The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-01-06
A FRENCH CRITIC.

Leon Say has contributed to the London
Times a caustic review of American politics.
The Farmers Alliance seems to have put
him in bad humor. He certainly pays
more attention to the resolutions of that
organization than statesmen of one country
usually pay TO untried parties in criticizlng
the policy Of another. He does not stop to
inquire whether the resolutions adopted by
the Alliance are likely to be accepted by
any considerable proportion Of the people.
lie discusses these resolutions much as he
would if they constituted the platform OF a
successful political party. Mr.. Say says
THE fact of the situation is that protection
must inevitably cause an increase III the cost
of living" Admitting this conclusion TO be
correct, which it is not, the fact is not dis
couragirg. The great trouble in Europe is
that the cost OF living has been reduced too
low. The cost of living represents labor.
In countries where a dollar week will pur-
chase the necessaries of life the workers who
furnish these neceSsaries must work very
cheaply. There is no especial advantage to
people who have to earn their living, in n
very low cost of living. People who have
fixed incomes may profit by cheap goods,
but it is the worker the world over whose
interests should be consulted. 1t is better
week for his board than to work for 81 "A
day and pay 81 a week for board.
Its not true that protection must inevitably
cause an increase in the cost of living. The
fundamental idea of protection is to promote
home industries. Now, such articles as
nation may produce TO advantage NAV, wien
the industries are fairly established, be pro
duced as cheaply in the country of eonSump-
ton as in any other country. There are
many articles of manufacture when are
now produced as cheaply in the United
States as elsewhere. Protection does not
apply to articles We must import. Ii reve-
nue. is derived from such articles IL Is not
for protection, but for revenue.
The most palpable error Mr.. Say has
fallen into is the assumption that the people
Of the United States canDOt carry on their
industries without European capital. The
employment of foreign capital has probably
caused a more rapid development of our
agricultural and mineral resources than
would have been possible if restricted TO the
use of home capital, but there is much
reason to doubt If this rapid development
has been to our permanent advantage.
Capital expects 10 be paid, and it is a ques-
tion II, in the long Iun, it would not be
better to develop more steadily with home
abroad. There are so many people of this
way of thinking that it is quite probable
that the next Congress will seriously con-
slider measures TO repress the tendency of
foreign capital to come this way.
Mr.. Say continues: UNLESS reaction
shall take place in public morals, American
credit cannot recover from its aeasemeni.
What abasement When did 1t overtake
us ? When has American credit been higher
than now Individual failures there have
been in this country as in France but an
occasi opal occurrence of this nature has no
national significance.
The following paragraph shows the value
of Mr.. Says reflections when he is talking
about something lie knows nothing about:
There are fifteen or twenty or may be
eighty millions of money concealed in the
United States. Place this mass of precious
metal above ground and issue as much paper
money as will represent its total value. Is
it possible to imagine that the United States
will be any richer or find it easier to liqui.
date its hare-hrained schemes conducted in
the reckless manner of the present genera
tim pr