Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1907-02-27
WORLDS Mich cow
AMERICA DRAINED FOR BENEFIT
OF FOREIGN COUNTRIES.
Enormous Sums Sent Each Year by
Foreign Born Wage Farmers in
the United States to Their
Relatives Abroad.

foreign countries is made the subject
OF an interesting editorial in the New
York Tribune of Jan. is. Ii would GER
tainly seem that she is furnishing
milk for all creation in increasing
quantities. The American Economist
has already shown that in the fiscal
year ending June 30, 1906. the huge
sum OF S363.04T .S67 went out Of the
United States in the shape of postal
money orders payable abroad. and
that the total of such orders issued
in the seven Tat protection years. 1900
TO 1906. inclusive. was S249.IfS.OS2.
against total of $ll2. 5S6. 5S5 for the
eight leaner years from 1892 10 1899,
inclusive. years made lcancr by free
trade tariff legislation. Attention WAS
also drawn to the fact that with the
addition of money mailed i'm registered
letters. in express money orders and
In bank drafts OF small amounts the
total sent back To Europe by ouw for
eign born wage earuers would prob
ably not fall far short OF 500. goo 600
In 1906.
From figures published by the Aus
tro-Hungarian Colonial society Il APP
pears that in 1903 the remittanccs OF
Austrians and Hungarans settled in
America amounted to- S3S 900 900,
while the gross value of Austro.Hun-
garian exports to America In the same
year amounted to only 100000 1t
thus falls out that the poorly paid
workers of continental Europe yield
far greater profit to their former
home countries after emiCrating to
the United States than If they had
never emigrated.
IL is, moreover, true as the Trlb-
une points out, that considerable
percentage OF our immigrants remain
In this country only long enough to
accumulate savings that will enable
them to go back and spend the re-
mainder of their lives in the mother
land All told, the money RENTED
abroad and the money carried abroad
by returning wage earners must
amount TO a rather formidable sum
each year.
This sum must then be added to the
already great bulk of our foreign fixed
charges, such as payments To foreign
steamship companies for carrying
American passengers and freights, es-
timated at 5000 900, 900 n year. the in
terest and dividends on foreign invest
ments in the United States, and the
sums spent abroad by American tour
lists. When all these items of outgo
are footed up they reach a total so
great as to seriously affect the ques-
ton OF national debts and credits.
They demonstrate the absolute neces-
Sity of protection trade balances aver
aging $500 100000 n year. represent
ing our excess of exports over imports.
IL we bought where we sold. as the
free traders and "reformcrs' would
have us do; if we entered upon the
system OF increasing our foreign trade
through the acceptance of larger i'm
ports in payment for our exports: If.
for example, our 81 $50. 000. 900 Of sales
abroad were cancelled by $1,75O. 600. 900
of purchases abroad how would we
then meet our foreign fixed charges OF
at least 100000, 900 a year? We could
not meet them except by running into
debt deeper and deeper through bond
issues to cover annual deficits
AS the case now stands. our protec-
ton trade balance is ample to take
care of our foreign liabilities and leave
something over with which TO buy
back American securities held abroad.
Instead OF going deeper into debt. as
would inevitably be the case If We did
not restrict competitive imports by a
protective tariff. we are gradually pay
ing our debts owed abroad. while at
the same time enormously increasing
our wealth at home.
The Tribune proposes no remedy for
the heavy outflow Of American money
IN the form OF rcmittances abroad ny
wage earners Of foreign birth. Nor do
We know Of any way 10 prevent for
e!Gners from coming here and earning
big wages and sending them back to
Europe unless IL be by restricting i'm
migration or prohibiting IL altogether.
In the present condition Of the labor
market when three Jobs ere looking
for two men. that remedy does not
seem feasible
Yes; there Is another remedy. Re
wise the tariff downward: approach a
free trade basis. reduce prices Of com.
modities; reduce wages. and the 800
100000 a annual rcmitiauccs abroad
by American wage Carrcrs will rapid
ly dwindlc TO Onc-quartcr Of that sum,
or less. The tide Of immigrants seek
ing work will also FAN away Hut that.
too, is a remedy which all excepting
free traders and 'rcformers" will
shrink from applying. So it would
seem that The American COW must
continue to give milk 10 all mankind.
Fortunately. through protection 10
American labor and industry. the COW
has enough and TO spare.
II IS argued that The country IS 80
49, 4 -.----- -L---- l. o. Ill.,