Republican news item. [volume] (Laport, Pa.) 1896-19??, 1904-01-21


worth of United States bonds were sold
TO anl possessed by Great Britain. 1t
does not matter whether the sum was
two billion or only half that sum. no
one will dispute that 1t was a large
amount. During the expansion of our
country in later years and while rail-
roads were being built with the pro-
ceeds Of bonds and other securities
these also were bought and possessed
in large amounts by Great Britain and
other countries. The exact amount can
not be known, but no one will question
that the sum could be written in ten
figures. 1t is not likely today that any
considerable amount of those govern
mcnt bonds are held abroad, and it is
known that from 80 to 75 per cent, per-
haps even more, of the railroad securi-
ties have also been returned to this
country.
1t is easy to see, therefore. what has
become of hundreds of millions. if not
billions. of these excess exports of mer-
chandise, gold and silver. But besides
these enormous payments. which when
returned to this country meant added
wealth to the same extent as if they
We're gold itself, have been annual pay
ments of interest and dividends all
these years upon the bonds and securi-
ties held abroad. Not only this, but It
must be known that while over 90 per
cent of our freight is carried in foreign
bottoms large freight bin must an
nually accrue and be liquidated. This
is estimated at the present time to be
nearly, if not quite. S200.000,000.
We must consider, also. that the
wealthy tourists who annually go to
Great Britain and the continent spend
immense sums of money in buying bills
OF exchange on foreign banks. which
also must be charged against our excess
of exports. The millionaire who rides
in the first class railway trains of Eu-
cope. who puts up at the best hotels.
who patronizes the highest priced the
nters. who drinks the best of wines and
eats the best of food and smokes the
pest OF cigars, spending say. at least
thousand dollars, which is no eXtrava-
CANT estimate. has nothing to show for
except the memory Of having had
good time There are also expenditures
for clothing and dress and other things.
limited amount of which the tourist
can bring back without paying duty. 1t
is estimated that in years of prosperity,
such as we have been enjoying since
1897, the tourists of America in this
way spend from S75,oOOOO0 to $780,
100000 a year in Europe and other for
C;%n countries
Besides these expenditures there are
many thousands Of people in the Unit
cd states who send to the old country
annually. and especially about Christ
mas time, small sums of money which
they have earned in this country and
which when it goes abroad returns no
equivalent except the consciousness to
The giver of having been good to those
left behind in the old country.
1t it of course impossible to estimate
or calculate exactly the amounts OF
the above transactions, nor is it neces-
sary that exact sums of money or of
gold be used Our internationa! sys-
TEN of credits and bills of exchange
is sufficient for the balancing of ac-
counts. But of one thing we can as
sure Mr.. Trueman and all who are
pcrpleXed over what we get in return
! for our excess exports, that were the
excess one of imports instead of eX-
ports we should have to foot the bill.
! We have always been and we are yet
! , n
er till he had made the last payment
! on his mortgage, when with his next
sale and deposit he became creditor.
| We need only refer to the period Of
| 1917. the commencement of the Walker
/ tariff. to 1860, when our adverse bal
! ance of trade amounted to 360,OOO,OOO.
! and in return for these goods bought
| from abroad we sent back gold bull
lion to the value of $313,000,000. In
| the eight years ending with 1870 for
| eigners furnished us with goods in eX-
cess of those they took from us to the
valuc of $G30,000.000. and during the
same eight years our exports of bul-
lion in partial payment thereof were
| SibJ, ,000,t@0. the imports of bullion not
turning in or favor until 1873. Since
! 1919 the balance of trade with the ex-
ccption of three years has been in our
favor enabling us to buy back our
bonds and our securities, as well as 10
pay the annual interest charges and
disbursements. as has already been eX-
planned.
In spite. ,herefore, of the millions
and billions Of dollars worth of mer-
chandise and gold which we have been
sending abroad we have Eeen at the
same time inYi"ibly. but none the less
surely, adding to our credit and to our
wealth, and no less invisihly and no
less surely has Great Britain during
the last half century with her annual
excess of imports, the sum of which
amounts TO many billions of dollars
been parting with her wealth, with her
credit and with her capital.
In