unnecessary to say more on the subject--that arguing the matter were like wasting time proving that water is wet; but as a number of Republican papers are having a serious of violent epeliptoid convulsions because I recently asserted that a nation can only be paid for its exports with its imports, it may not be amiss to make a few remarks adapted to the understanding of the kindergarten class. Trade, whether between the people of this republic, or those of Europe and America, is, when reduced to the last analysis, nothing more than an exchange of commodities. It may happen that we sell largely to a country of which we buy but little; but the nations that purchase of our debtor pay for our products. Our exports usually exceed our imports, and for the simple reason that we owe vast sums abroad, the surplus being employed in the payment of interest and the discharge of our foreign indebtedness. When we become a great creditor nation like England, our imports will exceed our exports--we will begin to absorb the
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