The times. [volume] (Richmond, Va.) 1890-1903, 1901-11-20
cuRhEST TOPICS.

The e5portaticn of over 81, 600 of gold
is not 4 little shocking to those VINO con-
slider only the EXCESS Of our exports over
imports According to their reasoning we
ought at this time to have a balance OIL
a billion or two loaned in Europe SUD
ject to our call at any moment we
ought to be able to import gold ny the
hundred million whenever the SUPPLY
Of money in New York gets short New
York ought to be. as is sometimes assert
ed. the financial center of the world, or
derng the flow of gold as it pleases But
rs a matter of fact, we now export gold
instead of importing it. The big balance,
of which we have heard so much seems
to be non -eXstent, or at any rate does
not seem IN be available The fact IS
that the balance is more apparent than
real. Besides paying for imports we have
to pay for the carriage of freight. the
expenses of tourists. the interest on
American bonds held abroad and the dvi-
dends on shares owned by Europe in
American Industrial. railway and other
enterprises of every kind. Our high tariff
has forced the manufacturers of Europe
to establish branch factories, mills, ETC.,
in this country. and the profits of these
plants go to Europe. a large portion of
our exports go to European owners of
American industries. Vast amounts of
foreign capital have entered into the de-
velopment Of our resources and in a time
of prosperity the profits upon this CAPT
tai will be very considerable. The ex-
cess of our exports over imports is not
therefore always evidence that we are
bringing Europe into debt. but often only
indicates where much of our capital is
Owned. Wealthy nations. as a, rule. i'm
port more than they export. taking their
interest and dividends in the shape of
food products. raw materials, etc.-Bal-
tirnore Sun.
The whole high tariff policy is thorough
" selfish and hide-bound. AS a rule, its
direct beneficiarieS would sacrifice the
highest grandeur of the nation upon the
altar Of their own individual OF corpor-
ate interests Here we have further
exemplification OF the inconsstency-or
the dishonesty. perhaps-of the basic
tariff argument. That has always been
that we must make the country self
supporting on all of the more important
lines, SO as to be independent of other
nations. But the moment it is proposed
to annex new territory the protected in
terests take alarm and oppose it upon
the ground that it produces something
which will compete with what they pro-
duce.--Washington Times.
In the present enthusiasm for endowing
educational institutions it would be hui
name if someone would endow restau-
rants and lodging houses where ill-paid
girls and youths may have a generous
supply of wholesome food and comfort
able housing at small expense.
There are numberlcss boys and girls
who can exc out only a wretched exist
ence on the salary they earn and whose
working power and health are lessened
by the rigid economy they are Obliged to
practice. 1t is n fine thing that our coua-
try can boast of the number of colleges
and universities where even the humb-
lest can have the intellectual food which
they crave. No humiliation is felt in
attending a university which is supported
By private benevolence and no one sug-
sests that this kind of charity tends to
pauperism.-Chicag Chronicle.