Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-05-03

, wonderful gift Of foreetfulness. The
facts of today being hard for their
digestion. they 20 back "A year and
talk about the balance OF trade ia
April last with both a singular omis-
sion To state the facts OF that time
and the facts which followed the en-
actment Of the Payne Aldrich law OF
evil memory Everyone knows who
reads but our friends, the editors,
II they read do not say It. that What
they call the deficit for April, 1914,
was due 10 the increase In imported
food arising from our own shortage
az that time and 60 the increase of
crude materials which we do not
ourselves produce or produced insult
ficiently for use in our manufactures
ON the export side for that month the
decrease was I'm shipments of food
stufls. which we could not spare. and
In crude materials. viz. coal and raw
cotton. II was IN the item Of fully
finished manufactures that the de-
creslse was least.
Laws Not Cause OF Conditions. :
sNot only, therefore were the
conditions of which our friends so
often and so fechly. write the out
come of circumstances which had
nothing Go de- with any law. but they
are treated by our friends with an
amusing fOrgetfuluess OF their own
past. lf they look al the Year follow
ing the Payne Aldrich tariff law,
which began rs brief career on Au-I
gust 6, 1893, they will find that in
March, 1910, there was what they
cali an adverse trade balance Of over
sla,O00,000. There was no war then
to shut of our trade hut IL was not
until August of 1914, when the war
did shut our exports of for "a time.
that the PAYNE law deficit was
equaled. Not only so, but in the year
which followed the passage of the
Payne Aldrich law there were I'VE
months in which there was an adj
verse trade balance.
ct is hard TO see how our friends,
the editors, therefore. escape the con-
clusion that by their own argumentsI
the law they favor was a failure. II
adds strength TO this TO point out
that despite the deficit on which
they leaned so much in April, 1914,
the trade balance for the ten months
OF that fiscal year, which included
April. showed q favorable balance Of
$40, 000,000 while during the tent
ending with April. 1910, most
sf il under the payne-Aldrich tariff /
and the rest under the Dingley tariff, /
the favorable balance was by $685.
000, 900. Therefore. on the basis OF /
the arguments used BY our critics
there was under the Underwood ta-
riff the increase OF $500, 900. 900 ia
vorablc balance ms compared with
that under the Payne law.
May ] point out that the condi-
lions this year. during which Pres-
dent Wilson has so ably guided our
ship OF state amid stormy seas, are
such that the favorable balance in
our foreign trade is go great that II
already reaches a sum sufficient to
purchase the largest of our great
railway systems, and that if II con-
.inued for the balance of the fiscal
year az the current rate. il would be
sufficient to extinguish the entire in
.erest-bearing debt Of the national
government II would several times
pay the cost OF the Panama canal.
would more than discharge the debts
II all our states, or more than pay
he entire net debt Of the great city
# New York plus that Of the city OF
PHILADELPHIA -