The United States and the Problem of Recovery after 1893

By Gerald T. White | Go to book overview
Save to active project

Chapter VIII
Exports of Manufactures and Recovery

During the fall of 1897 exports of manufactures were beginning to share with agricultural recovery in attracting widespread attention. These exports were the source of considerable good feeling, for they indicated that the United States was acquiring a prominent place among industrial nations.

It was natural that during the days of depression manufacturers who suffered from diminished purchasing power at home should turn to foreign markets as possible outlets for their products. The reduced wages of a depression period, combined with other economies in operation, caused many American industries, particularly those related to iron and steel, to find not only a welcome relief for their products in foreign markets but also markets that they were able to retain and later expand in times of prosperity. This growing foreign trade was more than a safety valve during the depression; it was also a mark of maturity for a number of American industries.

Between 1893 and 1898 these industries sold their products to a minor extent in the markets of the underdeveloped world but also, much more notably, among the industrialized nations of Europe itself. The competition from the American manufacturer became increasingly consequential. During the fiscal year 1893, the last year before the panic, American-manufactured exports totaled $158 million. By the fiscal year 1898 they had increased steadily to $291 million, and in 1900, a year of renewed prosperity, amounted to $433 million. 1

After the passage of the tariff of 1894 it was not uncommon for a low-tariff paper like the New York Herald to stress the importance of foreign markets for American manufacturers as a means to prosperity. 2 This perception may have owed something to Grover Cleveland's refinement of traditional party doctrine in his message of December 1893 calling for tariff revision: that many branches of American industry were outgrowing the capacity of the home market to consume their output. These manufacturers needed lower

-82-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited page

Bookmark this page
The United States and the Problem of Recovery after 1893
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen
/ 166

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?