:-ÜBLICA;* KEWS ITEM. ( }L\KU& L WUJG, Editor. •itijiahed Bvary Thursday Afternoon By The Sullivan Publishing Co. ' at the Cotinty Beat of Sulltvan County. LAPOHTE, PA. W C. Mlsis. I'rtnldcii. K. M. IHNIIAM TrtM | TII'IS. J. INGHAM, Secretary. ; tered at me Posfc-WtHoe at Lnporte, as: °reond-clasi* mail matter. \Ui AT~wl RECEIVED —— HOW OUR EXCESS OF EXPORTS HAS BEEN PAID FOR. .* I In tint In tlie Caneellatlou i t Debts Owed Aliruuil, Mnde I'Oll siSiSi- l»y it Turin System Wlileli i:es(rie<« Competitive Imports. We have received a communication 1; .ii Mr. W. Truenion of New Ilaven,! ( in., which shows wliat an earnest i isitlt ration is being given to the tar i, inestion l>.v the thinking men of the * •■•.!)tr>", says the American Beono- J i. Mr. Trueman asks for int'oruia i: i that'will clear his niintl U|>on a i . tion that has perplexed for over a <, ntury innumerable minds seeking j i. ;,t upon a most important phase of; ; .national commerce. When men j ■ liauiel Webster and Henry C. . < ■y c -in come to different conclusions ,> 11n.r the same question it is not i:i wondered at that the student's i . i ol' today. in spile of the thorough lalion of the siibject which has guen liy writers of the past con- ■ , . Should • be confused and ask for Mr. Trueman in his letter says: i 'in page 17 of pamphlet No. 75 it is ,1 that in live years we exported .ou M.di.t worth more merchandise j •; i we imported, and this Is then t :• d a 'favorable balance,' the infer-; i being that this excess of mor alise Kent away is paid for in , i :;:»1 Mr. Trueman read carefully a 1 further on tlie same page he r .1 have found the following: ' \Ve are changing under this trade from a debtor nation to a cred- j r.or nation, if indeed we have not al-1 ly done so. We have an immense! • lit bill to pay annually, large In- j . disbursements and exchanges on i • . < ant of tourists' expenses abroad, i it -Willi much less than our favor- j ■ balance w>- would have to ship i broad in Inl-ge quantities to pay I • b 11. a- we' have had to do in low j i: i i times." iii order to present the matter even ire lorei- y for our consideration Mr . •hi draws tip a table in which he I that from (Sept. lib, 1790, to June : • it, the total excess of exports . ,1 iiiiuls, merchandise, gold and sil- 1 : mounted to $4,179,043,023. and ;• ! .• :i U'-.-ihe question: • . •si j' s that we have sent away . !'■ i.bOO wealth for which we I ve received no return so far as be- 1 i aid for In gold goes, and what I v."it to hseertain for sure is what did | > , . ie it will not be possible to tell j ? r. Trueman and others who are seek- j I r' t upon this point the exact re- | 112 i .-.•hleh we received for tliis excess j « inrts amounting to over $4,000,- ' : -.1, j ( it will be possible, we • i . to show to our correspondent ' (■ i we did receive an equivalent. We j v II not at this time confuse the mat- j i r liy trying b» point out that Mr. ; '! i.ian should distinguish between j ; of merchandise and exports of | i Let Us see if we cannot by a i : ;y illustration show that it may be I ,le to visibly"pay out labor, iner-j t .:-•(> and even money and receive I mediate visible return. 1 i lis take the farmer who Ims a, i -Mei-able mortgage upon his farm, i i1 y the city bank. He goes to mar- i t during the summer and fall with | .1 loads of produce, amounting in j altogether, let us say. to $U0l). I ■r selling His produce, which is the i r -nit of hard labor of himself and per- j :ile or more hired men. he takes I oney received to t'h6 ban!;. There | i-.et only ] ays the annual interest on j ■ i . l/t, Imi lie reduces his mortgage I let us say, $l5O. Not only that, but j i . 'le' the summer bis goodwit'e has | : ii in-friius the sale of milk and but- j ■ and cheese and perhaps a few vege- i • aiid other products of the farm • : .ore, which is in gold or in money I I' < -nilil lie changed for gold at any I At the end Of the season thej i;• takes this tiNo to the bank j d farther re.lvi ■ s his mortgage, lie j s nothing i onie. perhaps not even ! eeipt, for 1. knows that the trans- i • n has been recorded to his credit j . : I lie books of the bank. Hp repeats this work of ile' summer, i I •;s e: ' a sons with larger pay is and some with smaller, till at ; .