The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-18
THE UNITED STATES DEBT.
Free Trade Against Protection and the Reln-
lions Between Labor and Capital.
IFrom the London Times, Jan 81

Free Trade Against Protection and the Reln.
tions Between Labor and Capital.
From the London Times. Jan 81
Tho Americans arc gradually discovering that free
trade cannot be sacrificed protection without loss in
some shape or other than proporoned 10 the GAIN
aS ney nass s * AND are
lquidang an enormous public debt By vast instruments
ous OF surplus revenue greater than has ever been
this achievement they are enduring without any OF fhe
Impotence exhibited under such burdens tho States
the soa G w0S Tssy arc PAYING more
and paying them easily. For all this, how
ever: they DO mot escape without suffering.
Tbe incidence Of taxation has been regulatedper-
haps, under the circumstance. unavoidably-ss to
Involve high protective duties in almost every branch Of
eagerly advocated and srsnuousiy defended by certain
classes 10 steadily undermining the commercial position
% s A ssss .e IN Ss and
In articles Of raw material incredibly great but the
value OF these has been impaired by pro-
advantages which would Otherwise be thelr Tho Score
tary Of the Treasury, In his last report has been ct the
pains q M the fact IN tho hope Of
instance which he selects for illustration 10 exceedingly
II there v,s any branch Of manufacture or commerce
In which tho United States enjoyed natural and appa
reny indestructihle advantages, was that OF ship
building. Ametcsns took 70 navigation e nsnctively
haustible suppes Of material and their peculiar skill
design and workmanship has been recently exempl
on n p: We ns' Il e , ne
better shpbuderso harder navigators in the world.
and, - . necessary result they had building ana
simple matter Of fact that half this trade has been
figures and sbows that some 600 tons Of American
shipping have fallen during the past Eve years 70 little
moro than 5000 900, while the foreign shipping by
Ss ss' has bee. N for
business % this extent has LEFT the United States and
been transfered by the irresistible law Of
The explanation Of the result is not far TO seek Sue.
cess In such matters 10 determined by chcapness
and cbeapness 10 determined BY the prices Of ma
In America material used TO be cheap and labor DEAR
but the commercial ability Of the people great
that they could well hold their and build ships
ces6fully enough TO compete with Ehipmaeter4
The new tariff has destroyed all this
Il is evidence, indeed OF the singular ad-
ysntaes Of free srsde over profession that we should
builders with own industry In condition Of such
arrangement Shipbuildiug has actually fallen on in
decrease Of sie tons il the coDsTuciions Of 1899 a.
compared with those Of 1905 On the Thames the sag.
nation Of business has produced great public suffering
every ses, built cheaply and ngsniousy 20
drive out all composition will long be II masters
and men cannot understand themselves better The
Americans envy N new; We may be envyng other
people before long There h monopoly Of aavsnfags
In these matterA Success depends simply upon quality
And Price and y S belong , ni:ny . ;nV:s vho can
calling In the aid Of protection The Americans are
finding out the hopelessness Of that experiment. They
they are not satisfying prcducs While in he meantime
national commerce and national prosperity persning
together We ere, happily, nos snlanglsd in the en-
capital cannot come 70 better terms Win each other ~
may soon md Ourselves unable to maintain the position
which a. present aivesu an abundant revenue while
industry. ~ far - legislation 10 concerned ls sbso-
lutely froo