The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-22
Good Political Intentions and Hard
Business Facts.

Good POlttCat intentions anu baru
Business Facts.
The revised tariff has been in force
for more than seven months. The fig
ures available show that since the be-
ginning Of last October to the end OF
last month exports decreased S113.012,-
600, In comparison with the correspond
ing period In the previous year. At
the same time imports increase S23,-
825, 493 As a result the trade balance
for the seven months ended In April
was less favorable by S136, 63s, 04S than
for the same months in the previous
year
This Is a very large shift. but Its
significance Is made more Impressive
when IL il noted that last month alone
the alteration In the relation of imports
and exports compared with the April
figures u year ago converted an export
balance Of S53, sgO,sI9 20 an import
balance OF slO27l.sT2. a total change
Of Sl, l62.12I adverse to the United
States.
II has taken II little while for the
/ influence of tariff revision to make
itself felt In the trade movement, but
| II can hardly I've disputed that the new
tariff Is operating as Il powerful stimu-
/ lus To importatlons March imports
, increa sed S27,335. 500. This gain was
followed in April by an expansion Of
! S26.446, o63. an increase of So3.7s2,U69
| for the two months, the comparison
being with the corresponding months
| In 1913. March exports lust failed to
hold their own in comparison with the
outward movement ia the previous
5S6.
That some new factor is working in
the country's foreign trade Is evident
from the changed relations of imports
and exports. The country has not been
borrowing money abroad through So
curty sales for which offsets should
he provided In larger purcha SEES Of for
eign goods and commodities. On the
contrary, Europe has been withdraw
ing capital ana credit by more or
stocks and bonds. That the country
import trade should grow while It's ex-
port trade declines under the conditions
noted Is anomalous. unless some special
cause Is responsible. and the only spe-
cial cause discoverablc is furnished bv
the wider opening of the American
market Ia foreign manufacturers and
merchants through the reduction Of
protective tariff duties.
Eventually no doubt there will be
compensating changes IN foreign trade.
At present the situation may be com
mended To the careful attention of be-
nevolent dispositions Mt Washington.
4 determined effort Is being prose
cuted NJ Washington 10 put through
an extensive programme Of further
legislative revolution In the conditions
Of business. That II Is we'll intended
effort we have no doubt. and our Dem
ocratlc friends have laid good deal
Of stress on the excellent intentions
which have controlled all their en-.
deavors TO establish the new freedom
OF business. Nevertheless the hard
facts OF the sequel to tariff revision
are In marked contrast with the ex.
allied purpose which dictated the eur.
tailment Of protective duties.
This having been demonstrated there
ought to be- something In the business
consequences of tariff revision calcu
lated 10 give pause IN further well in
tentioned efforts to "set business free 81
at least until REIMBURSEMENT To tarf
change and to the revolutioniZcd bank
ing organization has been achieved
The new tariff law and the new bank
Ing law may constitut" about as much
experiment, however well meant. n,
American business can endure for the
present and Sill survive, even II boun
tiful cropg ara harvested this vnur