| Show NOT PAID IN GOLD in your taus issue of sept you say trade strade returns between the united states and europe from 1843 to 1891 1 inclusive delusive show an excess ot of exports from europe to this country over exports from here to europe of this sum it is supposed was paid in gold bul bu L still about in gold remain unaccounted for 12 the italics are mine the statistical abstract of the united states for 1891 shows pages 64 54 to 67 57 inclusive that in merchandise ipe alone during the ohp period from 1843 to 1873 the amounts stand excess of imports excess of exports gain in merchandise in gold alone the amount stands excess of exports excess of imports loss of gold in sliver silver alone the acco account urit stands excess of exports excess of imports loss of silver 1 add in loss lose of gold 1 total loss of specie gain of merchandize merchandise dize gain in merchandise not paid for in specie these theme statistics show that while prior to 1873 there ther ewas a tendency to settle balances of trade in specie yet they show that tendency was never complete they show in brief that nearly half a billion do dollars lars worth of merchandise merchandize dize imported into this country in excess of the amount exported was not paid for in specie or it if paid for in specie that the pay remained in this country at this period however the banking and clearinghouse clearing house system was but partially developed let us see what recent years show taking the period irom from 1874 to 1891 inclusive our excess of exports ot of merchandise alone was excess of f imports loss of merchandise during du ring the same period perio dour our excess of gold imports was excess of exports gain of gold during the same period the account with silver stands excess of exports excess of imports none mas loss of silver total loss lose in gold and silver this exported surplus of nearly two billions has baa not been paid for in gold that Is ie the pay has remained abroad the statistics give very different results from those of popular superstition according to the popular notion it if exports exceed imports the pay will be returned in the shape of gold and silver and the further back we go in historical statistics the nearer we seem to get to that time when balances of trade traded were actually settled in gold but we never quite reach that time in history if there ever was such pi A time it was probably when the use uee of spanish money was genera over the commercial world in our day gold and silver are products of labor whose price ia 1 c ell of course by their us aae money but they are bought aw and aal by weight like wheat or cotton solca lne 44 an excess of merchandise toda today V uw U su ally carries with it an excess of art also thus in our trade with eurn specie europe and south america in 1890 the thea counts stand for this country jo our imports our vr ex r europe from ports Y to merchandise diee Bno gold and silver america sn abasi ao asi merchandise alfi gold and aad silver ako n 6 6 usually as shown here where bent most merchandise we w we sentino bent mo gt gold and silver in our day arl whelm bala are not paid in raer chan dise diee or settled by transfers of the balances remain and credit are i vested in the countries to which the ih i h merchandise has been sent I 1 have verified results similar to those just given precisely in I 1 th commerce of great britain and 5 or france truly youra your J HPAUL |
