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About The Conservative (Nebraska City, Neb.) 1898-1902 | View Entire Issue (Dec. 22, 1898)
i. . - e > . 'K' * * ' ' * , ; ' $ Conservative * urn the trade and commerce are fully considered ? The paramount power of supplying nearly all the necessaries of life , which the world must have at the highest rates of wages , and the lowest cost of production , has fallen to the United States. The demand for these goods exists throughout the world , but the purchasing power which must exist iu order to supply that demand is very lim ited. The reasons for this limitation must be considered lest time be wasted in efforts to open trade with nations that have the least power of purchase , while we neglect states and nations which possess the greatest power. THE DESTINATION OF OUK EXPORTS. What makes the power of purchase of foreign countries ? Before dealing with that question , the following facts and tables should be fully considered : From the following table covering the export of ten (10) ( ) years , ending June 30 , 1804 , it will appear that the United Kingdom of Great Britain and Ireland and her colonies bought from us in round figures sixty (60) ( ) per cent of what we had to sell ; France , Germany , Bel gium , and the Netherlands twenty-three (28) ( ) per cent ; the rest of the world sev enteen (17) ( ) percent. * In the fiscal years ending June 80 , 1895 , 180 ( > , and 1807 , a slight change oc curred , duo to the increasing proportion of manufactures exported to other than British countries. In the fiscal year ending Juno 80 , 1898 , although bad crops created an ex cessive demand for the products of ag riculture among European states , yet the increasing exports of manufactured products to all parts of the world changed the relative proportions of for eign purchases in a considerable meas ure. * Authority. Keport of 1895. Bureau of Statis tics , United States Treasury. TAISLE NO. 2. ts nftlic Untied States for twelve montlm June ,10 , J8IS ! : United Kingdom of Great Per cent. Britain and Ireland . . . . $540,800,152 48.92 British colonies and do- pendeiicies : Gibraltar $304,829 Malta 04,852 Bermuda. . . 098,041 British Honduras 555,179 " No. America . 84,911,200 " West Indies 8,882,740 " Guiana. . . . 1,792,912 Australia 15,003,703 British Africa. . . . 12,027,142 British Asia . 10,001,055 135,002,178 11.01 $070,402,825 51.93 Germany. . . . $155,039,972 France. . 95,452,092 Netherlands 04,274,022 Belgium 47,000,811 $802,878,597 29.48 Austria , Hungary , Italy , Spain , and all other Euro pean states 09,718,419 5 00 $1,103,554,841 90.02 South and Central America , Mexico , and West Indies not British 77,191,108 0.27 Asia not British 83,803,218 275 Oceanina not British 0,1)87.018 ) 52 Africa not British 5,880,010 .44 $1,281,829,950 100.00 By this table it is made plain that in the last fiscal year the United Kingdom of Great Britain and Ireland took from us a fraction under forty-four (44) ( ) per cent ; the British colonies and dependen cies eleven (11) ( ) per cent ; Franco , Ger many , Belgium , and the Netherlands twenty-nine and forty-three ono-hun dredths (29.48) ( ) per cent ; Austria-Hun gary , Italy , and the rest of Europe five and sixty-six one-huudredths (5.0(5) ( ( ) while Mexico , South and Centra America , Asia , Africa , and Oceanica other than British , were able to buy from us only a fraction under ten (10 ( per cent of what wo had to sell. HOW AVE AUE PAID FOR EXPORTS. But there is another aspect of this case which is of the most profound im portanco. How did Europe pay for ou exports ? In the fiscal year ending Juno 80 , 1898 , the import of goods was a follows , even a part of these import consisting of Australian wool , Egyptiai cotton , Russian hemp and some othe articles bought in London , which is the : enter of trade : Import * . Great Britain $109,188,805 Germany 09,090,907 'Vance 52,780,003 Belgium 8,741,820 Netherlands 12,535,110 $252,842,21 1 lest of Europe 58,249,003 $800,091,814 It will be remarked that in round fig- ires wo sold food , fibres and fabrics to Suropean states to the amount of over line hundred and seventy million dol- ars ( $970,000,000) ) . Wo bought from Europe goods , including Australian wool and Egyptian cotton , to the amount of ; hreo hundred and six million dollars ( $800,000,000) ) . The difference of over nx hundred and fifty million dollars ( $050,000,000) ) AVOS passed to our credit in gold by Aveight at the measure of the lound sterling , which is the standard or unit of A'alue in the conduct of foreign commerce. SILA'ER ENTHUSIASTS ARE ILLOOIOAL. This huge sum AVas subject to our drafts , Avhich AVO made for such gold coin as AVO needed to sustain our credit , also for the purchase of our OAVII secur ities returned to this country by so much liquidating our foreign debt , HOAV very small ; lastly , for the purchase of our tea , coffee , sugar and other products chiefly bought in states or continents Avhere silver money or paper money is used for local purposes , securing at the gold standard double the quantity that could have been bought at the market price of silver. Yet , grotesquely strange as it may seem , there are still a few illogical persons in this country Avho sincerely believe that it Avould bo for the benefit of our farm ers and manufacturers to make silver dollars a full legal-tender at the rate of sixteen of silver to one of gold , or at the ratio of a dollar tAventy-nine and a half cents ( $1.29) ) per ounce of silver , and thereby to enable our European debtors to pay us on our contracts for AVheat and corn and cotton at that rate Avith coin made in our OAVII mint for silver Avhich costs British silver miners less than tAventy-five (25) ( ) cents an ounce , and on Avhich they are still making very largo profits and increasing their product on a market price of about fifty cents. ' # Is it not manifest that the trade Avith & Europe cannot bo long upon these terms unless AVO become largo lenders of capi tal to European countries ? We cannot year after year sell our products for double or more of the value of Avhat AVO buy from Europe , dnuving gold in pay ments. In one or tAVO years AVO should drain every bank in Europe , and wo should have no use for the gold of Avhich AVO IIOAV have enough. Wo are adding year by year to our stock of gold the product of our OAVII mines , more than ample to meet any possible need of an additional reserve. For this reason , if