New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-17
FINANCIAL DISCUSSION.
INTERNATIONAL EXCHANGE.

INTERNATIONAL EACuANOC'
benefits OBTAINED BY PROTECTIVE POLICY
NECESSITY OF DIVERSIFIED LABOR
70 the Editor Of TAs Tribune.
SIR: In letter headed international Elk.
change" in your issue Of April 3d. correspondent sus'
gests that the present business stanatOn Of the country
particularly Of It's Llechanica and manufacturing IN
dustres is due IN large degree TO our socaled pro
tective policy and no cites the example OF France Id
1862 tho imports and exports Of which country then
aggregated three thousand million francs He seems 10
attribute this large export and import trade to some
wise arrangement Of her laws, and he quotes
from Mr. McCuJchs letter, that the revenue laws OF
France "have kept pnce with the progressive spirit OF
the age the tendency Of which un9uestonaby 10 give
fair play to international exchange"
II is in such times the present. when our people arc
suffering from the effects of deprecated currency
which Is only one Of the disastrous legaccs OF the war;
that persons who peculiarly affected by the general
distress free trade for cure for their evils IL
your correspondent had examined tho imports and ex-
ports Of France In detail, he would nave louha
that her Imports almost exclusively raw produc"
and her exports exclusively manufactured goods'
which Is tie exact reverse Of tho international ex.
changes OF he United States. Our exports are almost
entirely products AMI imports are manufactured
GOODS for example, we export twothrds OF our COTTON
crop at FROM ~ to 20 cents pound and we import inc
same manufactured at from 81 to s. pound. In TINS
way all the food wages rent and profit are concentrated
into the goods we import that 1t has been estimated
that $500, 100000 worth Of French goods could 10
though it requires our Whole to carry
products we export" It Is not dcnt 70 see We do the
worse of we shall be as a nation. 49,,
France is protective nation and she Is becoming Sa,
in the opinions of her statesmen, in the tone OF her press
as well as IN the change In her recproy Wi
This il the whole secret OF that wonderful recuperaso
Scarcely any hing worn or used in France whchis not
made there IL her home market which saves her How
who rcciaJy sed gin at the top his hat
and analy rs him sartorcaly We una the pin.n ol
ming are all in ported his shirt conr and bosom are OF I'M
ported linen; his coat is probably made OF imported
are also most probably imported undeshrt is i'm
p p0Gs s qnh e. ade w imputed needles imported
silk and mp9Icd linen thread he he has h,a an IL I Of
watch and knife and ad 1 eaed
exchanged 1t almost be said that with the exception
OF tns ' the U abs s Of otter non All tie profits
stay in thc countries where the goods arr MADE M q,
plainly seen BY his letter Cannot he perceive thai what
country now requires to make 1t the equal OF France
e n Ssi and SaS home
al that we as people q s or ey ccsD wo &
and fax and not TO be oyerproducinr IN only TWO OF
why not make 1t herel Why import any linen When we
they should be- as the industries OF England and France
are all the textiles worked here no one or Two OF
Would moi bc the ever recurring disasters that
to peculiarly American There Is no outlet Tor our en-
tcrprse today save cotton wool We do not neeu
tariff TO protect cotton manufactured and were wool
free of duty probably very slight for WOOL
manufacture OF silk and linen The capital ana expert.
enee Of HUNDREDS Of years are S Sas n %s inn
ported goods The history OF the early 1anuss a,
wear and Instead OF sending 5000 miles for our fabrcs
ought 10 build mp towns and cities Ike Legs, anu
our labor and have market at home for our food ana
keep wages and profits ut home to aid IN paying the
MOI many ago all the which used in Amer
lea kindly made for US in England ana they came
to by international exchange An Anne. ican invented
machine 20 make tcn and tred to sell those nc ue
but the inventors own home MARIE, was closed a
tempted "a manufacture the Screws The dealers an re-
their customers knew il the American article might be
better they did business for profit not to help or ah
or SSss iT Wss n 1 s and had large per-
ccntages deducted and there was more pot 70 bc made
JaIes scie@ cline very CARRYING the day the per-
owning the patent having almost given up hope OF
1912 was enacted: They took courage and sent out
fsep e to go and
with instructions to sell what had been made az any
pS w T4 s' s T into S nd the
had to retire. and the Engsmen came over mere ana
bought so s p 4ssar part S o "S industry The
business gives employment to an Immense nnmoer Oh
batifu residenccs increased industry, and enlarged
usefulness are OF the results OF making our own
screws so unlmpOrtant appearing an article as that
over the old way Of getting them by international ex-
change. 1. ,-. A..
II seems perfect suicide for this country to import the
largest portion of the iron and steel sed by H. Inc
home market is what need; only let US once nave
that and home competition will make tho price low
enough business at the mercy OF the foreign maker
is 100 Hazardous Ia induce people to 20 into it, Lrt
us have our market; TIMERS the French ex-Presi-
dent said every nation was entitled TO ils nome
a saving that shows clearly the French Wow Oh inter-
national exchange. IL means the raw products, ana
what cannot produced at home, teas, coffee dyewoods
ana the Thousand and articles OF necessity ana lux
my that nation requires when IL furnishes its own Peo-
plc vita what they use and wear. we, ass nation,
ought stop exporting our raw products ana use ineh
M home our people, and soon we can Degh to
export the surplus to less wise countries IL we once
GET our home market amount OF war can iiDnrc us III
T. said England grew richer each day during me berh
and Milan DEGREES although she subsidized half the Con
tncDt OF Europe. she did not at that tne however,
import the for her people their wares and aprc
their railway iron well their Injuries she inide
them During the Crimean war the policy OF Russia 10
have her own market and protect 1t saved her
IrOridencc, May ii, 1879. d. W. VAUGHAN
is FRENCH FINANCE TRUSTWORTHY