The Hartford republican., 1914-11-06

conclusions which should influenc,
the minds of voters at the congress
sional and senatorial elections of
November Q. the New York Press of
october Is prints an able editorial
under the caption, Trade Balances
Turn Our Way Again-for a While. "
It is a distinct and valued service
that the press renders to the interests
of the American people in thus put
ting out the need of keeping in view
the fact that It would be a mistake
to acquit the party of Free-Trade of
| its full responsibility for the injuri-
Gus effects of bad Tariff legislation
merly because the unlooked-for and
unprecedented conditions brought in
| to play by the great war in Europe
/ have helped to minimize those injuri-
Gus effects. Wisely and well the Press
urges that the unforeseen cataclysm
in Europe ought not TO mitigate or
condone the blame which rightly
rests upon the political party that is
responsible for the Underwood Free
Trade Tariff law.
Immediately following the enact
ment of the Underwood law our cred
it balnces abroad, the result of a
healthy excess of exports over i'm
ports through the operation of
Protective Tariff. began to dwindle.
Exports fell away and imports in
creased. At the end of the calendar
year 1913, three-fourths of the year
being full Protection period, we had
foreign trade credit of S691, AL
Sl2 with which to Offset the bills for
our overseas freight carried in for
eign ships. the dividends and inter
est due to foreign investors in our
securities. the spendings of American
tourists abroad and the remittances
| of our alien population. But a radi-
cal change soon became manifest un-
der the operation of the Underwood
Free-Trade Tariff. That monstrous
measure began to transfer big cred
its into big debts. The Press says:
Our excess of exports amounting
to almost S64. 900 for January of
last year. became a little more than
$4,000 900 in January of this year.
The $44,00O,O0O of February last
year was trimmed to less than $780,
100000 in February this year,
The S32.00O.000 of March last
year shrank to less than $4,000, 900
in March this year.
The $53,6OO,OOO of April last year
disappeared entirely this year and be-
came an excess of imports amounting
to more than $11,OOO,000.
May last year was nearly $4,000
600 in our favor; May this year was
more than s2,5OO,OOO against US.
June last year gave us a foreign
credit of more than $4,000 900; this
year a debit of nearly half a million
dollars.
July last year left US TO the good !
nearly s22.000,00O; July this year
to the bad more than $500. 900.
That was all before there was any
war. Then came the war and we saw
a trade balance of more than $780,
900 900 in our favor in August year
ago changed into a balance of more |
that $19.0O0.000 against us in this
August.
The Press, as we have said. does |
well to emphasize this alarming re-
versal of our fiscal standing with |
the rest of the world. 1t is record |
which ought to consign the party of |
Free-Trade to everlasting shame and
defeat; a record which American |
voters should keep in plain view and |
not allow it to be obscured by the |
changed conditions resulting from |
Europe's industrial and trade paraly- |
sis. 1t is true that the great war shut |
off the expectation to this country |
of large volume of the competitive |
merchandise that was flooding our
market after the Underwood Tariff |
had begun its deadly work and before
the war broke out. II is true that the
war brought on a bigger demand for
some of our exports. But. says the
Press:
Suppose the war hadn't come to
check the rising flood of our imports
and to revitalize our sinking ex-
ports.
In September last year we had a
foreign trade balance in our favor of
more than $47,OOO,OOO. Wiping that
out as it had been wiping out pre-
vlous trade balances the Tariff would
have added still further to our for
eign indebtedness.
In October last year, because of
all manner of readjustments with
the beginning of the new Tariff,