V. THE TRADE OF THE UNITED STATES DURING THE CENTURY.
The economic progress of the United States during the past hundred years is most clearly indicated by the growth of its foreign and domestic commerce. Being a new country, busied with occupying and developing our large territory, our domestic commerce has been of enormous proportions. With nearly two hundred thousand miles of railroads, comprising four ninths of the total railway mileage of the world, with our chain of the Great Lakes and our admirable system of navigable rivers, it has been possible to exploit our natural resources on a large scale, and to develop an inland traffic several times the volume of our foreign commerce.
Our international trade, however, although smaller than our domestic traffic, has been large throughout the country, has grown rapidly, especially since the year 1850, the period of the Civil War excepted, and is now increasing in such a manner as to give our foreign rivals much concern. The progress of our foreign trade during this century is shown by the following table containing the statistics of the value of our merchandise imports, exports, and total foreign trade for each decade, beginning with 1790.
TABLE SHOWING IMPORTS AND EXPORTS OF MERCHANDISE BY DECADES FROM 1790 TO 1898.
| Year. | Exports. | Imports. | Total Trade. |
|---|---|---|---|
| 1790 | $20,205,156 | $23,000,000 | $43,205,156 |
| 1800 | 70,971,780 | 91,252,768 | 162,224,548 |
| 1810 | 66,757,970 | 85,400,000 | 152,157,970 |
| 1820 | 69,691,669 | 74,450,000 | 144,141,669 |
| 1830 | 71,670,735 | 62,720,956 | 134,391,691 |
| 1840 | 123,668,932 | 98,258,706 | 221,927,638 |
| 1850 | 144,375,726 | 173,509,526 | 317,885,252 |
| 1860 | 333,576,057 | 353,616,119 | 687,192,176 |
| 1870 | 392,771,768 | 435,958,408 | 828,730,176 |
| 1880 | 835,638,658 | 667,954,746 | 1,503,593,404 |
| 1890 | 857,828,864 | 789,310,409 | 1,647,139,093 |
| 1898 | 1,210,291,913 | 616,049,654 | 1,826,341,567 |
During the first half of the century, the expansion of our foreign trade was not especially rapid. The Continental wars, lasting from 1793 to 1815, and our own war with England, from 1812 to 1815, interfered considerably with international trade. Probably our tariffs of 1816, 1824, and 1828 had the effect they were intended to accomplish, and restricted somewhat the volume of our foreign commerce. The chief reason, however, why our trade progress was much more rapid after 1850 was, that it was not until about that time that the means of inland transportation became developed sufficiently to make possible a large domestic traffic. When our central West was able to exchange commodities on a large scale with the seaboard, then our foreign commerce began to increase rapidly.
The growth of our imports was very rapid for the period of fifteen years, 1879 to 1893, their value having risen from $445,777,775 to $866,400,922; but since then there has been a sharp decline to $616,049,654. Our exports, however, have increased in a phenomenal manner during the past decade. Prior to 1897, the highest point was reached in 1892, when the value of the exports was $1,030,278,148. In 1897, the value was $1,050,993,556, and in 1898 (the official year ending June 30), the value, as shown by the foregoing table, was $1,210,291,913. In consequence of this great increase in our exports the total foreign trade of the United States has not decreased in value during recent years, although there has been a considerable fall in prices and a large falling off in our importations. Our total trade, during the fiscal year 1898, was much larger than it was in 1890, and fell only $10,000,000 short of the value reached in the record-breaking year of 1892. The calendar year 1898 shows a larger trade than has been shown by any previous year, the value being $1,868,523,057.
The leading industry of the United States being agriculture, our exports consist largely of various products of the farm. In 1898 the exported agricultural products were valued at $853,683,570, and comprised 70.54 per cent of our total sales abroad. In spite of these large figures, the preponderance of agricultural over other products is being reduced with considerable rapidity by the growth in the exportation of manufactures. Before 1876 our exports of manufactures were less than $100,000,000 a year; whereas, in the calendar year 1898, they were $370,924,994. In 1880, agricultural exports comprised 83.25 per cent of our exports, and manufactures 12.48 per cent; and in the calendar year 1898, a year of exceptionally large foreign sales of food products, agriculture furnished only 69.06 per cent,—less than seven tenths of the exports, while manufacture supplied 24.96 per cent, or one fourth of the total. The year 1898 is a notable one in the history of American manufactures, for it was then, for the first time, that we sold to foreigners more of our manufactures than we bought of theirs.
A table showing the total foreign trade of the United States from 1789 to 1898, the first eleven decades of our national existence, has recently been prepared by the Bureau of Statistics in the United States Treasury Department. It shows the total imports and exports of merchandise and specie, and on which side of our trade account the grand balance comes.
TABLE SHOWING TOTAL TRADE OF THE UNITED STATES 1789–1898.
| Merchandise | |
| Exports | $30,952,202,985 |
| Imports | 29,979,961,487 |
| Excess of Exports | 972,241,498 |
| Gold and Silver | |
| Exports | 3,400,623,581 |
| Imports | 1,940,150,320 |
| Excess of Exports | 1,460,473,261 |
| Merchandise and Gold and Silver combined | |
| Exports | 34,352,826,566 |
| Imports | 31,920,111,807 |
| Excess of Exports | 2,432,714,759 |
The table shows that we have exported nearly thirty-one billion dollars worth of commodities,—about a billion dollars more than we have purchased. It also shows that we have sent out of the country $1,460,473,261 more of the precious metals than we have received. Our exports of merchandise and gold and silver combined exceed our total imports by the large sum of $2,432,714,759. If the statistics of our imports and exports for each year since 1789 be consulted, it will be found that during the eighty-seven years preceding 1876 there were but sixteen years when our exports of merchandise exceeded our imports. The balance of trade was nearly always “unfavorable.” Since 1876, however, the balance has nearly always been on the other side, there having been only three years when our exports did not exceed our imports.
In return for something, we have given foreign countries nearly two and a half billion dollars worth more of commodities and precious metals than we have received in return. A part of this large sum, possibly one fourth, has been paid to foreigners for freights on our imported commodities, and we have also spent large sums in foreign travel. The chief reason why we have exported more than we have imported is, that we have been borrowing foreign capital to use in constructing railroads and factories and in developing our farms and mines. Prior to 1876, we received $1,084,339,912 more than we exported; we accumulated a large foreign debt. Since 1876, we have continued to borrow abroad; but we have been able to liquidate a part of our former debts, and also to exchange large amounts of commodities and precious metals for capital; for, since 1876, our exports have exceeded our imports by $3,517,054,671. If our present large excess of exports over imports continues, we shall soon become a creditor nation with large sums invested abroad.
The history of our foreign trade is highly gratifying to our national pride; our achievements have been signal, well-nigh continuous, and have been more marked during the latter decades of the century than at any previous time. The history of the American marine, however, presents a somewhat different picture.