Jasper County Democrat, Volume 5, Number 51, Rensselaer, Jasper County, 28 March 1903 — POLITICS OF THE DAY [ARTICLE]

POLITICS OF THE DAY

The Invisible Balance of Trade. Statistic* of the Brooklyn bridge show that an average of about 20,000 more people cross into New York each day, than cross back to Brooklyn. These statistics Indicate that Brooklyn is losing and New York gaining In population at the rate of 7,000,000,000 a year. Sensible men know that there is no such daily balance of population in favor of or ngainst New York according to whichever political theory you accept. Somehow and in some way, about as many people re turn to Brooklyn dally as leave it. Similarly, Republicans are prating about the great "balance of trade” in our-favor, amounting to from $400,000,000 to $000,000,000 a year for six years, and are attempting to make the people believe that It is a good thing to he sending out of the country each year this much more than is being brought in. Sensible men shake their heads and refuse to swallow these fig ures. The trade and commercial pa|H*rs, like the iron Age and the New York Commercial, are now discussing the "Invisible Balance of Trade,” which punctures both the facts and theories of the politicians. The following table Is front the Iron Age of Pel). 2<>: Invisible (adverse) balance of trade: Interest balance $90,000,000 Ocean freight balance....'.. 8,>,000.000 Tourists’ expenditures .">5,000,000 Expatriation 30,000,000 Bent balance a 25,01)0,000 Money sent by resident fmeigners 10,000,000 Total $295,000,000 As tin* iron Age says, tills table ‘‘shows that the invisible balance of trade must run along annually at not much less than $300,000,000 to enable this country to discharge its foreign liabilities. The return, last year, of $100,000,000 of American securities held abroad wiped out all of the remaining visible balance of trade in 1902, says tlic* Iron Age, which concludes that ‘the United States is still a debtor nation." At least two very important factors have been omitted by the Iron Ago. Our imports of dutiable goods amount to $500,000,000 a year. These are undervalued to nlHMit 10 per cent or $50,000,000. We export manufactured goods valued at more than $400,000,000 a year. As these goods are sold to foreigners at an average of about 20 per cent below domestic prices the manufacturers quote fictitious valuations to government officials. It is safe to say that our exports of manufacturers npo overvalued 10 or 15 per cent, or an average of $50,000,000 a year. Adding those two amounts to our invisible nud adverse balance, we have wiped out nearly all of ttie invisible balance in our favor even during the laat six years. Undoubtedly the return of securities during these years has wiped out any remaining balance. This reaches the sensible conclusion that we have not outstanding accounts with foreign countries amounting to $2,000,000,000 or $3,000,000,000, hut that in some way each year's apparent balance is abtfut squared. While we may bo slowly paying our foreign debts, yet It take* more than $100,(XX),000 n year to pay interest and rents to foreigners. Thus, if the Invisible balance of trade is mh $100,000,000 in our favor we are loslnjf ground and getting deeper In debt.--Byron W. Holt. Amutear Diplomacy. The Republic of Argentine has asked President Roosevelt whether he adheres to his statement about the forcible collection of debts from those roc publics of this continent who have become delinquents. In reply the President very promptly backs down from ills Interpretation of the Monroe doctrine in the Venezuela case, probably having discovered that the people of the.. United States would not countenance the outrageous attack that Germany and England made upon the Venezuelan republic. President Roosevelt in liis reply to Argentine says: “The government would always be glad to see the question of the Justice of claims by one State against another growing out of individual wrongs, qr national obligations, as well an the guarantees for the execution qf awards,” left to arbitration. In the note to Argentine there is the theory of wrong and reparation and no longer indorsement of his former idea of the forcible collection of a debt. The President has doubtless discovered that giving the old world kings and emperors free rein to collect their bnd debts from our sister republics was an interpretation of the Monroe doctrine that would certainly lead to its abrogation or n light to enforce It. Men of the President's erratic nature make poor diplomats and we are fortunate as a nation that we have crawled out of the Venezuela trouble without greater complications. Congreaa and the Trust*. When Congress is engaged In passing a real, genuine anti-trust ••till the prices of stocks In Wall street will not continue to rise as they did during the passage of the Elkins and Nelson anti-trust laws last January and February. Hud Congress then been engaged In putting the products of trusts on tho free list, Wall street would have been flooded with the water that (would have squeezed out of tJbess

