Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-09-27

he did twenty wears ago he would still
be only on level with the Oriental.
The fact Is that goods produced in gold
using countries are dear i'm silver-using
countries and are the less in demand,
while those produced in siver-using
countries are cheap in gold-usipg coun-
tries and their consumption is con-
tinually increasing. The result is that
in the former trade Is declining and un-
profitable, with plenty of cheap money
lying idle; in the latter, trade Is plentl-
tiful and profitable. capital scarce and
dividends large.
(3) That in the competitive manu-
featuring industries of the world the di-
vergence of value between gold and sill
yer must inevitably lead to the substi-
tuition of the cheap labour of silver
using countries for the more highly paid
labour of gOd-using Ones-a substitu-
ton which is already taking place, and,
unless some international agreement be
come to at once. must lead to the RUIN
of many British industries, and the
throwing out of employment of tens OF
thousands of workpeople.
The great thing in the East was to get
British goods as cheap as they could.
But the continual rise in the value OF
cold. AS compared with that of silver,
has changed everything. British goods
cot so dear in their silver value that the
Oriental was forced to make for himself,
and the decline i'm the value of the white
metal has so helped him in his work
that he can not only make sufficient FOR
himself but is able to export them to ad-
vantage. The rise in the value OF gold
has doubled the silver price of British
goods in the East. and has made their
use almost prohibitive, while the fall in
the value of silver has brought down by
over a half the gold price of Oriental
goods in goldusing countries and is
continually increasing the demand for
them. The conditions are so unequal
that 1t seems impossible to continue the
struggle long. 1t is like handlcapping
the champion by giving to his opponent
half the distance of the race
We now quote from another article
recently published in England, entitled
"The tall in silver and its effect on
British trade" by David Octavius
Croal, London. 1t opens new light up
on this most interesting phase of the sill
ver question, especially as 1t affects
English interests.
Mr.. Croal says:
1t is the purpose of This paper to in
quire whether the dislOcatiOn Of none
tarv standards can be proved to have
been detrimental to British industry and
trade and if that be established, to dis
cover to what extent our interests have
suffered ami how far losses already Sus-
tanned may be irremediable. 1t need
hardly be said that, enormous as is our
stake as creditor country. it is of less
Importance than our industrial and com
mercial interests.
Five-sixth- of the intelligent popua-
ton OF the country do not understand
the simple principles which account for
the detrimental influence of falling and
irregular exchanges on our foreign trade.
Yet these principles have less in com
mon with ab,truse economical science
than with every day common sense. 1t
stands to reason that if in India rupee.
in China tael. in Mexico and Central
and South America dollar, today buys
as much rice or wheat, or other neces-
sitv. as in time past the natives of these
countries will expect these coins TO buy
49, n,ch cloth mr. similar goods and will
rasa,,t ba,,inr to nnv moro for thpn,
No-noror as in those countries wages
rannain virtua1iv unchanged the inh9hi.
tYn ,i nre actmai,v NOT in nossession of
Grnator ,ya.Itb ~ snend on such articles
,,. e..
III Is 10 emma 'ii"t we mus Iooh lor
the most cogehl example Oh Tue injury
zone 10 hI"lSh Iraue ny '"e IAN III SilNTr
IL Is Iiie custom oi tllo'e VINO 'ftac'' .llt
llilalIlplil'N on iii' sI"Sie Splu s'"siuai"
TO eNplalh tf'e uecllhe III the pton,aoIe
character Oh our commerce WIN s'INeI
countries ny reference 10 me improved
means Oh iah9iI anu co'!l'l'uu 'c"''o"' a'u
ot1er social ana economic c.ahStS' lna'
nave oeeh proceeding colHclutntA WI"
liie uePreCl"''on oi NIINer' put III Nn u!
mere mas oecn no aPPreciaoIe al'era!lo'
III social h"oi'N OF ecohoulC conulllo1'
curing 'le laN' quarter oI c'HtuI )!
mar l. one reason why hlna "i"Ius -
suilao'e ground ior W4IhI"g ou' 'll'
point uhder ul-cuSsloh' nul 'cIe Is al
even stronger reason nahNS 10 lIl'
wei directed diligence OF Mr. Jameson
brltlsn consul AT Shanghai II mas peer