The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-04-24
AN AMERICAN CONSUL'S TESTING.
NY To THE GREENBACK.

Albert d. Shaw, our able Consul at
Manchester, England, in an effective
article OH manufactures and commerce
published in the Consular Reports for
February, shows comprehensive grasp
| Of economic facts which, we arc sorry
to say, is seldom evinced by politicians
| either at home or abroad.
In his opening paragraph he SAYS:
our exceptional financial position ut pres
| ent among the nations OF the earth should en-
| able us to wisely 80 direct our future COM
mercial policy rs 10 secure the stnady and
strong development OF our manufacturing in
dusfries, AMI ut the same time foster the hiis
Landmarks pursuit by securing him COOL
home market and furnishing the ncccssarics
and comforts rs well us luAulics OF life Mt
fair and reasonable cost.
A little further on, in dilating and
commenting on the reasons why We arc
III financial position so exceptionally
strong, he refers to the grecnback as
the controlling factor:
That American manufactures were amaz-
| ingly developed during what may be called
| the rule of the krcenback is past all gues-
| ton. The o-caled ..deprcciated paper dol
| lar ser. ell rs nm additional rejection to our
| growing industries. 1t was the legal measure
| Of values in the United states. and its vic
torious achievements will be forever famous
| In the annals Of time.
Referring to silver money, he argues
| that silver, from the fact of its lesser
intrinsic value as compared with gold,
and therefore not being SO exl osed to
spasmodic contraction in volume by ex-
portation, will Fin q measure" secure to
those countries that use it similar con-
ditions. His words are as follows:
What the ereenlack did for tho United
States, even in lis so-cnlcd deprecated char
acter, II Is reasonable To expect that silver
will, in me.sure. do for sisvcr-using coun-
tres under similar almost exact cond.-
/ tons.
The rapidly extending manufacturing in
dustres in India are, think, proof OF this
| view. The rupee Is the measure OF value in
| India. and the less it will purchase in En-
| land the less 1t will seek to buy here in all
| that home industry and home development
| can supply. Home manufactures are spring
/ ing up and q home circulation Tor the rupee
| Is being extended. Tho more its exchange
value Is lowered in London, the greater will
lie 1T protecting power in ln;iia.
He presents three modes by which
England can recover her lost industrial
prestige:
Under existing conditions i'm England, as
well ~ In France aud Germany, II seems To
me TINT there are, among others, three lead
/ ing ways in which Engi h manufacturers
1 may hoe Tor relief in their present handi-
| CAPPED manuiaot lrlng industries, viz:
| ID by lcngthoning the hours OF labor: fa)
by reducing the wages OF operatives; and
! t3) by inducing the Government to .onscnt
| to the reconciliation or silver
Ia Tho first alternative is Il difficult .ucs-
/ ton to settle.
| tbl Reducing wages is closely allied 10 the
| iengthcnin. OF the hoirs Of labor, md, like
tina, cxpcdicnt, presents grave difficulties.
tcl The third cxped.cnt | have namcl is
| one that could be tried without confusion or
opposition, SO TARA English operatives are
concerned, and that il would. ii adopted,
gradually make itself felt In promoting a
better state of trade, is fully believed by
economists of undoubtcd wisdom AMI cxpc
riencc.
1t is to be regretted that Consul
| Shaw did not more closely follow out
the logic Of his premises which unluah
tiedly claim that the Amazing develop
ment" of our manufactures was past
oil question due to the rule of the
greenback," and that 1T was the legal
measure of value in the United States,
and its victorious achievements will he
forever famous in the annals of our
time" He proceeds to enlogize sill, er
coinage rs contrasted with that of gold
as measurablv excellent, stating that
the silver rupee is the measure Of value
in Indiana as the greenback is with us,
and claims that correspondence good
results accrue.
But in his summary Of remedies for
England's industrial and commercial
prostration, he stops short OF the true
ultimate conclusion by eulogizing sill
yer, when the real logical deduction
from his premises would have indicated
British adoption Of the American green
back.
But we are not disposed to be severe
ly critical in reviewing this really adj
mirable state paper from the pen Of
one who, by his position, has such ex-
ceptionally excellent advantages to col
late evidence and judicially pronounce
upon the same, particularly when his
straightforward, honest utterances are
compared with the flimsy lies daily
peddled out to the too trusting readers
Of our metropolitan press as veritable
teachings of political economy.-Amer-
lean Sentry.