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OCTOBER 14, 1904.
The Commoner.
3
Warning to Republican Leaders
A republican newipi( aurftfaats that re
pubUoatt politicians make a mlolako In lay
ing claim to everything whloh tho Almlgh
ty has in His beneficent Providence don
for the well'feelnrf ef the cevinlry.
KtW lPIW1IVvF?lP,5Hm-i' v j
It is a habit of republican editors' and re
publican orators to claim everything, not only on
election day but as to all the good things that
come to the people, whether they bo in the form
of freedom from pestilence or in the shape of an
unusually abundant crop.
The Wall Street Journal, a republican paper
to whose utterances The Commoner has frequent
ly had occasion to refer, printed in its issue of Sep
tember 19, an editorial that deserves widespread
publicity. The Journal says:
Many of the republican orators and edi
tors appear to think that it is necessary for
them to claim that the fiultfulness of the
soil, the richness of mines, the increase in
the supply of money and the magnitude of tho
commerce of the country are mostly due to
tho successive republican adminibtrations.
Then the Journal points out that it is possible
for a country to be prosperous in spite of bad
government and that it is also possible to havo
good government without prosperity.
While claiming much for the republican party
in the way of good government, the Journal says:
"It is absurd to claim on its (the republican par
ty's) part all that nature has bestowed upon us."
That in itself is quite an admission coming from
a republican newspaper.
An instance of what the Journal calls "ex
travagant overstatement" is found in the repub
lican textbook of this year. In that book we are
told that since the republican party first came
into power we have changed from "a borrowing
to 'a- lehdiiig nation" and that we "have paid back
the $2,139;000,000 which the, balance of trade
showed ' against us in 1875, and the world now
owes us $3,584,000,000."
The Journal contends that even admitting that
the facts are as thus stated, it is absurd for tho
republican party to claim that it has brought all
this about. The Journal's comments are so in
teresting that we quote liberally from its editorial.
It says:
"But the facts are not as stated, or rather this
statement of the facts is misleading. What it
asserts is that before 1875 this country had im
ported $2,139,000,000 more merchandise than it
exported, that this created a balance or indebted
ness against us which, since 1875, the excess of ex
ports over Imports has enabled us to wipe out
and "to pile up the Sum of $3,584,000,000 In our
favor and that this Is due largely to the republican
party and its policy of protection to home indus
tries. ,
"This is a reassertion of the old doctrine of
tho 'balance of trade' which for centuries has
been responsible for two-thirds of the wars that
have cursed mankind. The idea is, of course, that
when the country sells more than it buys that it
is getting richer all the time, and reversely, when
it buys more than it sells, it is getting poorer all
the time. The true theory is, of course, that the
larger the exchanges or aggregate commerce the
country has the more prosperous it is. Trade" ac
tivity consists in the magnitude of exchanges and
not necessarily in the size of balances. The ab
surdity of the argument of tho republican text
book is revealed when it is said that since 1875
Great Britain has imported about $18,000,000,000
more than she has exported. In other words, the
'balance of trade' has beea advers3 to Great
Britain to that enormous sum. And yet; so pros-'
perous has been Great Britain during that time,
so enormously rich, that she has stood in the
fore-rank of the nations, and the dominant party
in that country if.lt had in that period been
constantly In power might put forth tho claim
that it should be credited with the wealth which
had been created, because Groat Britain had im
ported $18,000,000,000 more than sho had exported.
The wealth of Great Britain is indicated by tho
fact that since 1875 its aggregate foreign com
merce has amounted to upwards of $100,000,000,000.
In the same period tho aggrcgato foreign com
merce of the United States has aggregated less
than half that amount.
