New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-03
TRADE BALANCE BIG
AS NATIONAL DEBT
Secretary Redfeld Sees
Great Progress Under
Present Tariff.
URGES MORE SHIPS
UNDER u. S. FLAG
Says Business Movement Would
Be Greater Yet if Americans
Had Carriers.

from Oh. Tribune Bureau
Washington. May , Declaring that
our dependence upon foreign nayloS
20 protect tho movement of our own
commerce. which We ought TO control,
but do not" has nut the United States
in a most humlhatinF posluon m the
present crisis. while foreign carriers
are prospecting at he expense OF this
country, Secretary Rcddcld, IN a let
ter TO Senator William j. Stone, de-
tends the Underwood tariff law, poin's
to the large favorable trade balance,
and asserts that the trade balance for
the first ten months under the opera
tons of the Underwood Jaw was
greater by approximately S3OOOoO,0Op
than for the corresponding period un-
der the Payne -Aldrich law.
Secretary Rcdf-ld says the trade
balance i'm favor of this country mas
already reached q sum sufficient TO
purchase the largest Of our great rail-
way systems. and If continued for the
balance of the fiscal year AZ the cur
rent rate would be sufficient TO eX-
tinguish the entire interest bearing
debt of the national government. II
would several times pay the cost OF
the Panama Canal, would more than
discharge the debts Of all the states, or
more than pay the entire net debt of
the great city of New York, plus that
Of the city o. Philadelphia.
Enormous Favorable Balance.
Stated briefly" says Secretary Red
field, "our exports for the nine months
Of the fscal year ended with March 81
have reached the unparalleled total OF
1898, $50, indicating an approXi-
mate total for the full fiscal year of
$3.50, 100000. The apparent balance in
our favor on merchandise transactions
in this foreign trade up TO the 18th of
April (thc data for half Of April being
estimated is s76l 100000. Unless some
unforeseen change in the export move
ment occurs this favorable balance will
reach, If not exceed, a thousand mill
ions during the current fiscal year
This is of itself sufficient to make
American hearts glad, but certain
factors add greatly TO its weight. II
includes the north OF August, in which
the substantial stoppage of our eX-
ports for a fortnight resulted in an
unfavorable balance of Sl9,000,000. 1t
is coincident with the absence of an
expenditure on the part of American
travellers abroad estimated at, net,
about $40 100000 per annum, and also
undetermined amounts of American
securities owned abroad, by reason of
which the interest on the securities
thus purchased is now paid TO US in
stead of TO others. Not only, there
fore, is the favorable balance re-
markable in itself but it is not sub
ject to the offsets that have heretofore
been usual.
at is, of course, a pity that we are
still paying such high rates for ocean
transportation that foreign carriers
are thereby prospecting at our cost,
while we remain in the huniliating
position of depending upon foreign
navies TO protect the movement of our
own commerce, which we ought TO con-
troll but do not. From the Far East as
we'll as from the Atlantic comes the
cry for shipping, and it is speaking
conservatively 10 say that the business
movement which shows such wonderful
results would be greatly enlarged if
vessels were available, under Ameri
can control. to take the traffic whence
and whittier American commerce de-
sired to have it 60"
Millions Kept at Home.
Secretary Redield complains of
Republican editors who Ego back a
wear anu ldlh dDoul llt DclduNt VI
trade in April last with singu-
lar omission TO state the facts Of that
time and the facts which followed the
enactment Of the Payne-Aldrich law
Of evil memory" and says:
"lf they look at the year following
the Payne-Aldrich tariff law, which be
gan its brief career on August 6, 1909,
they will find that in March. 1910, there
was what they call an adverse trade
balance of over sl9,000,000. There was
no war then TO shut off our trade, but
it was not until August of 1914, when
the war did shut our exports off for
time. that the Payne law deficit was
equalled. Not only so. but in the year
which followed the passage of the
Payne-Aldrich law there were five
months in which there was an adverse
trade balance.
at is hard to see how our friends,
the editors, therefore escape the con-
cluson that by their own arguments
the law they favor was failure. II
adds strength % this 10 point out that,
DESPITE the deficit on which they leaned
so much in April. 1914. the trade bal
ance for the ten months Of that fiscal
wear. which included April, showed
favorable balance of 470,000.000. while
during the ten months ending with