The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-08-04
BOUNTY TO THE ORIENT.

It may be accounted as a benefit to
America that the elaborate address on
1.-THE Critical Position of British Trade
With Oriental Countries" delivered by T..
II. Whitehead, a member of the Legisla-
tive Council of Hongkong, before the
Royal Colonial Institute, last February, has
been published in pamphlet form and
given a wide circulation. Though adj
dressed to the British people, it contains
valuable lessons for Americans in the
proofs which it affords of the Importance
of the reconciliation of silver and the
maintenance of protection.
In his address Mr.. Whitehead discloses
thorough knowledge of the conditions of
Oriental industry and trade and shows a
careful study of the effect produced upon
them by the demonstration of silver. He
asserts that the ablishment of the single
gold standard in Europe and America has
acted as a bounty to promote Oriental
manufactures. 1t has made the silver
money of the East cheap and abundant,
while in this country and in Europe
gold has been dear and scarce. The
industries of the white race have been
cramped by stringent money markets,
while those of the brown race have ex-
banded under the stimulus of larger
supply of money than they have ever
known before.
The statistics quoted by Mr.. Whitehead
show that manufacturing industries
rapidly increased in India until the clos
ing of the Indian minis to the coinage of
silver put an abrupt stop to their develop
ment. What was lost in India, however,
was made up to the Orient by the expan-
sion of manufac lures in China and Japan.
These it is true were interrupted by the
war between the two nations, but enough
had already been accomplished by both
countries to show what is to be feared if
money continues stringent in Europe and
America while it remains abundant for the
cheap workers of the East.
1t is not manufacturing only that suffers
in the gold countries. Agriculture also
feels the depression. Mr.. Whitehead says:
"Let US for moment consider one article,
Indian wheat and English wheat. 1t is
sold in the same market, and practically
at the same price, but the price which
brings disaster to the British farmer gives
prosperity to the Indian farmer, yet the
provements in cultivation in the last
twenty years. Why, therefore, is it that
he derives prosperity from the price which
is ruinous to the British agriculturist?
The whole question is summed up in the
single factor of exchange, or the made
quate medium through which British
trade is carried on"
Mr.. Whitehead concludes that at no
very distant date the productions of ORR
entail labor will have considerable infu-
enee in the markets of England unless
prohibitive duties are imposed by Parlia-
ment. These words of warning may not
have much influence in England, where
free trade and the single gold standard
have been a species of National supersti-
ton. The lessons conveyed by them, how
ever, will not be lost upon Americans.
We are not likely to continue much longer
a policy which restricts cur own currency
while expanding that of the Orient, nor
are we likely to leave our industries ex-
posed to Oriental competition. Protection
and bimetallism are rapidly becoming the
joint watchwords of the people, and under
a Republican administration both of them
will be embodied in the laws of the land.