The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-08-18
Ths SaiIu arens.
Monday, August Is. 1873.
" Pap SPINNER AND THE BALANCE OF
TRADE.

Pap SPINNER AND The bALAACE Uk
TRADE.
That good old soul, F. +. Spinner,
treasurer of the U. s., seems TO be haunt
ed by the idea that the American people .
will hold him recreant 20 his duty if he .
does not emit one letter aweek, iustructing
them on some subject Of current interest
Ills last effort is on the subject of the re-
sumption Of specie payments, in which he
says
The resumption Of specie payments has bcen,
think, and will continue 10 he put Oh until the
time when balance Of trade shall be In our favor
When that time arrives, the resumption VIII be
easy, In truth, It will from this cause come VI IT.
own accord.
There is probably more ignorant non
sense abroad ON the subject Of the bal
ance of trade" than any other one subject
connected with the protection piracy practic-
ed by our swindling tariff policy. We com
mend to the study Of MIR. Spinner and his
brother protection pirates the following
chapter from Sophisms Of the Protection
lists, by the late NJ Frederic Bastiat, Mem
Der of the Institute of France, as trans
lated BY Horace White of the Chicago
Tribune.
BALANCE oF TRADE.
Our adyersaries have adopted u system
of tactics, which embarasses US not lit
tie. DO we prove our doctrinoY They
admit the truth of il in most respectful
manner. DO we attack their principles
They abandon them with the best possible
grace. They only ask that our doctrine
which they acknowledge to he true should
be confined 10 books und that their prin-
ciples, which they allow to be false, should
be established in practice. II we will give
mp to them the regulation Of our tariffs,
they will leave us triumphant in the do
main of theory.
"Assuredly," said Mr. Gauthier de
Roumilly, lately, "assuredly no one wishes
to cali up from their graves the defunct
theories OF the balance OF trade And
vet MIR. Gauthier, after giving this pass
ing blow 10 error, goes on Immediately
afterwards, and for two hours consecu-
lively, 10 reason as though this error were
a truth.
Give me MIR. Lestiboudois. Here we
have consistent reasOncr "A logica
arpucr There is nothing in his conclu
sion- which cannot be found in his premises
He asks nothing in practice which he doe,
not Justify in theory His principles ma,
perchance be false, and this is the point in
question. But he has "a principle II,
believes, he proelaims aloud, that i
France gives ten 10 receive fifteen, sh,
loses FIVE and surely, with such "a reliet
nothing is more natural than that he shout,
make laws consistent with H.
lie says What it is important 3
remark, i, that constantly the amour
ut importation is nugmeuting and sur
passing that Of expectation Every yea
France buys more foreign produce, an,
sells less of it. own produce. This can b.
proved by figures In 1912, we see tn
importation exceed the expectation by tw
hundred millions This appears to me T.
prove, In the ciearest manner, that nationa
labor 4, not sufficiently protsrtsd, that W,
are provided by foreign labor, and that tn
competition of our rivals oppressey our in
dustry. The law in question appears d
me tu be q conservation of the fact, tina
our political economists have assumed
false position in declaring. that in proper
tinu b. produce bought there Is always
corresponding quantity sold ltis eviden
that purchases may be made, not with tn
habituIl productions OF a country. NJ
with its revenue, not with the results q
actual labor, but with It's capital, with th
accumulated savings which should serv
for reproduction. \ country may spent
disspate its profits aud savings, may in
poverish itself and by the consumption q
its national capital, progress gradually t
it, ruin, THIS is precisely ,chat nee q,
timing W. gire srsrg gear, tsl huHdrf
millions ~ toreigH U,di0as.
Well here, at least Is a man whom W
can understand There Is no hypocrisy /
here clearly maintained and defended
France imports two hundred millions NOR
than she exports Then France loses ts
hundred millions yearly And herpmedy
Il Is To check importation The cluclu>io
l. perfectly consistent
IL H., then, with Mr. Lc,,ihoudu, III.
we will argue, for how is It possible tu Il
SIN with Mr. Gauthier? IT you say IN IN
latter the balance OF trade is "a ui-take "a
will answer 80 | have declared il in m
cxordium Il y0u cyclaim, But it /,
truth, he will say Thus ! have clas.cd
iu my conclusions.
Political economists may LMua me f.
arguing with Mr. Le-tibuudui-. IT, rgu
bat the balance OF trade. is. they "a
neither more nor less than ~ fight again,
"a windmill
But let Us be on our guard The ba
auce of trade Is neither 50 old. nor 50 sirl
nor 80 dead a. llr Gauthier Is pleased &
imagine for all the legislature, Mr. Can
tller himself included are associated b
their votes With the theory 0f Mr.. Lest
b1u11i-
However not % fatigue the reader.
vii not seek t1 investigate tol closely thi
theory. but will content myself with sub
Iegtlng !; % the experience Dt facts
o.. HIIaFss..l IN. go
%. oar principles, that they are gDul oul
so therrv But gentlemen d. y9u hei.ey
that merchants book, are z.1d iu r-actics
J. does appear ~ me that II ia Is an
thing which can hlyea practical authority
when the object j. o. prove profit and los,
that this must be commercial account,
We cannot suppose that all the merchant
Of the world, for centuries back. shout
have 50 little understood their own affair,
a. 10 have kept their books in such man
peT % represent gains as lusscs, an
losses as gains Truly il would ie ea,ie
n believe that Mr. Lcstiboudui, i. a ba
political economist
a merchant, one oil my friends. hayiu
had two business transaction. with yer
different results, | have been curious {
compare on this subject the accounts of IN
counter with those Of the custom house
interpreted by Nlr. LestiboudJis with ia
sanction Of our six hundred legislators.
Mr. T. despatched from lIayrc a vcssc
treighted, for the United States, wit
French merchandise principally Parisia
articles, valued at 2DO,0IJ francs. Sue
was the amount entered az the custom
house. The cargo, on It's arrival at Ne,
Orleans, had paid ten per cent expenses
and was liable u thirty per cent dutir.
which raised its value o. 2SpUDO franc,
II was sold at twenty per cent profit %
its original value, which being 1000
francs, the price of sale was 52U. 900 franc,
which the assignee converted into cotton