The times. (Owosso, Mich.) 1882-1897, 1894-08-10
NATIONAL LEDGER.
THE NEW YORK HERALD'S DELlBER-
ATE FINANCIAL DECEPTION.


The New York Herald, which is now
notorious 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 SUBJ
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 tho country
last year through the Sherman silver
law, so The Herald said, but it was I'M
fortunate in not discovering the damna-
BILE effects of that law during the unpre-
cedented prosperity Of 1892. We all
know the ridiculous prophecies for re-
turn Of prosperity Immediately the Sher-
man law was repealed. But that law
has been repealed for year now, and
the restoration of prosperity has failed
by the distribution of free clothing from
The Herald's advertising fund to those
who were freezing to death from actual
distress and want.
Now we find the same apologist for
the Cleveland hard times squirming
around for another excuse because tho
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 in our imports of
foreign goods, saying that from its (the
foreign) point of view 1--WE did better
in 1880 and nearly as well 90 years
ago." 1t then goes on:
"No better proof can be desired to
show that the Mckinley tariff has had
q 'prohibitive effect upon importations
and has thus been q grand success in
checking, Gripping and dwarfing our
international trade, which, in the judg-
ment Of economists, is the chief factor
of q nations wealth and business pros,
perity."
Undoubtedly the Mckinley tariff has
had ''prohibitive effect upon i'm
portations This was intended, and
this made the country so prosperous
from 1908. Our international 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 to be car
ried in foreign bottoms at the expense
Of Americans, then we can understand
its regret for the 'crippling and dwarf
ing" But this cripple is dwarf to the
following palsied decrepit:
''But they (protectionists) ignore the
fact that this Gmport) trade is indispen-
sable to the extension Of our export
trade, and also that the former is as
much 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 to supply the wants of
her own people and to make 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 cotton, hence is compell-
ed 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 80 for her own immediate gain be-
cause she can make money by buying it
here and will sell 1t back to us in the
shape of manufactured cotton goods as
soon as the tariff has been lowered by
The Herald's political destructionists.
In the United States we possess in |
every raw material except |
sugar, and there Is no earthly reason
for as to purchase abroad. but by our
protective tariff we prohibit the impor-
tation Of foreign raw material in order
that American labor employed in work |
ing on our raw material may not be |
to slave like Europeans at |
starvation wages and in order that
American women may not be compelled
to work in the mines as they have to do |
in England in order to get bread enough
to keep body and soul together. This Is
the condition to which The Herald
would degrade American labor while |
posing with double faced hypocrisy as
its friend. The writer then goes ON to |
say:
"As we'll might the 'protectionist'
argue that the less stock merchant |
buys the more profit he will derive from
his business as to argue that the smaller |
a country's importations the richer 1t
will become.
The Herald's business apprentice is
ignorant even Of the very ethics Of
trade Does he not know that The Her.
AIDS prosperity is due to what 1t sellsG
Every copy of the paper and every line