New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-11
oonpVp IND THE TARIFF.

COPPER AND THE Ldn4PR'
when the Free Traders pretend that the
.onror syndicate exists because OF the Ameri-
can tariff on copper, or that it has been en-
couraoed or helped by that duty, or that Ameri-
-. oorsuners have been 10 any extent what
o,,o, +oxad or burdened by that duty, they maxi
a. h.rd to determine whether they are amazing
=, ionorant or absurdly mendacious. This
country exports enormous quantities Oh copper
GRO bars and manufactured copper in various
forms 30 that the price here is not at ali con-
trolled nv the duty. Last year nearly 10000
soDs If ore and 81 ,664 ,O46 pounds Of bar and
ingots went out from this country FORMING q
considerable part of the enormous surplus which
has broken the back of the French syndlcaoe
Only the stupidest Of Free Traders could inn
aeine that under such circumstances tne mar
l,et here could be controlled by the duties, and
In fact it was so completely controlled by the
syndicate for nearly year that the selling
mice in London and New York was about the
came Thus the first quotation this year at
London was equal to II 1-8 cents per pound,
which was also the first quotation for Lake
copper at New-York.
Having accumulated about 80, 600 tons for
which il can find no market, the syndicate has
not been able to prevent a great fall in the
nr;ce--at London from over II to less than IL
cents per pound. 1t may be said that now the
duty prevents the syndicate from emptying its
foreign copper upon this market, II 1t should ON
any account desire to sell here in order to
better maintain prices elsewhere. II that were
50. the duty would only help to destroy the
Conner Trust. But the fact is that the Trust
was smashed in large part by the enormous
increase of production in this country, which
would not have been possible had not the
market here been closed against imports at low
prices. Forced to take the copper thus pro-
duced in order to prevent fatal decline In
foreign markets, the syndicate has in fact been
crippled in large measure by the very tariff
which Free Traders ignorantly or mendaciously
accuse Of helping it. As yet, belief that the
syndicate may be lifted over the immediate
emergency by the French Government has pre-
vented fall in the price here as great as has
occurred in England, but the instant 1t be-
comes certain that the syndicate cannot carry
out its engagements, the price Of copper here
will start toward lower level by far than any
touched this month at London.
This combination originated in France, has
been encouraged and supported by French
official influence and by the strongest French
banks, and was openly shielded from assault by
the French Government itself when inquiries
were made in the French Assembly as 10 its
legality. According to principles Of law fully
recognized in French "a in American decisions.
the combination was contrary TO the public
interest, unlawful and should have been sup
pressed by the very Government which en-
coursged and shielded it. AS consequence
the French Government is now compelled TO
demand assistance for the copper ring from tho
great fnanciers and the Bank Of France, with
strong probability that even though such
assistance has been given, the ring win BIO
forced to liquidate speedily.