The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-12-27

1t will be seen that at the end Of three
years the American part Of the company
would be in arrears for interest 1896, $50,
and at the same time the English members
Of the firm would have a profit or credit
Of $57S, ,682. Under these circumstances
it would be quite natural for the former to
apply to the latter for loan to help them
out Of their financial difficulty But as
our English friends understand the nature
and power Of interest much better than
we do, and are more in the habit of prac-
ticing sound business sense in all transac-
tions of this kind, they would undoubted-
ly refuse to comply with this request. In
stead of making loan to their American
friends, they would be very likely to pro
pose to purchase one of their vessels. Be
ing unable to do better, the American part
of the company would be compelled to &C
cept this proposition, and the English col
ors would take the place of the American
flag on one Of the American vessels, and
the American part Of the company would
then own but eleven, and the English thir-
teen vessels of the line. As will be seen
by the foregoing calculation, this process
would have to be repeated at the end OF
the fifth, seventh, ninth, tenth, twelfth,
thirteenth, fourteenth, fifteenth, sixteenth,
seventeenth and eighteenth years, when
the English members Of the company
would own all the vessels Of the line, and
have, besides, a profit of SI17, 723, while
the American part of the company would
own none, and be in arrears 81, 337, ,I5l.
About this time it will be teIegraphed
from New York, that ''the American mem.
bers of the Anglo-American Steamship
Company are laboring under some inan.
cial embarrassment, having fsiled to meet
the interest on their bonds, due on the Ist
inst. 1t il, however, believed, by those
best informed, that the suspension will on.
ly be temporary, a. il is known that the
company has been doing a safe and profit
able business. A statement of the affair,
of the company will be furnished in ths
course Of few days, which, it is general
ly believed, will be sufficiently favorabl.
to enable them to raise the means to NEE
present demands, and to resume business.
In due course of time the promised state
ment is made public, and will read as fol
lows:
" Liabilities Of the American members o
the Anglo American Steamship Company
sir millions three hundred aud thirtv- serei
thousand one hundred aud ffty-ons dollars
aud their assets-Tothing.
Comment upon this result il unnecessa
ry, further than to say that what ia true il
this case, is equally true with regard t
our inland transportation, agricultural
mining. manufacturing and other usefu
industries, a. well an to our commercial in
terests. We cannot have inland transpor
tation by railroad or otherwise at fai
rates, nor can our labor employs
in agriculture, mining, manufactur
ing or other branches of prOdue
tive industry be properly rewarded
nor can our commercial interests
conducted on q safe and honorable basis
20 long as the calculating medium of tn
nation Ia under the control and the rate G
interest regulated by system of irrespor
sible banking associations.
1t Is difficult TO imagine how our UtC
} plan economists and finance doctors woul
undertake TO account for this total failuH
J in our shipping business. The advocate
Of protection could not charge il TO th
greater cost Of labor in constructing an
opersting the vessels; nor could the adv,
Gates Of Of free trade attribute it 10 Il
duties imposed on the materials and stor,
, used in the construction and o.
eration OF the ships, for these are All o,
clnded from the foregoing calculation
.. the result 10 dus wholly to the diffsrenc
} In The rate Of interest paid for The uss