The Sentinel=record., 1915-01-03

The total value of the agricultural,
manufacturing, mineral and forestry
products of this country exceeds s40,-
! .00,000,O00 a year. OF recent years
we have exported about 5 to per
cent of this. or from $200O,O00,000 to
s., 400, 100000 annually Thus less
than onesiXteenth of the total value
of our products has gone abroad.
While this $4,000 100000 of value
represents the output of the country,
it does not, of course, begin to repre-
sent the volume of trade. These pro
ducts are sold and resold, giving EN-
| ployment and profit to millions of
people. They are transported back
and forth, furnishing freight to the
railroads and employment to other
millions. They are the basis OF all
of our business life But even in the
primary state the output is 100000
100000 while we have exported only
) to 6 per cent of il.
We are now exporting, partly by
reason Of the heavy demand in Eu-
rope for war munitions, probably
quite as much as during years of
peace. Indeed, it is quite possible
that the total exports of the coming
year, notwithstanding the decline in
the price of cotton and the smaller
exports of that staple. will equal the
highest exports We have ever had,
and possibly run far ahead. 1t is true
that is is due to war conditions Nev-
ertheiess, the goods have to be made
and sold and shipped, and the money
comes back to us, or the agricultural
products have to be raised and ex-
ported, and they, with the exception
of cotton, are being sold at a high
price. What is there, therefore, in the
European situation to have any such
effect on our business interests as to
bring about depression? We are sell
ing almost as much to Europe as for
merly, and if we are not, because of
the war importing as much, it merely
leaves a larger market at home for
our own manufactured products. so
far as our foreign trade, therefore, is
concerned, there is no foundation
whatever for inactivity in trade, ex-
cept as to cotton. and this will be
offset in the total volume by other
exports.
We have just as many people as we
have ever had. and their number is
increasing at the rate of about $780,
coo year, making more mouths to
feed and more bodies to be clothed.
The war has not in any way lessen
ed our natural resources. 1t has not
destroyed our timber, our coal, our
iron our water powers, nor any of
the other vast resources which give
us an unmatched combination as com
pared with any other equal area in
the world
Europe is not buying heavily of our
securities, but, on the other hand, we
are keeping at home the several hun
dred million dollars that our tourists
have annually spent abroad, more
than offsetting the decline in Europes
annual investment in our bonds and
stocks.
What, therefore, is the matter with
us2
We know that the tariff has had q
depressing effect on many lines of in
Gustry. We know that it has practi-
cally destroyed some. But even an
adverse tariff, bad as it is, is not
fun explanation for the timidity and
fear and lack of business prevailing
throughout the country. We ought to
repeal the present destructive tariff
destructive of national income as well
as destructive of business But look
still farther
We know that for the last ten years
there has been a relentless war upon
business, big and little We know
that the railroads have been very
nearly throttled to death by adverse
legislation. state and national The
country has gone on the theory that
men would continue to invest billions
of money in the btilding of railroads
even though they might have no noice
in the management of these roads or
in the fixing of the rates for passen-
ger and freight business. 1t is diff
cult to imagine anything much more
absurd than this theory. One OF its
dire results is seen in the figures pub
lished last week that in Is states the
new railroad mileage was less than