-•.id of ten years he has not only j . 1 his in "r st every year, but lie ' i that with the last payment he is • • • to wipe out the mortgage and free ei ii' and:' an from ih lit. All the.se j years he h.is been taking to the city | only the produce which is there i ill of labor and help, but he has j i taking as well quantities of gold ■:■ i. : equivalent. He has been receiv- - nothing back; It has all been export ;ed no import. lint on his last trip, i he receives his mortgage and ' i he takes it to his home and In ore iieo of his wife and children ii '-it over the burning candle, then i Mr. Treenian, or any one else, tell thai he i:is not received an equlv* it for his earirngs and for the prod ■ ■ which he and his wife have been .•b'ng ail these years'/ The farm is free from incumbrance, and lie N to reap i's 112 ill benefits or can sell it if l:i ,o plea --e.-. and from now on. instead ■ . uia::' a i iitor a-- he aoes to the city . Ii his pi-i V.iee and gets his srifl or ".'■o. 1 ' d ■ oslts it in the same bank i li.l he Is low a ci >dl'iui". •Ilie l'nTiCil States has been in the same position exactly as the wise and provident farmer. It Is estimated that during and after the war of the rebel lion two thousand million dollars' worth of United States bonds were sohl to and possessed by Great Itritaln. It does not matter whether the sum was two billion or only half that sum. no one will dispute that It was a large amount. During the expansion of our country in mter years and while rail roads were being built with the pro ceeds of bonds and other securities tticse also were bought and possessed ill large amounts by Great Britain and other countries. The exact amount can not be known, but no one will question that the sum could be written in ten figures. It is not likely today that any considerable amount of those govern ment bonds are held abroad, and it Is known that from 50 to 75 per cent, per haps even more, of the railroad securi ties have also been returned to this country. It Is easy to see, therefore, what has become of hundreds of millions, if not billions, of these excess exports of mer chandise, gold and silver. But besides these enormous payments/which when returned to this country meant added wealth to the same extent as if they were gold itself, have been annual pay ments of interest and dividends all these years upon the bonds and securi ties held abroad. Not only this, but It must be known that while over 00 per cent of our freight is carried in foreign bottoms a large freight bill must an nually accrue and be liquidated. This is estimated at the present time to be nearly, if not quite. S'JOO.OOO.OOO. We must consider, also, that the wealthy tourists who annually goto ' Jreat Britain and the continent spend immense sums of money in buying bills of exchange on foreign banks, which aNo must be charged against our excess of exports. The millionaire who rides ill the flrst class railway trains of Eu rope, who puts up at the best hotels, who patronizes the highest priced the aters. who drinks the best of wines and eats the best of food and smokes the nest of cigars, spending, say. at least a thousand dollars, which is no extrava gant estimate, has nothing to show for this expenditure on his return home except the memory of having had a good time. There are also expenditures for clothing and dress and other things, a limited amount of which the tourist can bring back without paying duty, it is estimated that In years of prosperity, such as we have been enjoying since 1897, the tourists of America in this way spend from $75,000,000 to SIOO,- ttOO.OOO a year in Europe and other for eign countries. Besides these expenditures there are many thousands of people in the i'nit ed States who send to the old country i iinitially, and especially about Christ mas time, small sums of money which they l»ave earned in this country and which when it goes abroad