The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-10-06
Boston Economists.

Boston Economists.
1t certainly is not without good and
sufficient cause that Boston has come
to be designated as the "City of No
tons" This popular nickname had
its origin in the somewhat unique pro-
ductions of her earlier mechanical ge-
MUS, which was decidedly in the wood
en.ware line; and which expended it.
self on such yankee notions" as wood
en- clocks, wooden nutmegs, and wood
en- hams.
But the Bostonian genius was too pro.
life Of novelties to contine it's "notions'
to mechanical products only; and final
ly manifested its growth and develop
ment by inventing theories of novel
character in theological, social and po-
litical science. 1t is observable that, in
all these novel productions of her true
inwardness, she has been obedient to
the great law Of evolution as propound-
ed by DARWIN and expounded by HUx-
LEY, and has made them to conform to
the original type of her true outward
ness; that is, they were decidedly
WOOdef.
Among these notions, and character
istic of their peculiar Bostonian pedi-
gree, we now find certain ideas relating
to our foreign trade that are unequivo-
cally stamped of the wood, wooden. The
Boston Globe, a journal Of high rank and
faithful exponent Of the sentiments OF
that "City Of Notions" on the subject Of
political economy, is just now giving
utterance to lamentations because of
the diminution of our imports from for
egn countries. The pith of its complaint
is best stated in the Globes own words,
saving: sit is a misfortune that our for
eign trade is so inactive, and that qCe
haze to tahe gold jnStead Of merchandise
in return for such exports as we send
abroad"
That such an idea, even If found out
side of a Boston journal, would be iden.
tilted as Bostonian, no man can doubt.
The "notlon" as to our ''misfortune" in
being required ''to take gold instead of
merchandise" in return fot our exports,
is so essentially wooden that it could
not have originated outside of that City
of Wooden Notions. Everywhere else
people would scarcely assent to the
proposition that, to receive goid, which
we do need, instead of foreign merchan-
disc that we do not need, in return for
our exports, would amount to any great
ioIo in, hn
Globe furthermore regrets the fact that,
for some months, our exports have ex-
ceeded our imports, and that "the bal
ance has to be settled IN cash on this
side of the Atlantic" These are re-
grets In which the public outside OF
Boston will not share. On the contrary,
the country at large will rather rejoice
in witnessing the shipment of over q
million of dollars, as we mentioned in
our issue of yesterday, in coin from Lon
don to New York, to settle the balance
of trade now setting in our favor.
With the characteristic Bostonian con-
tempt for the opinions Of all us outside
barbarians on the subject Of this balance
Vi tIducY UuS VtOOb PlONSOuo w soy pIopJ
"rhere is certain class Of political
economists who find an advantage in
this balance of trade, but what it really
indicates at this time is that the depres-
sion of the last three years has crippled
cur power to buy, and that the lack of
activity at home has checked our trade
abroad"
We quite cheerfully enroll ourselves
with that "class OF political economists
who ind an advantage in this balance Of
trade" even though we fall under this
Bostonian ban of outlawry. We cer-
tainly do believe in the common sense
policy Of getting gain by selling more
tnan we buy; and we are by no means
avcrse to taking the difference in gold
instead Of merchandise.
But the Inconsistency manifest in the
above statement of the Globe is so gross
as to make it absurd. For, if, as the
Globe admits, our export trade is now
greater than our imports, how can it be
said that it has "crippled our power to
buyw When we have more to sell than
we have need to buy, can it be said that
our power to buy is crippled? A man is
buying and selling and getting gain only
when he sells more than he buys. But
certainly that getting of gain does not
cripple his power to buy. On this point
the Bostonian theory as enunciated by
the Globe Is intensely wooden.
The other proposition, that "the lack