The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1916-02-11
131,863,077
December
S264.847,116



The total balance shown above is
the net balance in favor OF this couI-
try, after deducting the adverse oai-
ance for August. r.
That this heavy balance in our ia
vor is almost entirely. if not entireiy,
due to the war is indicated by the
totals for the year 1914, compared
with those for 1918. These were
1914. 1913. mn
Imports 81 78o,022,4 26 81 792 $50, 4So
Exports -. 2,114,25,539 2,484.0lo,296
Balance -. 325,235,1l3 69l .42l,8l2
The favorable balance for the year
1914 was thus $500, 1856, 500 less than
that for the year 1913. For the seven
months ending with July this balance
was only 500, 1888, 789 in our favor, and
il had been shrinking month BY month
until in July it was $5,s35,OOO against
the United States. Had not the war
interviewed, it might have continued 10
grow each month until the entire year
would have shown a net balance
against us.
The effect of this shrinkage in our
favorable trade balance until it mad
turned against US is seen in the move
ment of gold. Exports in 1914 were
$222,616,l56, against $9l .798,6lO in
1918. and imports were $57, 1874 in
1914 against $63,7O4,832 in 1913. The
balance of exports over imports was
SI65. 228.415 in 1914, against only
$2S Oo3.778 in 1913. The bulk Of the
gold exports of 1914 were made in the
first six months, and the movement
was checked by the beginning of grain
exports in July. 1t was temporarily
renewed after the war began by ex-
ports in gold to settle our foreign
debts, but the great trade balance in
Our favor has brought about an excess
of imports over exports, which
amounted in December to $3,97o, 10y.
The constant swelling of our volume
of merchandise exports and shrinkage
in our volume of merchandise imports,
especially as the expected liquidation
by Europeans of American security
holding has not come. Belligerent
nations can only prevent heavy gold
imports to this country by war meas
ures designed to obstruct the ordinary
course of business, or by borrowing
money in this country with which to
pay for war supplies. Already dur
ing the war about $l00,0O0,00O has
been borrowed in this country either
by belligerents or by neutrals to meet
war emergencies. These measures will
only temporarily check gold imports
to the United States; for they will Gre
ate an annual interest debt to this
country, which will figure in the flu
ture trade balance and must be paid
in either gold or merchandise.
The figures which we have quoted
from a Commerce Department bulle-
tin prove every statement made by
ex-Representative Watson in his
speech at Topeka as to the disastrous
effect on our industries and commerce
of the Underwood tariff. Under the
influence of that measure we were,
month by month, buying more and
selling less abroad, and were piling up
an adverse trade balance which was
draining this country of gold. The
war alone stopped this sappine of Our
strength. When the war ends, the
same influence will come into play
again and its force will increase with
the progress of reconstruction in the
war-wasted countries. 1t will be in
cumbent on the next Administration
to make an exhaustive study of the
tariff question in the light of its eff
fects both of the Underwood tariff and
Of the war. If that Administration
should be Democratic, we may expect
it to renew the destructive conditions
which were interrupted by the war
Only "a Republican Administration
can be trusted, by establishing a tariff
board and by following its guidance
as to facts and conditions. to restore
American industry to permanent
healthy prosperity.