The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1903-02-05
OUR HOME MARKETS

IV0AV AASAA uL44AVAAG 4 ~
PURCHASING POWER is THE
BASIS OF ALL PROSPERITY.
Money Distributed Among Work Peo-
pIe Flows Most Quickly Into clrcula-
ton and In Proportion as Wages Are
High or Low Times Are Good or Bad.
In estimating the prosperity of the
country for the year just closed, which
the prominent commercial agencies
say was the best which the United
States has ever experienced, and in
forcasting the immediate future, which
they think is bright with promise, they
do not fail to emphasize a point which
has been made by the Press often and
which we consider Of great importance
in taking the measure of the posi-
bilitles Of our foreign trade. 1t Is the
result on our imports of the tremend-
GUS purchasing power Of the American
market since Its restoration to health
by the Dingley law. Not only have
the returns of the American wage
earners increased enormously, the
| value Of the farmers crops been
doubled-to two and a half billions
from the period Of extreme depression
in the Cleveland hard times-the saw
ings banks deposits advanced to more
than two and three-quarter billions
from $1,7470OO,O0O in 1894 and all d.
vidends and profits been multiplied on
home industry and business, but the
people Of the United States have made
SO much money at home that they
have been able to buy, and are buying,
from abroad as they never bought be.
fore.
In 1895 fiscal year,, when our mar
kets were more open to the world un-
der the Wilson law, but when we were
short Of money because our own in
dustries had been leveled by foreign
competition, our imports of merchan-
disc were $732,0O0,0OO, In 1900 they
were $849,OOOOO. In 1902 they were
S9OS,OOO,OO0. Furthermore, since the
close of the last fiscal year (June 80,
1902 there have been extraordinary
increases in our imports, so that the
present fiscal year ending June 80,
1903, cannot fail to show many mil
lions more Of gain in imports. Nor
can there be any doubt that the fall
in the value Of our exports for 1902
was due in a large measure to the very
conditions Of our own prosperity. The
home demand for many of our own
products was so strong, with such high
prices commanded for them, that in
numerous instances, after the home
demand was satisfied, there was moth
ing left to sell abroad Especially
was this the case, owing to crop fail
ures a year ago last summer, with
agriculture. Exports Of agriculture
were ninety millions less in the fiscal
year than in the previous period, a
particular shrinkage occurring In corn,
of which the American supply was
urgently required in this country, slim
ulating prices SO high that they were
prohibitive Of export business.
Yet though our exports of agrlcul-
ture fell by ninety millions there was
a loss In total exports Of only ten mil |
lions more than that The value of |
our mining exports increased from
$3S,OOO,O00 to $39,OOOOOO. There was
a decline in the value of exports of
manufactures to $4O4,OOO,o00 from
$4l2,OOO,OOO in 1901; and from nearly
$434,OOO,OO0 in 1900. Here again, how.
ever, this was largely due to the fact
that in some lines of manufacture, no.
tably steel, there was so much home
business that domestic producers could
not even fill their orders for Ameri-
can consumption, much less ship their
product for sale abroad. This de-
mand, as the commercial agencies EN-.
phasize, still exists, and orders are
booked SO far ahead that the pros.
perity of the first half at least Of this
new year Is secured fact.
One other factor Of prosperity to
which we have given frequent refer
ence is made prominent in the annual
reviews Of the commercial agencies. 1t
is as to the relation of higher wages to
There is a feeling In spec
ulative Wall street that the unprece.
dented advances in wages must check
and SO produce business de.
preston or a fall in earnings. But
hey repeat our frequent reminder that
It Is fact that goes without saying
hat the money which flows most
quickly into general circulation and
which applies the promptest purchas.
ng power to the American market is
he money paid to wage earners week
~ week and month by month, and as
Uniformly spent by them, With the
'welllng Of wages Of the people Of the
United States the purchasing power
VI the home market goes on increasing ,
and the power to take foreign goods i.
imported as well-and Prosperity in :
9O3 marches out with solid 'front.'