The Yellowstone journal., 1894-09-03
NATIONAL LEDGER.
THE NEW YORK HERALO'S OELleER-
ATE FINANCIAL DECEPTION.
A Fool Writer Who Cannot Distinguish BE-
tween Debts and Credits-A National
Policy Advocated That Would Ruin

tween Debts and Credits-A National
Policy Advocated That Would Ruin
James Gordon Bennett-Editors, Beware.
The New York Herald, which is now
potorious for the deliberate deception in
its editorial articles ON political sub
jects, has let one of its writers loose on
the national ledger. from which it i'm
parts "a lesson If there is one sub
ject upon which The Herald editorial
staff w ties more falsehoods than upon
any other it is in its dealings with the
national ledger, and it is a mighty
good thing for The Herald that the
theories of its editors are carefully ex-
cluded from its business department
We all remember the complete de-
struction that came over the country
last year through the Sherman silver
law, so The Herald said, but il was un-
fortunate in not discovering the damna-
BILE effects of that law during the unpre-
oedented prosperity of 1892. We all
know the ridiculous prophecies for re-
turn Of prosperity immediately the Sher-
man law was repe aled. But that law
has been repealed for a year now, and
the restoration of prosperity has failed
20 materialize. was followed instead
by the distributi of free clothing from
The Herald's az vertising fund 10 those
who were freeZ lg to death from actual
distress and want.
Now we fin the same apologist for
the Cleveland hard times squirming
81,
era of prosp rity promised by The Her
aid when it induced the people TO vote
for free trade has not eventuated. In
its agony of despair il has taken up the
statistics of our import and export trade,
deploring the decrease in our imports of
foreign goods, saying that from its tthe
foreign point Of view 1--WE did better
in 1880 and nearly as well 20 years
ago" II then goes on:
"No better proof can be desired to
show that the Mckinley tariff has had
q 'prohibitlve' effect upon importations
and has thus been a grand success in
checking, crippling and dwarfng our
international trade, which, in the judg-
ment of economists, is the chief factor
of a nations wealth and business pros
perity
Undoubtedly the Mckinley tariff has
had a ''prohibitive effect upon i'm.
portations This was intended, and
this made the country so prosperous
from 1903. Our int national trade
during those years was neither crippled
nor dwarfed 1t was much larger than
usual, but if we read The Herald's 'our'
TO mean the English, French and Ger
man interests. and more especially their
shipping interests, because there was
less foreign freight Offering 10 be car
ried in foreign bottoms az the expense
Of Americans, then We can understand
its regret for the ''crippling and dwarf
ing But this cripple j. dwarf to the
following palsied decrepit:
But they iprotectionistsl ignore the
fact that this Gmportl trade is indispen
sable 70 the extension of our export
trade, and also that the former is as
much a source of wealth as the latter.
Thus England imports annually $780,
900, 900 worth OF raw cotton, out Of
which she manufactures enough cotton
goods and yarns 10 supply the wants of
her own people and 10 make "A surplus
of 1910, 900, 900 worth Of cotton goods,
which she exports and sells in all parts
Of the world. Certainly in such cases
importation does not mean ruin.
The proprietor Of The Herald, who
has lived abroad, should hasten to in
form his stay at homes that England
does not grow cOtteu, hence is oompell-
ed to buy cotton Just as she buys her
raw wool, not being large enough or
able 10 both produce and manufacture,
and finding the latter branch Of trade
the more profitable. How much iron,
how much coal, how much salt, does
England buy from Us? These she has in
abundance and is not compelled to buy
them: cotton she cannot get elsewhere
and must buy from us, and therefore
does so for her own immediate gain be-
cause ehe can make money by buying it
here and will sell it back TO Us in the
shape of MANUFACTURED cotton goods az