The Republican journal., 1915-07-08
The Billion Dollar Trade Bal.
dnce.

! WASHINGTON, D. c., July S, 1915. The
billion dollar trade balance which Secre
tary Redfield is blowing about is not 90
ing to be prorated among the people of
the United States. Don't forget that
Mr.. Redfield sought to cheer up the
tagging spirits of the manufacturers of
other than munitions of war, the tax
payers, and the unemployed of this coun-
try. by prophesying this huge favorable
trade balance at the end of the present
fiscal year, consumation which he at
tributes to the Democratic administra-
ton, denying that war orders are re-
sponslble. But no man will be beguiled
by this fair promise into discarding the
many aggravating economies, industrial
and domestic, which Democratic hard
times forced upon this nation.
A billion dollars is juicy expression
which sweetens the tongue and tickles
i the ear, but if anyone imagines that
sum is to be cash addition to our re-
, sources his Imagination lacks the salt of
reason. 1t will be long time before
Europe will be able to pay us any such
sum in gold.
Europe is paying for our exports of
war munitions by establishing new
credits here. She is borrowing from US
the money necessary to pay for the
goods which we are selling her. In some
instances, American securities now own
ed in Europe are being returned in pay
ment. Both these methods of payment
will, of course, strengthen the credit po-
sition of the United States, and the end
of the war should find us financially in
the vanguard of the nations of the earth
But that will be due to the unfortunate
necessities of European nations, and not
to the activities of Secretary Redfeld,
Mr.. Underwood, and the rest of the free
traders.
Nor will we long be able to hold the
financial supremacy thus attained, under
the Democratic tariff policy, as study
of the dwindling trade balances in our
favor prior to the outbreak of the Euro
pean war will convince the most casual
reader of our commercial history. Only
by return to Republican fiscal princi-
pies can we hope to remain permanently
in the front rank of commerce and fin
nance.
The Underwood Tariff Bill was ap-
parently framed on theory of 'free
finished products and taxed raw materi-
ais. 1t seems incredible that the Demo-
cratic party could be SO unpatriotic as to
discriminate against the American work.
man and in favor of the foreigner, yet
no other conclusion is possible when we
view the fact that foreign shoes are ad-
mitted free, while duty must be paid
on the thirty different articles which en-
ter into the manufacture of shoes. The
effect of this is that the foreigner with
his cheaper labor sends shoes to America
AACS1 Willie Vic 1aIuCIlCdH IlluSC pay all
import duty on the raw materials, and
then compete with the favored foreigner
in the finished product.
Large receipts from stamp, corpora
ton and income taxes have added to the
funds in the Federal Treasury, yet the
balance on hand at the close of business
Saturday, June 10th, was only $25, 519,-
$500 as compared with balance of
$137, 312, 682.86 on the same date two
years ago, when Republican laws con-
trolled the revenues and expenditures.
The deficit, as shown by the excess of
all disbursements over all revenues for
the fiscal year up to June 10Th was $780,
GIL, 1881.
Nobody will have the temerity to as
sert that the Democratic party has not
had new idea in thirty years. The
political graveyard has too many tomb
stones marking the final resting places
of some once notorious new ideas of that
party. And now there are "none so
r oor as to do them reverence"