THE CLASS STRUGGLE 27 26 THE CLASS STRUGGLE January, 1917.
Year, 1916.
Year, 1915.
Aug. to Dec. 31, 1914.
MERCHANDISE Credit Trade Balance (Excess Exports Imports of Exports. 613, 441, 020 241, 674, 851 371, 766, 169 5, 481, 423, 589 2, 391, 654, 335 3, 089, 769, 254 3, 554, 670, 847 1, 778, 596, 695 1, 776, 074, 152 912, 641, 888 648, 682, 628 263, 959, 260 5, 000, 608, 509 5, 501, 568, 835 Total since outbreak. 10, 562, 177, 344 GOLD Exports January, 1917. 20, 719, 898 Year, 1916.
155, 792, 927 Year, 1915.
31, 425, 918 Aug. to Dec. 31, 1914. 104, 972, 197 Imports 58, 926, 258 685, 990, 234 451, 954, 590 23, 252, 604 Excess of Imports 38, 206, 360 630, 197, 307 420, 528, 672 81, 719, 593 This change in the policy of armaments is faithfully expressed in the gradual changes in opinion of President Wilson. The New York Evening Post, in its April issue, very aptly summarizes this change in the President. The stages of the President changes of opinion are perfectly clear. In December, 1914, he was absolutely opposed to turning America into an armed camp. In December, 1915, he yielded to the demands for preparedness. In January, 1916, he desired incomparably the greatest navy in the world. In April, 1917, he yields to the principle of conscription to which he has hitherto been opposed or at least withheld his consent. From the beginning of the war he argued eloquently against our going into it, and because of his having kept us out of it he is reelected to the Presidency. In April, 1917, he decides for war, and thereby, curiously enough, wins the acclaim of the very business interests that most bitterly fought his re election.
The chronology of the President changes is significant. It fits in remarkably with the three stages of America reaction to the war that have previously described. In President Wilson there is seen, accordingly, a man who expresses accurately the needs and demands of the economic interests dominant in the country.
What are the economic facts that have produced this complete change in American opinion and preparations for war, and that lie at the roots of our developing Imperialism?
The credit balance of American foreign trade from the outbreak of the war to January 31, 1917, represents a huge total of 5, 574, 000, 000. The statistics, as given by the New York Times, are as follows: Total since outbreak. 312, 910, 940 1, 220, 123, 686 907, 212, 746 Our credit balance from merchandise trade was augmented by our net exports of silver. The balance in our favor was offset by gold imports, the purchase of foreign securities, the repurchase of our own securities and by other items. The two sides of the account in round numbers may be put thus in the shape of a balance sheet: BALANCE SHEET OF OUR FOREIGN TRADE Sent Out Taken In Excess of merchandise exports 5, 501, 000, 000 Net exports of silver 73, 000, 000 Net gold imports. 907, 000, 000 Foreign securities bought 2, 400, 000, 000 American securities repurchased 2, 200, 000, 000 Other items 67, 000, 000 Total. 5, 574, 000, 000 Total. 5, 574, 000, 000 The other items include payments to foreign ship owners for freight on part of our imports, the net amount of interest and dividends on our stocks and bonds still held abroad and other less important items.
The foreign trade of the United States, imports and exports combined, since the outbreak of the war in Europe at the end of July, 1914, has amounted to the huge sum of 15, 622, 785, 853. Exports during this period were a little more than double the imports, and the balance of trade in favor of this country resulting from these thirty months of trade was 5, 501, 568, 835. This table shows how this vast trade has accumulated and the huge movement of gold which resulted from it: There is nothing in the annals of economic history to compare with this achievement. It marks an industrial and financial revolution in America. Excess of imports.