returns no equivalent except the Consciousness to the giver of having been good to those left behind in the old country. It it of course impossible to estimate or calculate exactly the amounts of the above transactions, nor Is it neces sary that exact sums of money or of gold be used. Our Internationa! sys tem of credits and bills of exchange is sufllcient for the balancing of ac counts. But of one tiling we can as sure Mr. Trueman and all who are perplexed over what we get In return for our excess exports, that were the excess one of Imports instead of ex ports we should have to foot the bill. We have always been and we are yet u debtor nation, just as was the farm er till he had made the last payment an his mortgage, when with his next sale and deposit lie became a creditor. We need only refer to the period of ls-17. the commencement of the Walker tariff, to 1800, when our adverse bal ance of trade amounted to $300,000,000. and in return for these goods bought from abroad we sent back gold bul lion to the value of $373,000,000. In the eight years ending with 1875 for eigners furnished us with goods in ex cess of those they took from us to the value of $030,000,000, and during the same eight years our exports of bul lion in partial payment thereof were *h;s.o(.(i.' ::(i, the imports of bullion not turning in • :r favor until 1878. Since 1575 the balance of trade with the ex ception of three years has been in our favor, enabling us to buy back our bonds and our securities, as well as to | pay the annual interest charges and | disbursements, as has already been ex i plained. lu spite, therefore, of the millions i and billions of dollars' worth of rner ; chandise and gold which we have been sending abroad we have been nt ttie j same time i-v Nibly, but none the less ; surely, adding to our credit and to our j wealth, and no less invisibly and no less surely has Great Britain during ' the last half century with her annual | excess of imports, the sum of which amounts to many billions of dollars. , been parting with In-r wealth, with her credit and with her capital. Secure in the enormous accumula tions of .'IOO years under the beneficence of protection. Great Britain has been able for half a century to buy more than she has sold and still eontlri"e more or less prosperous. Her public men are now awaking to the fact that a nation, no more than an Individual, cannot year after year goon buying more than it sells without impairment of wealth and capital. Mr. Trueman and others must not confuse the actual exchange of mer chandise and money with the balance and credits which accrue and are car ried along from year to year. Neither individuals nor corporations nor a col lection of Individuals and corporations known as a country part with anything without receiving something in return. The transaction must indicate either an obligation or credit to be subsequently liquidated in some way or else that on -..nation or debt is beluir onid John D. Reeser's Big Store, Lank Block, Dushore, Penn'a. I—WW—WFE——OI W WM^LGJ—— *M*WW»W | CLEARING SALE,. | I Great reduction in FURS, COATS, CAPES and SI iI S aie row beinjt made in our Co t Depaitment. and are now offered to you for a smalt sum of money. No v would be the time to 'buy and save money. Also offer ycu Great Discount in Blankets and I'iu'e: w ear, and ll in need you: will be surprise d at the remark ably low figure that you can have them for. just what you warit'througli the cold snap; when the wet tijer is below zero. MILLINERY—WouId call your attention to the Millinery Department, as we have the finest assort ment o Trimmed and Untrimmed Hats at next to nothing price", as we have given a great cut in them regardless of cost Come in and see for yourself the great bargains we u'ie.' jo \ou in W oni' ns' handsomely Womens juntrim shapes, all Walking H.its and Children's trimmed and untrimmed ard Outing Hats. | Carry a full.and complete line of Dry Goo.is, Millinei y , Boots and Shoes, Carpets. Rugs, 0.1 Cloth. Curtains I Wall Paper, Crockery, Groceries, Trunks, Satchels, Telescopes and Suit Cjses. John D. Reeser's Big Store. Bank block « '' ' V ; 7 " '' 1 DUSHORE . I £ aaMWjaaßMnmMi'n llMM A —rtaLcsoa* UL» EL;?!