The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-12-02

ingly abnormally small. The question
is not how much greater our imports
are in 1902 than in 1898. but are our
present imports so abnormally large
as to constitute a MANAGE to u pros
perity. Our imports We're:
1890 .$S2S, 1873, 55i
1891 -. SSl,ll2'6a5
1892 1877. O51 ,OJQ
1893 go, zoe, 535I
Thus it appears that, notwithstand-|
ing our enormous increase in wealth,
which Mr.. Vanderlip figures at $40
900, 000, 900, our imports last year are
about the scame they were in 1898.
Instead Of being a bear argument or
a menace to our future, one might say
the smallness of our imports compared
with our increased wealth is a Won
derfully conservative and economical
showing for the American people. Es-
pecially is this worthy of admiration
when we consider that in 1893 our eN-
ports were only 1897, 900, 600, while IN
1902 they were about 1,500, 600, 900.
Here We see that in nine years our
exports have increased $500, 900, OOO.
while our imports have not increased.
More especially is this to be admired
when we consider that the greater part
of the increase in our imports from
1898 to 1902 was not composed of luxu-
ries, but Of those raw materials which
are used by u own factories.
Third-That we are a considerable
debtor to the worlds exchanges, and
are concerned lest a high rate Of eX-
change STALL lead to gold exports.
With respect to gold exports, l as
sumo that no one who is capable OF
forming a judgment about matters OF
finance, at this late day, breads tho
loss of a few millions of gold, for my
other reason than that we cannot spar
any considerable amount of cash, while
we are engaged in moving enormous
crops
The main bear argument to be no,
ticed is that Notwithstanding the mag
nificent showing made by our foreign
m we are owing to Europe &
large floating debt.
How does this floating deb arise
and for what do We owe foreign cOun,
tries? Look at this paragraph of Mr.
Vanderlipls address:
Prices for securities advanced along
with other prices, and attracted the
holdings of foreign investors until W.
swept the Continent of Europe alInos
clear of our stocks and bonds, anC
greatly reduced the holdings OF Eng
lish investors"
This sweeping of the Continent clear
of our stocks and bonds and the grear
reduction of the holdings of Englisf
investors mean that we have takeT
I'm the vast debt which we formerly
owed abroad and on which we wert
paying interest and dividends estimd
ted from $50. 900, 900 to 800. 600. 00O an
nually.
1t ems to be the generally accepteI
opinion in financial circles, that we hav1
relieved Europe, in the last few year$
of about 81, 600, 600, 900 of our stocks anC
bonds. 1t can scarcely be held to be al
element Of weakness in u financia
position, that instead of owing Europe
81, 600, 000.0 600 in stocks and bonds, wt
owe, say $50, 600. 900, or Whereabouts. o
floating debt.
In 1S97-9S We imported about S105, 900.
900 of gold. and that is about tn
Mount Of excess of gold imported
since 1897.
Mr.. Vanderlip asks: IF a 500, 900, 90
importation of gold can serve as
basis for an expansion Of so many il
lilo $ of deposits and loans. what viii
expectation Of 800, O00, 900 mean?"
This can mean nothing else thar
that Mr.. Vanderlip wishes TO Great
the impression that the importation D
an excess Of about 500, 000. coo of goli
has led to the enormous expansion o
business and prosperity in this countr.
and TO intimate that the expectation o
a like amount will produce as importan
consequences in ~curtailing business.
u IS lOt 4ASC4IlOhS. III. HI
lip knows web it was not the importa
ton of 500. 900. 900 in gold that vas tn,
basis of our expansion and prosperity.
The importation Of gold was accom-
! panied and succeeded by the much NOR
important addition to our gold basis
made by digging out OF the earth Al
average Of SIS, 000, 900 per annum of goiC
to say nothing OF silver, copper and 9th
er precious metals during the last 81,
years have blessed the farmers work
900 OF gold added to our our since
McKinley's election. He knows furth
er that the basis of our unprecedented
prosperity is not merely hat additiona
$3.50, 000, 900 of gold, but the $500. 000, 90
per annum of other minerals, which W.
have been and are still continuing I.
produce from the ground and the mag
nificent crops, which for a series o
years have blessed the warmers work
the greatest of all OF which crops, an