St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-09-28
MiSStatements Sent Out Re-
garding Average Prices
on Wool.
Foreign Wool Sold in London
Higher Than Wool in
This Country.
Mr.. Springer's Statement
Backed up by Protec-
tion Figures.

by Judge Altgeld, Democratic candidate
for governor, and William NJ. Spring
er, member of congress from this
district and candidate for reelection.
Mr.. Springer devoted his time eXclu-
sively to the consideration of tariff re-
form, referring to recent trade circu-
lar issued by Justice, Bateman & Co., a
firm of wool dealers in Philadelphia.
Mr.. Springer said:
II have recently had placed in my
hands several so-called trade circulars
recently issued by firm of wool mer-
chants in Philadelphia, known as
Justice, Bateman d. Co. These
circulars are evidently inspired and
perhaps sent out by the national Re-
publican committee as campaign docu-
ments. They have very innocent ap-
pearance. l desire to call special atten-
tion to these so-called trade circulars.
The circular of Aug. 20, 1882, and
that of July 20. 1892. give a table show
ing comparative prices of the
Same Grade of Wool
in London and in the United States
since 1865. the high tariff OH wool baY-
ing been enacted in 1867. This table
shows that upon an average the
American wool during the past
twenty-five years sold at 25
per cent higher than the
same grade of Australian wool in Lon
don. This statement is without founda-
ton in fact, and has been prepared as a
partisan document for the purpose of
aiding the Republican party in its
efforts to retain the high protective
duty on wool and wooden goods.
TO show the utter unreliability of this
table, | only need to refer to the fact
that American prices between 1868 and
1878, before specie payments were re-
sumed i'll this country, are given in Am
ercan currency, then deprecated from
3 per cent down to par, when specie,
3ayments were resumed. For instance
in June, 1865, tue currency price of
Ohio medium washed wool in the
United States was 60 cents a pound,
while the gold price was only
40 cents pound. showing deprecia-
tion of one-third, and even in Decem-
Der. 1915, the depreciation was IL per
cent. No statistician desiring to afford
correct information, would base COM
parisonS upon currency prices in this
country and
Gold Prices In Europe
during that time. This fact of itself
utterly diScreditS this firm, and shows
that their statements are OF purely
partisan character, circulated for parti-
san purposes.
But this is not all. Their statement is
utterly untrue, and must have been
known 10 them as untrue when pub
llshed. During the last session of con-
gresS. as chairman of the committee of
ways and means. called on the CHIEF of
the bureau Of statistics OF the treasury
department, who referred me to the su-
perintendent of the census bureau for
information upon this subject. | had
asked for the prices OF the same quality
of wool in the United States and in
Europe since 1867. was Informed by
the special agent of the census that the
grade of Australian wool known as
Port Phillip fleece, when washed, most
nearly correSponded with the Ohio
medium washed wool, and that the
quotations upon these woods should be
studied to ascertain the relative Lon
don and Boston prices of wool at any
given time.
"This special agent furnished me, in
his official capacity as the agent of the
census office, with table showing quo
tatlons of the average prices in Boston
OF ONO medium wool, and
The Average Prices
in London of Port Phillip fleece from
1866 to 1890, both being washed wools.
l caused an average to be made of these
prices by an expert in the treasury de-
partment and the result shows that for
the whole twenty-five years the average
of the Ohio wool was Alas cents pound
and the average of the Port Phillip
fleece was 4l.04, showing difference in
favor of American wool of only IA of
one cent.
But during two of those years, 1871
and 1872, there was such wild specula-
ton in wool in this country and in Eu-
rope the market having been cornered.
as it were, by spectators, that
the quotations tor these years
were worthless SO far as comparisons
are concerned, and so far as showing
the course of legitimate business trans
actions. | caused another average
to be prepared, leaving out these
two years. ami the result showed that
during the past twenty five years, since
the productive tariff was enacted, the
average annual price of the Port Phillip
fleece was 1852 cents pound while the
price of the Ohio only 1926 cents a
pound, showing difference in favor of
the foreign wool of .26 of one cent, or
over a quarter of a cent pound less
than foreign wool of like quality.
Official Figures.
This table is printed on page Al of
Report No. SOL OF the ways and means
committee of the house of representa-
tives, and is the only official
statement of this kind in ex-
istence. 1t has the sanction
of the government of the United States.
and was furnished by government Of
fcers who are prOtectionists. and inter
ested in maintaining high duties
upon wool and woolen goods. They
did not and could not afford to
furnish me with false reports. Their
statement and figures are absolutely
true, and were and are uncontradicted
so far as know, except by the state
ment of Justice, Bateman q Co.. as
utterly false and partisan and
unworthy eff belief. Thus it appears
from the official records that protection
does not protect the American wool
grower. The native woods are largely
used for mixing with the foreign WooIs?
and when high tariffs decrease wool i'm
pOrtationS. native Weols are used and
their price is depressed.
Several other circulars have been is
sued by this Philadelphia firm, all reit-
Grating the statement of the table pub
lished Aug. 90. In its statement
of Sept. l, 1892, this firms refers
to the bill Which | had the heAerc
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