The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-04-29
gnE sIsErAELIo rnEkan

To 1Hp EDrroR or THR suN-Sr, Az rule
Eastern protectionlsts are In favor also Of the
gold standard. They propose TO make prices
conform to the gold standard. and seem TO
think they can. At the same time. By tariffs
maintain q range OF prices as much above the
prices IN other Rold-standsrd countries as
they mar choose 10 M In tariff schedules. In
other words. they propose to make prices con-
form to the Rold standard. but they expect
that standard to be one thing In the United
States and quite another thing In England.
France or Germany
II 1t were desirable to do so. and we could.
by tariffs. SO restrict imports as TO require few
exports to pay for what we Import and could
pay for such i'm ports with commodities in the
production OF which we had great natural ad"
vantaRes. the purpose Of aod-standard pro-
tectlonists might In some degree DO realized.
But our payments abroad are not limited to
ports. We are debtor nation our people.
our States. our municipalities. our corpora.
lions. owe large sums abroad. the interest on
which amounting probably to q million dol
lars day. must be paid with commodities or
with gold. We can pay with commodities only
By ssllipR them as low as they can be bought
anywhere else. We have not In the past. and
We cannot In the future. pay this Increasing
debt, and at the same timo pay for Imports.
with commodities in the production OF which
Wo hhNo my iWpOElhut uhtuEAl advantage. IN
fact. the natural advantage due to soil. cli-
mate. proximity to European markets, &C.,
have in large measure disappeared By the
opening Of the suez Canal. the extension OF
irrigation in India and by railroads into the
interior Of India Australia. and South Amer
lea The gold standard In the United States
must necessarily be the gold standard Of the
world. and 70 gold appreciates anywhere IL |
must appreciate everywhere. and as prices go
down In enc Ho'd-stsndard country they must
The practical situation 10 this During the
sod value ne nse Of tss
gold to the amount q ssI. 500. 1913 more than
ported Ds 'S sSn aSS sH@.
bonds OF one kind end another are annually
ssnt abroad CA In lieu o. commodities or gold:
must afterwsrd be paid Statistics ' are want ut.
ing to show exactly to what extent securities
large amounts are transferred.
the III sss E9s II the n
which went abroad in 1893 necessarily went
at very low prices-enough lower than In other
than anywhere else And not 0 only ger wers the
prices Of the products exported down to the
ys e oDJ Ss sS Rs sSs
a. ~ SEd th.
II we include then. as we must in th the scRed:
ule Of Ioy:prieed products the entire products
posd we shall tss tRUy
very large percentage Of the entire produc- |
then. that In order 70 pay interest on the debts
We owe abroad and p pay Tor what We import
States must be kept as low as anywhere else. |
or Or gold 4 must 20 e pay what we lack IN ray-
credit breaks and prices tumble. With ali ff tho
disastrous consequences that follow every
The mistake which .gold-standard protec- |
tionists mako is In thinking. notwithstanding
the absolute necessity Of keeping prices Of all
down 70 the ipternstiona! level. In order to pay
our debts with com modities and keep our gold.
binsto1. prices In the Protected Industries aG
ssnss$ & md sss : wSs "A:
iS,ETlS. mo1oDOy and where tSs humber q
ried out In any general way. Those |
enter into Internal Ionai trade. aud which are
- Ky thS
RSSsr cost and the ABILITY s. those " Who b a9
other products is limited to the purchasing
power OF what they themselves produce. One
ps cam Sn Sgy buy
OF third o. T. and what is true Of two is true
The bare statement OF so plain proposition |
IN economics az that different levels q prices
to carry conviction to any unpreiudiced mind. |
II. therefore. the pound sterling Is to DO the |
standard by which the prices of commodities |
exported are to be determined It m st also be |
the measure OF PRICES. generally. There 10 no |
esca ping this conclusion.
II Is perfectly safe, therefore. to say that the
next political camp aign will not he fought on |
The issue OF protection and the gold standard. |
!: They 90 not go together And do not furnish
Gr TS ~ f9r q successful political battle,
OF protection and honest money" by which |
they mean, OF course. the gold standard, is al |
ready dead. and the boom OF the big IN an from |
Maine will go the same way II he does not shift |
his ground before IL 10 too late.
Has the senior Senator from PennsylvanIa
discovered the Inconsistency and the impossi-
billy OF uniting protection and the gold
standard as Q political doctrine and set his
sslls for the bimstallio breeze blowing from
Inc Westf A. j. WARNER.