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
