The Yellowstone journal., 1894-09-01
NATIONAL LEDGER.
THE NEW YORK HERALD'S DelIBER-
ATE FINANCIAL DECEPTION.


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
iects, has let one of its writers loose on
the national ledger, from which il inn
parts "a lesson. If there is one sub
iect 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 it was un-
fortunate in not discove .ing the damna
BILE effects Of that law curing the unpre
cedented prosperity Of 1892. We all
know the ridiculous 2 ,ophecies for re-
turn of prosperity imI ediately the Sher-
man law was repeal /. But that law
has been repealed fcr a year now, and
the restoration of T osperity has failed
to materiaIize. 1t ras followed instead
by the distribution Of free clothing from
The Herald's advrrtising fund TO those
who were freezin. 10 death from actual
distress and wan.
Now we find he same apologist for
the Cleveland hard times squirming
around for another excuse because the
era of prosperity promised by The Her
aid when it induced the people TO vote
for free trade has not eventuated. In
its agony of despair it has taken up the
statistics of our import and export trade,
deploring the decrease III our imports of
foreign goods, saying that from its (the
foreign point of view I'VE did better
in 1880 and nearly as well 20 years
ago. Ii then goes on:
"No better proof can be desired 10
show that the Mckinley tariff has had
q .prohibitive' effect upon impOrtatiOns
and has thus been a grand success in
checking, crippling and dwarfing our
international trade, which, in the judg-
ment of economists, is the chief factor
of a nation wealth and business pros
perity."
Undoubtedly the Mckinley tariff has
had ''prohibitive effect upon i'm
portations. A" This was intended, and
this made the country so prosperous
from 1908. Our in national trade
d1ring those years was neither crippled
nor dwarfed IL was much larger than
usual, but if we read The Herald's our
10 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 at the expense
of Americans. then we can understand
its regret for the Gripping and dwarf
ing. But this cripple is dwarf to the
following palsied decrepit:
But they lprotectionists) ignore the
fact that this import) trade is indispen
sable to the extension of our export
Grade, and also that the former is as
much a source of wealth as the latter.
Thus England imports annually $3.50,
900, 900 worth of raw cotton, out of
which she manufactures enough cotton
goods and yarns TO supply the wants of
har own people and TO make q surplus
Of % i 0, 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
mas lived abroad, shoif1l hasten to in
form his stay at homes that England
does not grow cotton, hance is compell-
ell to buy cotton just as she buys her
raw wool, not being large enough or
able to 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 20 for her own immediate gain be-
osuse she can make money by buying it
hsre and Will sell it back to us in the
shape Of manufactured cotton goods as