The Providence news. (Providence [R.I.]) 1891-1906, 1894-03-19
SOME FACTS WORTH READING.

SIr. Edward Atkinson. on Saturday,
in his reply to the address of President
Andrews upon "bi-metallism" of which
Browns president is so able an exponent,
made some statements which THE News
desires to place before its readers. 1t
is not its purpose to discuss in any way,
at this time, either bi-metallism or
monomeslllism, and its quotations from
Mr.. Atkinson's remarks will not be
made with any idea of endorsing his
belief III -monometallism. So while
his statements were made with view
to substaltiating his position as
monometallic advocate they are equally
applicable to the tariff question, and
may fittingly supplement the facts pre-
sented in the editorial columns of THE
NEWS of Saturday, in which were
grouped the statistics gathered by Mr..
Atkinson on the growth of the manufac-
turing industries in New England during
the years embracing the Republican
protective period. With this explana-
tion in mind The NEWS quotes:
Now, in respect to the commerce of
this country, we are the creditor nation
of the world. We are yet more the
creditor nation of the gold standard
countries of Europe Ger
many and others. We are an
nually creditors, because our
supplies of food, oil and cot
ton Europe is compelled TO buy, and
presently even Great Britain may be
compelled 10 buy iron and coal from us.
The gold balance which is passed TO
our credit year by year in London on
our international transactions with Eu-
ropean States varies from 5000, 600, 900 to
S400, 600, 900 according to Europe's neces-
sity for food and fibre and our surplus
production. Against this gold balance
we now draw at will in liquidation of
our purchases from the silver standard
continents and States. There are very
few articles which we import that are
of prime necessity, or of which we can
not forego the purchase if we choose
while, on the other hand, there is
scarcely an article that we export that
the world must not have lest multitudes
should be hungry or be idle.
Here Mr.. Atkinson presents, unwit-
tingly, it is true, one of the strongest ar
guments of the protectionists. We can,
under the protective system, do without
the importation Of foreign made goods
from Europe, but Europe must draw on
us for our surplus products and as the
years roll by her dependence upon
America will increase rather than dimin-
ish. Without the protective system, un-
der which our manufacturing industries
have developed, we would not be in the
position, where the eminent statistician
declares us to be, Of absolute independ-
ence of the European countries for their
commodities.
A little further along in his remarks
Mr.. Atkinson presents some figures
showing the condition and the purchas-
ing power of wages, as well as the
growth Of the people and the increase in
prosperity during the protective period.
lie says; 81 have analyzed the prices
of food, fuel and materials for clothing
in 90 great establishments in different
portions OF this country for quinquen-
NAL periods from 1865 to 1880. and sub
sequently continued the analysis TO 1892
have compared the rate of wages OF
mechanics and artisans i'm permanent en-
ployment in 100 typical establishments
from 1860 70 1880, Inclusive, and subse-
quently for less number of establish
ments down Go 1892.
"In order 90 determine the relative
conditions Of the mass OF the people, /,
| therefore. adopted n suggestion long
since made by President Andrews him
self, from whom, think, derived the
idea. / established multiple standard.
| That IL 10 say, measured the average
quantities Of the various kinds of food
meats, cereals, vegetables, sugar and
/ the like-that are consumed in tho fam
lies Of well-to-do mechanics. To this
| added the average quantity OF the cot
ton and woolen cloth which would suf-
fee to make the clothing of such a man.
/ then added boots and shoes and fuel
In due proportions. l did not attempt