™ 5 !?"? ,or IA RE YOU GOING TO BUILD and "JEWELS" made by Detroit Stove Worko. !i\ n 1\ 7 ET* \A / T TJO UZ Ask our price and compare it with the best vou get any ; j JrrL I\. JZL vV 11 V-/ L-J ; where—and we will get your order. ' = = _; j OR LAy NEW FLOORS )N THE OLD ONE , "S WISHAWAUKA or BALL BAND 2. ~ -Z ' «- ~ RUBBER GOODS = ~ nr if so, It will pay you to get some of our |1 Tracy""""""'"';, SHOES !®W> flOOrf«0 □ 3 Dayton ALL r ~ o ! Kiln dried, matched sides and ends, hollow backed u - Wat sontown \ SUK lb. 5, . „ out . wear two ordinary floors and is very "g « o -v py|J ~ much smoother, nicer and easier to put down than Q"3 LillC of « soft wood flooring. All kinds kept in stock by 5 1HORSE 55 I ' Jennings Brothers, Lopez, Penn'a. I P J* BLSNKCTS RL ' ALSO ALL SIZES IN HEMLOCK WE HAVE IN STOCK NO, I AND 7 lis Z "5. S HL LUWBER, SIDING, PME SHINGLES. J 1 \ y dl,u ''£o _ CEILING, LATH, ETC. AT LOWEST PRICES. £ 0 * % S««*OC fjuSmrtJ Robes. qoo- ' - - -, ! ! -.. —.. i . -i! o o j; 112 2 \ Ar . , y o \/ i a '" Vj ; Wiliiamsport & North Branch Railroad Wieland & Kessler, TIZMHE Q?^:BX_,:E. General Merchants, PROPR ™™^ TEAM - ' n Ja "' w '" ' m " *- . vJ.KIo 1 MILL*, Flan stations where rime i< marked "f' HO P FA JL\W.P. >1 \MFMAM A. M. A M STATIONS. AM A I'M I'. >!. RV R M I'M A M in T' 1-J 13)5 20 10 22 7 .'•> .. .. Halls.. 9 -i:. Ino 10 OS I'n KKIO V35 " v lit 20 12 > i fI. "> .'.i flu 2 ■ f7 I'iiiiiiMlnU'... oln :i h ;<t ii.; i j., n ■">"• 7 n L A T T LO 1 <>•". »HI I •'» •••> IN ■' >0? . IIUKIH-S villi .. «;:) 10.v, .. L."> ;I I.«I;MI «< L 7 ® MMy( y V(7 # 1 ■■ 1 ■ ' )v v 11 vl Iv_ . i '".in t'S2S ..StiawlniilKO !:; I« ti •> s I.'i I ...Hlfl'lllill'll I". I».l fV 21 still /-» . ,i . <• ~ i ~ . ... , II 884 ..Muni y Vivlley :: U7 «•" sO7 . .. Can you get anything for the home that will make it more ■ ~ u . . ' ■ s ■'»;! Nonlniom 1... . >.i 7in . bng'itand cheerful than Fine Finished Furniture ? :::::: ::::::::: f -.io. The BIG S'IORE has always tried to keep the best iSoSi:::::: : ;i. : .. i' : ,?«: . , ... . ~ , r , . I6W 982;....8ottcrfleld I •> 17 700 at prices within the reach ol all. Call and examine oui P. sr. I-M AM. AM \.M AM A M H-M A. M. PM m 1901 stock of Fine FURNITURE. _J __ . . (vM _ vm 112 ' •"> 1"> 8 In Jonestown 31 10 > 7 fIMM) y Jeyelin (Park \ ft 05 y Kairlcs Men* 1015 ti.Vr Eutflo Mere l'ark r» jo •» »7 ...liushoro s u 7 is J 7 jo 10 is ...Townudn .. 7 >0 i> l". Sewing machines. Bedroom suits, Couches. iH ~ tit, vvmn; "Z " ,y - .1 ingchsirs, Morrischaifs, Child's rockers ' - 400 000 Tao i M 02> 1241 llo's morris chair, Doll beds, Chile's bureaus, ; S. D. TOWNSEND, D. K. TOWNSEND, j-jg Doll carringes, Rocking horses, Babv tenders, Gen Mn Passenger Agu»t. h chairs. Pictures and odd frames by the dozen. | I 1= j RUGS, RUGS. RUCS. iFI [RST NATIONAL BANK iHTGHIESVILLB, JP-A.. Holcombe CTLsucr i c 7*oZ7>™ rr ~ ' 9 C. WiLLIAM WODDSOP, Vice Pres. ! Parnitare cfUndcrtaKiii() sunpius AND w <. , DUSHORE, PA. ' IsoToTi DIRECTORS: TELEPHONE. ! . DeWitt L'odinp. C. Win. Woddrop, Peter Rneder, ! Transacti a General „ , , „ . JerftmiahKetloy, William Froiitz, W. C. Front/., ; g-..' ..... . ■ . B.:n l Cing Business. J,lines K. Boak, John C. l.;iiiil. E.P. Brenholtz, THE NEW YORK WORLD - Wml - J4| ,. 1..,, uils and Firms julic- THRICE-A-WEEK EDITION. John Bull. Cn y 1.50; Clubbed with the News Item, I year. fi he NEWS ITEM IS 75c a Year. nil Jll To piTr MT CnnH Irfaat " > " n T,,1 " ,rr0 S| " l a '" 1 " " k " r,ar iile • I ■fi ,u rB, "l OUUB IBM* To quit tobacco ensily nml forcv. rbo u;UB ' t (~ 'T-C 7 * • 7 » 'in, ill JFdZxsL unJv bOc If Psia in lIL I 1 B THE PATENT RECORD, strong All drußt'lsis, s(ic or ■»!. ( .jr„ yimrui. UT; J/ ! Subscriptions «o The r«teut Record IL.&L iKi-ranum! * J— V \ 7 J\ IV 7 TT* /A IJ VV Orl. ToCure a CoidLn"One Day ) BANNER SALVEI Take Laxative Brorao Quinine Tablets. /va// ? ne \ e J7 I th a rri.jot ii«eiiinc3 --i«„ m«h« world.
Significant historical Pennsylvania newspapers