The representative., 1901-05-09
IMPORTS AND EXPORTS

Our present exports are nearly double
In value OF our imports, and people who
do not look below the surface have ex-
ultantly pointed to this fact as an evi-
dence Of our prosperity. When at vari-
ous times the Tribune suggested that
this excess Of exports over imports
should cause US to weep rather than re-
joice. it was only ridiculed as a calamity
howler or a crank. But there are others
who begin to see that 1t is not such
good thing after all to be giving more
than we receive in trade.
We are loaded down with debts. How
much no man knows, for there is no
record. Our national government, states,
municipalities, railroads, factories, all
issue bonds with reckless disregard of
consequences, and these bonds are
eagerly gobbled up by foreign sharks.
To these bonds must be added mort
cages on farms and realty, on all of
which interest must be paid. and great
portion of which Is also held by foreign
sharks. 1t is computed that our annual
interest debt to foreign creditors is not
less than s5OO,O0O,0OO annually.
This, then, explains why we must ex-
port goods $500, ZOO, 900 in excess over our
imports, and yet receive nothing in re-
turn. This we must continue to do so
long as we owe these debts, and with the
mania that seems to possess our people
for Issuing bonds, our national debt Is
being constantly increased. Hence it
will require a constantly growing ex-
cess Of exports over imports for us even
to hold our own. and If ever anything
should occur to prevent us from giving
twice as much of our goods for the goods
Of others we receive in return, we are
tumbling into hopeless ruin. The only
way we can get rid of the necessity of
giving more than we receive is to get
rid of our national debt.
There is but one way to do this. Re-
pudiation is out of the question. We
what we now owe But this we can
never do so long as we are tied to the
English money system, which recog-
nizes only gold as money. We haven't
gold enough to pay our interest debts,
let alone any of the principal and so
long as we hold on to the English money
system we must continue to get into
debt, and must continue to give more
and more Of our goods for the goods of
others we get in return.
If we owed no national debt, our an
nual excess Of exports over imports
would roll the wealth of the world to
our shores in an increasing, mighty
stream. We can stop borrowing money
from foreigners If our government will
supply a sufficient amount to meet the
requirements of the people. This it can
do by issuing paper money, since there
isn't gold enough to supply this need;
and whenever our government resolves
to adopt this sensible course, business
at home would be so stimulated that the
value of our exports would be largely in
creased, the gold of the world would
come to us to make up this difference,
and we could pay off our national in
debtedness
Paper money is simply non-interest
bearing bonds, and it Is folly to say that
il our interest bearing bonds are sound
our non-interest bearing bonds, with the
same security behind them, are un-
sound. We must abandon the metallic
money system if we ever hope to reach
a condition under which we shall not
be required to give foreigners more than.
we receive from them.
This is the only remedy, diagnosed
yesterday by the Atlanta Journal
Georgia Tribune.