Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-09-22
REPUBLICAN, neutrality-suspicious.
Free Trade and ReclprOcIty-Many Asser-
tfons not Verified by Facts
- a. E,y;so, - fhs ps0isfSr

Free Trade and RecIprocIty-Many Asser-
tions not Verified by Facts.
To IRE Editor Of ne Register.
Srn:-We have heard Of "free trade"
and its evils, from the Republican
statesmen. Now we hear OF reciprocity,
which means free trade as advocated by
the same sarty. Then another lot OF
them 90 ND and down thecountry howl
ing that protection is the "cure all Ior
existing evils.
If any man with a grain OF sense
would take the trouble to investigate
the present state Of affairs, especially II
be be a capitalist, he would begin TO
trim his financial sails to meet the I'M
bending crash that will come over the
country this fall and winter.
The Republican leaders anticipated
II, and In order to cover up their eX-
travagances Of the last Congress, began
To appeal to the banks and money
changers of Wall street to help them
out OF their helpless condition, by re-
ducing the rate Of interest on the Iour-
percent. bonds.
Another idea they think will hel p
them Is that Of Providence, wherein
He has blessed the land with abundant
crops. but they will find that with the
grain export TO Europe, that In spite OF
that the balance Of trade will be against
rs. for the simple reason that for which
we EXPECT I'm return will go to make up
what we have owed In the past, and my
friends will find that with all the money
exchange and foreign goods imported
that the balance of trade Is against us.
II any man has studied the question
of political economy, he will soon learn
that problem. Why do we say tals|
Because we have been borrowers Tor the
past two years, and the money from TINS
seeming GOd-send will go to pay what
we owe; and hence we are no better OIL.
An excess Of imports does not cause
drain of specie, and II there should DC
an outflow OF it, the amount so ex-
ported could not be measured by the
excess Of imports.
If the excess OF imports be large, 1t
does not follow that the expectation OF
silver will also be great, or that there
will be any expectation OF 1t at all. Inc
two have only incidental relations 10
each other, except under quite print
tive conditions.
During the years of 1868 to 1873 in
elusive the excess of imports OF this
country was in round numbers 81, 0S6,O 900,
600. The net export Of specie during
the same years was S673, 900, 900 leaving
an unsettled balance of S4l3,000,0 600. II
we add to this the amount spent by cit
izens abroad, paid for foreign freightS,
and interest on American securities held
abroad, the total OF which We will esti-
mate at SIS, 0OG, 900 per annum, which
is very low, we should have the sum OF
81, 23S, 900, 600, which IS clearly an un
paid balance against US on the country.
liz will be seen that the amount OF
specie exported did not bear any just
proportion 20 the advance balance or
trade" II there is any significance in
the theory Of the balance OF trade
this country should have exported ST.
200, 600, 600, more specie than 1t did In
these years.
II the finances Of the country are as
they should be, there need not be any
anxiety about the "balance OF trade"
it will take care of itself without doing
any harm. tits the finances that should
be looked after. There should be
lust proportion between the paper aud
metallic money. Paper money should
not be permitted to occupy the whole
field of circulation, nor so much OF II as
to reduce the amount OF specie needed
to a small portion of the total circula-
ton.
Not only should the reserves be Of
specie, but there should be n liberal
amount circulating among the people,
so that the supply will DO sufficient to
meet any demand for expectation with
ont depicting the stock 10 such an ex-
tent as TO cause alarm and a panic.
II the country has sound currency,
the balance of trade may be left to take
care Of itself.
Mr.. Horr in his speech took great
delight TO tell us that the "balance OF
trade" would be in our favor. That was
only a theory of his, but the years
named after an increased tariff does
not show it, and our Republican friends
will 80 find IL this year.
Divine Providence Is not regulating
commerce and tariffs FOR them, and
they will, or the people Will soon learn
that it is the supply and the demand
that regulates trade and traffic.
Providence is not helping them out
OF the hole they have gotten into, as
they will find that the importation OF
specie will not exceed that which was
exported the past year. He also said
that the Mckinley bill increased wages.
W. 1o,v that ord claim that waUp0 m.
day are Is to 95 per cent lower than
two years ago.
Take skilled mechanics, machinists
for instance. In the good old free trade
days, In 1852, machinists got two dollars
per day and we could buy barrel Of
-four for $3.50, sugar for five cents, hams
eight cents, and that right here In the
city OF Wheeling. Flour was so cheap
any man OF moderate means always had
a borrol ~ Aour in the house