Show THE OF and the Light of Reason of the Great American Superstition Thrown Upon I. By J. Editor Your request for a review of the latest version of the oldest and best argument of the as it appears in a daily paper this cannot be entirely yet a running comment must being all that my time permits at Man a Superstitious Every has its chief Some of the believed that the sun or fire was the god of this the Africans that bulls or crocodiles were the real divinities the that Neptune and other revengeful deities interfered in a haphazard and often spiteful way in human the middle that the earth was the center of the and that if Copernicus taught otherwise he was an enemy of the the and more especially the who are believed to have deified the believe that if a nation each each each sends away more dollars' worth of goods than it receives in then it gains the An Old Folly Made For over a from the time of Adam Smith and J. B. Say to the present year of economical every man that ever investigated the trade of nations knows and has explained to the that this is not true that the opposite is the real fact and reformer has had about the same success that Galileo had when he tried to teach the people that the earth a few moons More Than We an editorial from a protectionist was reviewed in the showing conclusively that the hallucination known as the of is really a childish superstition inherited from the middle many of your readers supposed that the editorial from the protectionist paper was a mere slip of the pen but behold the Here It Here is the latest from the Herald-Republican on the great American superstition about more than we THE BALANCE OF Whenever any producer sells more goods than he buys counting in values he makes Whenever the nation exports more than it it makes money for its The editor here confuses two things quite different a merchant dealing with his customers at and the country as a whole exchanging goods with other But Note the If the country were just a and bought goods merely to resell the comparison would be but each country simply exchanges its' products for those of foreign Each nation consumes without nearly all that it It is otherwise with a To make money he must buy goods for and sell them for let us But not so the ultimate whether man or When two men as when one exchanges potatoes or wheat for a wagon or sewing each one receives more than he gives each one buys more than he sells and he he does not the If either failed to receive more than he gave he would not Both Traders To the owner or producer of the wheat or the wagon or sewing machine is worth more than the food stuffs he gives for To the makers or owner of the machine and the potatoes and wheat are worth gains by the Neither robs the In fair exchange both parties are But no protectionist has ever been able to understand how that be and all the protectionists that have ever expressed themselves believe that in a trade whatever one party gains the other Love's Labor No protectionist could ever be made to understand that if a should give a horse t for a cow worth f how the other could likewise gain by It is futile to explain the real protectionist that man who wanted the horse co train it up and double its value it a short being r horseman and not a dairyman could not do so well by f the If you ever explain v a devout believer in protection that both parties gain in any he regards you as crazy Galileo might as well have tried explain to the politicians of ha day that the sun and the stars dc not really go around the as for any one to attempt to show to a protectionist that in exchange both parties gain- r both get more than they give- both import more than they ex s it is love's labor lost b 1 prove to him that trade c different countries is simply exchange of Imports Are Where there is no temptation to undervalue the always exceed the value of th but as in thi t the imports are t to heavy no one can tell what the facts really since the value of the imported good is given at the foreign and not at the home as in the United the people who travel in foreign countries spend money we have to export large quantities of goods to pay the expenses of these and this is the main reason sides paying interest on America bonds and other debts due why we seem to export more than we From the The excess which we send abroad is a not a as th Herald-Republican stupidly i Note how that paper H as from the an that died- so hard ing people ft did a few ge m In the year nineteen-nine United States imported goods to value of a billion four hundred a and e seventy-five million ported goods to the value of a t seven hundred and fifty million That leaves a trade some two hundred and seven T million dollars in favor of the pe United And to that they have profited by their foreign illustrious misleader of that is just amount the country has tor the amount it has sent to pay the of our any case it is that amount of value sent out of the country that much invested in foreign enterprises or paid foreign labor in some shape phat much and gone Never course the but never quite flu-rankly spoken inference is that of ijjas returned to this country last ear in and that it is every year in so that the last fifty for there must have been lore than two billions of dollars and silver that came to is country to pay the amount of lis enormous of in the half But never shipped not only two billions' of goods in excess of what but also hundreds of trillions of dollars in gold and The never It is a This the which the protectionist either unaware of or else from its ti The Blind leaders of the is wonder that the one just i could conclude the article paragraph that almost the plain The editor Sher failed to perceive it or he that the protectionist is so great that few readers would discover how had let the cat out of the bag j len he said are not satisfied with amount of the It is al-st two hundred million less than be in order to assure the United States on account with foreign a curious fact is while the have the exports greater were a year the country is and was in the throes of a a year PP The Real that no protectionist ever or ever without divest his of this remarkable nation and see the fact as it that in international trade no money is only slips of paper called bills of that imports are simply the pay for and that the more a nation gets for what it the greater its gain by the |