New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-06-23
TIE Med or FACTS.


than it needed civil service reform or tariff
reform. That is statistical reform-more trust
worthy information about its industries and
business Perhaps civil service reform may
save the country few millions yearly the In
cidental and indirect benefits cannot be easily
measured Possibly tariff reform might save
the country some apprecabe part OF the
5000, 900 900 that we pay in duties But the
country markets products worth thousands Oh
millions every y ear, and more correct idea OF
the quantities to be sold would be worth vast
sum. Ii has invested five thousand millions or
more in securities that are offered for sale In the
markets Of the Old and the New World, and
more correct idea of the value of such securities
would prevent an immense loss. IL Is continue
ally CHEERING the securities Of new corporations
railroad, telegraph, gas, electric, and manuiac-
turing-and the sum that might be saved by
more accurate information about the business Of
these corporatOns cannot be estimated.
At frat glance it may appear that the foreign
buyers of American products and securities
would be the only people benefited by stats.
teal reform. But the truth is that the Ameri-
can owner always suffers because the real value
of his property is not clearly known. On the
other side is capital, and the control OF most of
the markets, and the utmost advantage Is
always taken of any doubt about the value of
our products or securities. The man who Is a
borrower never makes anything in the long run
by concealing the value of the property offered
as security. The man who has things to sell
can never make anything in the long run by
conceaing the value Of his goods. Here, as
everywhere else, honesty is the best policy; it
would pay better in the end to have such COM
plete and positive official information about the
property or securities offered that the American
borrower or seller could get more nearly what
they are worth
The most important result to be attained,
however, concerns transactions among our own
people. Let us suppose that they had means Of
knowing exactly how many acres had been
sown in wheat or cotton; how many tons of
pig.iron or rails were being produced; or how
many yards of cotton or wOollen goods; would
there not be vastly less danger Of the overDro-
ductiOn which SO often prOstrates cur indus
tries Or suppose that they had means OF know
ing exactly what traffic each railroad had
would there be as much danger as there isnow of
excessive railroad building9 Would people
be as likely as they are now to sink TWO or
three hundred millions year in the cOnstruc-
ton of railways for which there is at present
no sufficient need
It is not so difficult as it may seem to keep
always within reach of the people trustworthy
information on such matters. All railways and
other corporations can be and ought to be COM
PEELED by law to make frequent and detailed re-
ports. 1t Is sheer nonsense to require them to
report once q year, aud then to allow them to
make the report six months after the year has
closed to which it refers. The largest railroads
in the country are able to make full reports
every week or month, and with reasonable
promptness therefore, others can do tho same.
Other corporations can make sworn and de-
tailed reports at regular intervals as well as the
national banks.
The difficulty rs to industrial reports is really
not greater Before the middle of June the
Iron and Steel Association had published re-
turns from every furnace III the country, show
ing which were In blast, and how many were
about to close. 1t would not DO more difficult
matter to obtain regular monthly reports of the
product In this and In other important branches
of manufacture. The private affairs of indi-
viduals would not be disclosed any more than
they are now, but many hurtful and dangerous
rulnors would he stopped or rendered impo-
tent. Every farmer could be required to report
the acreage sown In either of the principal
crops, and az the close of harvest to report the
yield. So as to other departments of industry;
it would not be difficult to devise means for
obtaining a vast amount of valuable informa-
ton, provided the Government had once ar
rived at tho conclusion that it Was duty to do
SO. The Bureaus of Statistics, of Agriculture,
and others already in existence, could compile
the returns made, and it would not he very
unreasonable tax. in view of the great interests