"Tho statistics of the foreign trado, of course,
show only a part of the actual corarnorco between
nations. As a matter of fact, whilo there has
been a 'balance of trade,' so-called, ir our favor
since 1875, that balance must offset an adverso
balance in tho tremendous volume of invisible
oxchanges such as securities pjid tho like. These
invisible exchanges are as much a part of tho
commerce of the country as the visible trade in
merchandise, and it is in this invisible commerce
that the prosperity of Great Britain largoly con
sists. In putting forth the claim thai, thero has
been a largo 'balance of trade' in favor of this
country since 1875, tho republican party is, there
fore, making a partial statement. As a matter of
fact, while we have exported more merchandise
than we have imported, tho balance of the in
visible trade is greatly against us. Moreovor, it
is at least questionable whether this country
has, in fact, changed from a debtor to a creditor
nation, from a borrowing to a lending one. Tho
statement to that effect in the republican cam
paign textbook is a repetition of tho same claim
that was made two or three years ago by Secre
tary Hay. There is, however, much uncertainty
regarding this point. Many statisticians dispute It.
"We have beforo us now en articl) published
by tho University of the South from the pen of
W. H. Allen, which makes a claim that the big
trade balances in favor of this country are not
large enough to offset our annual foreign debts,
and that instead of having any surplus left to
buy back securities or to" mako investments abroad,
we are piling up a great deficit, which is to bo
met by selling or pledging more securities abroad
Or borrowing enormous sums from foreign bank
ers. In making this claim, tho writer calls at
tention to tho reports of dealings on the New
York Stock Exchange- from Jan. 1, 1897, to May
1, 1904, showing an excess of purchases of stocks
for foreign account of over 3,000,000,000 shares;
the reports of foreign Investments in our' se
curities and properties outside of tho stock ex
changes, and the decreasing general circulation
of our gold currency in spite of an enormously
Increased issue of the same.
"The republican campaign orators might bet
ter leave the 'balance of trade' alone and stick
to those facts and arguments which they may
legitimately bring forward in support of their
party. There is plenty to say without getting
.into deep water on this economic discussion, and
in laying claim to everything which the Almighty
has in his beneficent providence doie for the
prosperity and the well-being of this country,"
JJJ
Popular Election
Some republicans claim that there is no dif
ference between the parties on tho question of
the popular election of senators. It is true that
the majority of republicans, as well as the over
whelming majority of democrats, favor popular
elections; and yet, the republican party has done
nothing to advance the reform.
On this subject the republican platform for
1904 is silent whilo tho democratic platform de
clares: "Wo favor tho olcctlon of United States
sonators by tho direct voto of tho people."
Tho democratic campaign book presents the
rocord of tho parties on this question in this way:
"In tho fifty-eighth congress thero has been no
test voto on tho question of electing United States
sonators by tho people. Tho last yea and nay
voto benrJng on that question was taken Juno 11,
1902, a little boforo tho last congressional election.
It happened in this way: Houso joint resolution
No. 41, for an amendment to tho constitution for
tho olcctlon of United States sonators by direct
vote of the people having pasKCd tho house of
representatives without division, and having been
pending beforo tho sonato committee on privi
leges and elections for six months without any re
port from the committee thereon, a motion was
mado to discharge tho committee from further
consideration of tho resolution, in oidor that this
matter might be brought up for consideration by
tho senate. A yea and nay voto being taken on
tho motion, thero woro 21 yeas and 35 nays, 18
domocrats and three republicans voting yea, and
thirty-five republicans voting nay. (fe'eo tho vote
at largo In the Congressional Record, vol. 35, p.
G59C.) This vote shows tho relative positions of
the two parties on tho subject. Just beforo it
was taken memorials in favor, of the election of
senators by the people had been presented from
tho legislatures of Idaho, Colorado, Michigan,
Montana, Nebraska, Nevada, Oregon and Ten
nessee, and from associations and citizens In near
ly all parts of the country, showing a strong and
almost universal sentiment In favor of tho mcas
ur.o Many other state legislatures have within
the last eight years presented memorials In its
favor. Nothing but tho overwhelming influence
of tho trusts and great special interests which seek
to keep as far as possible from a situation in which
the law-making power is directly answerable to
the people pre von ts tho party in power from yield
ing to the force of public opinion on the subject."
JJJ
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