Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-07-29
American Products Tor American Consumers

IL "a strange sight in the midst of this
W. G. Whitney Of New York. urging the
doctrines Of free trade AZ psnsces for e1-
i.ing evils The beginning Of the present
business troubles may be found in the large
balance against us in our foreign trade
which has come about under Democratic
ruie. This uecessitates the expectation of
American gold to Europe to square the ac-
connt. 1t is law Of finance accepted by
all Recognized authorities, that the first
money that leaves a country il TIE best
~ ,ney the poorest money Of financial
=, stem Is the kind that always remains a. a
medium for home exchange.
European nations do not want our silver
OF our psper. They demand that their &C
counts shalt be settled in gold, consequent
II an adverse balance in our foreign trade
means the expectation of American
gold TO European countries. Right here is
one of the strongest arguments that can BE-
a.i,iueed in support of protective policy
Had our country built up is industries to
such an extent tina, its people would have
no occasion to make large purchases of
goods in Europe. there would have been no
balance Of trade against Ne and no
occasion for the expectation Of our gold.
Herein ice the great value Of home indus
tries. Where goods are manufactured in
our own factories. there is no loss
to the nation Of any character. save in the
consumption Of raw material. The money
expended for labor IN producing them, the
money paid for them by the consumer. goes
directly back into the channels Of our home
trade and becomes = part Of our
national prosperity. When the same
goods are bought in foreign countries We
gain nothing save the raw material which
vas used in their manufacture. All the
rest Of the value which they represent
amounting TO about nine-tenths Of their
Whole value. on an sversee for all manu-
featured products. goes into the channels
of foreign trade to swell the prosperity Of
foreign communities at the expense Of our
own. The money paid by American con-
-umers for such goods, and that money
must Of necessity be gold, instead of re
farming again into the channels of Amer
lean business to s~sil the prosperity Of
American communities. gees abroad to be
come part Of the prosperity OF foreign
lands.
And yet, In the midst Of the most dis.
ucsriug evidences OF the operation Of THU
economic Law. q proper recognition OF
which lice at the basis Of our natieea
prosperity. man like Mr.. Whitney, vhs
~as al one time member Of Mr.. Cleve'
i.nd's cabinet and is looked upon, to I
large aesrce. 80 his political sponsor. h
.hors sighted enough to advise that VI,
should still further enlarge the purchase oi
the manufactured goods Of foreign lands By
tearing down all barriers Of . protective na
ture thas enable Us to maintain American
manufactures, employ American working
men and women and supply American con
saness With American peoducts. So Lon,
- tAis End q pslisiral idiscy 10 permitse,
70 control the deseinies Of our nation, .,
long We may lsek il vain for . return =
he magnificent prosperity which he cesn
ny ~ enjoyed for 20 many years unde
H. bsneacsnt operation Of our wise pro
tetiN peiicy.