want
and paid our debts, we shall promote
foreign trade which means liberal buy
ing as well as liberal selling, for prof
: comes from both sides of the operation
e The policy of reciprocal trade relation
5 with other countries is the policy of tn
e future for the United States, and
: means growth of foreign commerce
e the present century of which we hay
t now no real conception.