trusts. The sloe* managers of these trusts know full well that the major portion of their profits would vanish if the tariff were removed. They would then be compelled to sell goods at home at the low prices which they now charge foreigners. They will run fust when they see free trade in trust products coming; but they only smile at sham anti-trust legislation. Congress cannot at one and the same time serve both God and Mammon. It had to choose between the people and the trusts, and it took up with the trusts. Government by Injunction. <)ranting an Injunction ngainst. the employes of the Wabash Railroad because a strike is threatened is certainly beyond all precedent. It only remains for some Federal Judge to enjoin all the labor organizations in tiie United States, on the general principle that they may think of striking some time in tiie future. There Is one striking peculiarity about these Federal Judges—they are always ready and witting to net favorably when the corporations present an ex parte case to them. Tiie only evidence upon which the injunction was granted in tiie Wabash case at St. Louis was a letter threatening damage to the property of the railroad. It has since been discovered that the letter was written by a spy or paid emissary in the labor ranks, and the Judge has been asked to dissolve tiie injunction. -But In all probability he will not do so, as the railroad company will demand that the injunction be’continued. Organized labor should note the fact that until a President is elected who believes corporations have no greater rights than their employes, these appointments will always go to attorneys who are friends of the corporations. If a majority of the United States Senate was controlled by the people, instead of the corporations, the appointment of such judges would not be confirmed. These are two strong reasona why organized labor should unite to elect a President who, beyond all question, believes in “equal rights to all and special privileges to none.” Aiao labor must unite on candidates for tha legislature who will vote to elect United States Senators who are friende of the people instead of trust magnates and corporation attorneys. As long as the corporations control a majority of the United States Senate no law curtailing government by injunction can parts that body. Suicide* and Prosperity. One of'the many peculiar and inexplicable features of our present unparalleled prosperity, which is enriching thousands and impoverishing millions, is the great increase in the number of suicides under it. Apparently the farther we get into this trust-monopoly prosperity the more people there are who cannot stand the pace and who fall by the wayside, often by their owu hands. While the number of suicides Is probably on the increase in other cities as well ns in the country at large, yet we have figures only for Chicago. The Record-llerald of March 13 says that there were 350 suicides there in 1900, 399 in 1901 and 439 in 1902. That this rapid increase is now being kept up is evident from the fact that there were 75 suicides In January and February and that on the first Sunday in March nine persons in one day took this route to eternity. Two Steal* Blocked. We have something to be thankful for to the late Congress for what it did not do. It might have passed the ship-subsidy steal, for about all the Republican lenders favored it, but three members of tiie committee on merchant marine, in conjunction with the Democrats, refused to report the bill. It will he renumbered, however, that all the Republican Senators but three or four vated for it when it passed the Senate. Then the Aldrich hill to legalize tbs loaning to the hanks of the surplus in the treasury, and for-other purposes, failed to pass, nud for this the Democrats are responsible, so that, after all, the Republicans, though they dictated the legislation that did pass, are not the ones to thauk for these favors For all of which we are truly thankful A Real Benefit. The only real benefit the people hive received at the hands of the late Congress is the repeal of the duty on coal, and that was forced on the unwilling Republicans by such a popular uprising that it could not he denied, nud which was voiced in the United States Senate by Senator Vest, who for twenty-four years has been cne of the tribunes of the people in that body. Easily Paid. It is reported from St. Paul that ihe Standard Oil trust, on losing a local suit suit for damages to tiie amount of SHMXX) on account^ of injuries caused by gasoline, at once advanced the price, and in nine days collected from the local public enough extra to pay all the costs. Here we have publicity, but not necessarily tiie preventive.— Springfield Republican. We canont always oblige, hut \»e can always speak obligingly.—Voltalm