The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-03-26
J. ]. HILL HOME AGAIN
The Great Northern President
Talks Of His Trip,
THE DEPRESSION IN EUROPE.
England No Longer Able to Compete
with Manufacturers and Grow
ers of Other Lands.
THE DEPRESSION IN EUROPE.
Associated Press.


St. Paul, March 25,-President J. ].
Hill, of the Great Northern Railway,
well known as an able financier, mas
Just reached home after an extended
VISIT to Europe and Eastern cities. HIS
statements are Of general interest. He
says:
'I found there was great depres-
sion in some of the countries of Eu-
rope, particularly In Great Britain, and
more especially in the cotton and iron
industries. The United States is Eng
lands best customer, and our imports
have been largely reduced to the ad-
vantage OF this country and to a cor
responding disadvantage of Great Brit
ain. English manufacturers and land
lords owning agricultural lands are
taking very active interest in bimetal-
lIsm and a greater use OF silver. They
are realizing fully that Argentine, Aus
tralia, the East Indies, China and jap
an, who are on silver basis, are
forcing their labor to accept in pay
ment silver which they buy for about
So per cent of the value of gold, and
have a margin on labor alone that en-
ables them to undersell the English
farmer or manufacturer in the markets
which England has heretofore con-
trolled.
England is either compelled to give
UP a large amount of the world s
trade which she has heretofore con-
trolled, or increase the use of silver
In the world to such an extent that 1t
will not be possible for her manufac-
turers to take advantage of the lower
cost of their labor growing out of the
dfffenence of gold and silver. If the
silver men In the United STAKES win
only let congress alone and leave the
matter to be worked out by the COM
mercial profit and loss account of Great
Britain, the latter nation will be COM
PEELED, together with France, Germany
and our country, in bringing about a
condition of things that will enable
the English people to meet the COM
petition of other nations on something
like an equal footing.
"The feeling abroad against all
classes Of American securities, whether
national of otherwise, was very intense.
Good and bad were more or less classed
alike This feeling. however is grad
ually wearing away.
1.-THE low prices of wheat have al
ready found during the past year, a
new market for that product. Califor-
mia amd the west coast wheat that has
heretofore gone to Europe. is now going
in shiploIads to China, In the form OF
-four, where 1t Is taking the place OF
the rice formerly used by the Chinese
HAS your opinion changed regarding
the ratio of gold and silver?"
THAT is immaterial The proportions
of gold and silver taken for one thous-
and years-as long as we have history
Upon the matter-remain practically
the same. For a period of ten years or
more, one or the other may show a
slight change. but the ratio remains
at Is 1-2 or 16 to 4. And is gold and
silver were Interchangeable for SO
many hundreds of years in the past
1t Is difficult TO see what has occurred
to prevent changeability now, provided
all nations are willing to receive It,"
When asked why other nations can
not act Independently of Bngland in
the matter Of International agreement
he said:
simply because England, or London
is the financial clearing house Of the
world, and all commercial balances
are practically adjusted through the
medium of sterling change or British
credit"