The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-01-11

are obliged to seek it In the street, aud
the street likes to lend its money at two
per cent. a IN nth, or at twenty-t0ur per
cent. per annum. Can, then, any rea-
souable man CONCEIVE Of serious
American competition with personal
capital, when tnat is diffused and scan
ty7'
This British writer is not well in-
formed on the subject OF our mode of
conducting manufacturing enterprise.
Very seldom indeed do American
manufacturers resort to "lhe street" to
obtain money for their business pur-
poses; and even il it SHOULD so happen,
such rate Of interest as tated by this
writer, twenty-Iour per cent. per an
mum, is quite unheard OF in this country.
The conclusions, then, as to such imped-
iments to American rivalry with Eng
land are altogether unfounded and de-
lusive. 1t is true, no doubt, that the
vast accumulations ot capital in England
do much to maintain Brush supremacy
in manufacturing INDUSTRY. Or this the
same writer says:
"Here, in England, the personal capt.
| tai OF the employers OF labor ls also
small; but behind the employers OF Eng
| lish LABOR there are the gigantic savings
of the masses Of the English people, III
the hands OF bankers. Ia tue recent In
quiry by Committee OF the House OF
Commons on Banks of Issue, it was
brought to light that the bankers OF the
! United Kingdom are indebted to the
tpe, pie of the United Kingdom in the
large sum Of ESQ, ,Q00, 900, and that OF this
sum nearly 46O0,000,000, is due in small
sums. These are tacts OF much slBnlh-
icance, especially at such time as this.
Iiere, in immense abundance, is the
wealLn for doing anything; while there,
in the United States, energy, ingenuity,
and temperance-that we may we'll en-
ware to be met with everywhere; but
The one thing ueedtul is plainly absen
Transplant the E8O0, ,0O0, 900 of English
savings IN The hanus OF bankers TO the
United States, and then tremDle, but n OF
before. The 4S00, 900, 900 long has been,
and long viii ue, rod in pickle Tor ali
competitors"
Wemay not dispute the facts here
stated by the British Trade journal, MOI
would we assume to discount the i'm
portance OF sucu facts as bearing on the
question of competition in the markets
OF The world. The possession OF Jo1h
thousand millions Of dollars i'll the
BrlLlsn banks as owing to the Bill
ish people, is something OF ar ad
vantage questionably. But it is
rot altogether true that in this country
that the ''one thing needful 10 plainly ab
sent.' This country is not quite desti
tute Of ways and means for prosecuting
manufacturing enterprises on stu
pendous scale. The "rod in pickle,'
composed Of those many millions OF Eli
gisn banking capital, will not be suti
cient to defy Gail competition" as tha
writer asserts.
He admits that transplantinl
those millions of "Euglish say
ings in the hands of bankers t
i tbe United States would afford caus
5 ior tremDlin4, but not before. Bat sure
= ly that writer would not be unders 90,
}, as assuming that the whole of that in
c mense capital in the hands OF Englis
Z bankers could he made available 10 II
T. sist or break down competition wit
t America. II not, then how much Of
d would be available tor that purpose
Il British capitalists are not more prone
n embark their money in losing busines
/. than are other men. II American con
VI petition can 80 affect manufacturing il
l. dustry and products in England as
) render them Improbable there, thVs
y millions of capital would be Of no avail
n because they must needs seek otht
d channels of use and investment.
n Now, this has been actually accol
is plished. American manufacturers hav
lie within the past few years, sent the
o. cotton, steel and iron goods, agriculu
U. raj implements aud domestic machinel
OF to Eugland, and undersold her artisan
al in their own markets. We have Liz
ry in the other markets of the world,
ly furnishing better arIicles at no great
cost. This being done, it becomes OBJ
GUS that England must possess som
lining UGbluGS luS w lOi uohhS "h
thing" in order to DEFY the compeut
ny hat is arising on this side Of the watt
IL Aud that something that is the 0
ly hing needTui for England is we
eh educated class of artisans a
g. practical mechanics. Il is the int
au lectual superiority of American wol
LII ngmen that is developing capacity
y, competition more powerful and me
ne permanent than all EnglanVs gold
as capital of four thousand millions OF d
er- lars. The basis of that power for 90
Ca petition as against England is in {
Ell American system of Common Schools
at" system unknown to England. This
10 tellectual capital among American al
'as sans will ultimately prevail over M
Vi money capital in the rivalry for cont
ieE Of the worlds trade i'll manuiacIul
'hs commodities. And this it is that Il
re- lish writer's are SO slow to perceive,
VS. 80 unwilling to acknowledge.
4B - .------
eir AN UNFOEl USATE ENGLISH GlRb.