New-York tribune., 1896-09-29
such as will interfere with wholesome COM
petition between American and English goods.
THE Daily Argus" continues its argument in
th{a ofra,r.

this strain:
the value Of foreign woollen textiles at present
double tr the value of total exports all coun-
%po4s 'r aT TSuS d .%s4 out at
sssroH 90 tnSt imposed on British goods abroad would
and and. divert it into English channels. moderate
dsrn, Mri,, such a one as would make no appreciable
V although dt''s would aSosh to the the
extra % L profit Of the middleman foreign goods is
good in itself to native employers and. workers
good o VuS SV Sa Indirect cause of further
vantage OF the principle Of reciprocity England
world, both for MANUFACTURER and natural produc1
lions Even With the advantage which the native
would still be the best market of our competitors
ana 1t would be open to the British Government to
OF any Power which refused to enter into recip-
rocal arrangements And the balance OF trade is
of all the United States whose exports to England
are three times as valuable as exports thither-
could withouts serious loss refuse to make a rea-
sQnabe reciprocal bargain.
Here is an influential English Journal pub
lished in the heart Of the Yorkshire woollen dis
trict not only expressing ardent hope that Nc
Kinley may be elected as The only available
means of averting the financial and commercial
ruin Of the American people. but also advocating
a tariff on English soil for the benefit of the
textile industries on the lines of Mr.. Chamber
lain's recent proposals for an Imperial zoll-
NtTtIn II ueSCTlDeS tne pOncy OF IrOtecllOn ana
Reciprocity with which Major Mckinley is
identified one which Bradford manufacturers
and workers would like to see adopted in Eng
land. although they lack the courage. or it may
be only the leaders to advocate publicly opin-
ions which freely expressed in private on all
hands, This cause can hardly be said to lack
competent leadership now. for Protectionism in
England has come to be known as Imperial
Federation with zollverein, and Mr.. Chamber
lain, once 1.-The hope of the stern. unbending'
Free-Traders. is its champion: and he is to-day
the greatest individual force in English politics.
being destined as all keen, well-informed OBJ
servers believe, to become Prime Minister be-
fore his public career is brought to a close.
ARE GOOD TIMES AT AN END?
Apprehension is expressed by several English
journals lest the period of good trade, under
which the United Kingdom has been prospering.
may have already its course. The August
returns Of the Board of Trade reveal decline
both in exports and imports from those Of the
corresponding month of last year. The aggre-
gate reduction is S1957 1880 After the contnu-
Gus increase Of trade during the last eighteen
months this sudden check is disappointing and
unexpected, and the September returns are
awaited with anxiety. All experts agree in de-
fining the source from which decisive changes of
trade invariably proceed. 1t is the American
market. When times have been bad for several
years, it is in that quarter that the first signs Of
improvement perceived. When trade with
the United States increases by leaps and bounds
there is revival of business with the Colonies
and with all foreign countries When trade
with the United States declines. other markets
gradually affected with paralysis, and the
good times are at an end.
In 1895 there was great improvement in the
English export trade with America and this
was accompanied by a similar enlargement of
commerce with other foreign countries and the
Colonies. Since the opening of the present
year there has been gradual shrinkage of the
export trade with the United States, owing to
disordered finances, political uncertainty and
the exhaustion of the industrial classes. This
decline has been offset in the monthly ag-
gregates of British trade by increases in other
quarters, but shrewd statisticians have been
warned that thc exhaustion Of the American
market would inevitably affect the economic
conditions of the commercial world. The
August returns, If confirmed by correspond
ing decline of commerce in September. will be
an unfailing sign that the pendulum, having
reached the extreme of flush times, has be-
gun moving toward the other end of the arc
What practical far-sighted manufacturers
and merchants are beginning to understand Is
that the phenomenal American prosperity,
which, with few breaks lapses lasted for a
generation before the reelection of President
Cleveland with Democratic majority in both
Houses of Congress. great reserve force
steadyng the exchanges of the commercial
world and promoting industrial activity every
where. During the last two years there has
been lower tariff in the United States, ac-
companed by o reversal of economic and ma
ticnal policies to which the productive and in |
dustra interests of the country had been ad-
justed since 1861; and while there an in
creased export trade last year from England
there has been a rapid shrinkage during the |
last eight months. and the American market |
is now paralyzed and suffering from exhaus-
ton: and it is reacting directly or indirectly |
with depressing effect upon the industrial !
activities of all foreign countries. What prac- |
tical English merchants now perceive Is that
1t is more important. even for their own busi- |
ness interests, to have a revival of American
on the old-time lines Of Republican |
policy than it is to have continuance of the |
nresent tariff with the financial embarrass- !
merits, social unrest and silver mania which |
have accompanied it, McKinley's name is not |
one to conjure with in England. 1t is like a
red streamer haunted before the eyes of John |
Bull But the triumph of Republicanism'
and Honest Money in America is
sincerely desired In England; for 1t will open |
the way for a revival Of national prosperity
which has an invigorating stimulative effect |
upon the commerce Of the world. l. y. r.
CLARA BARTON GOES TO NERIDEN.
Newport. r. l.. Sept 2S-Miss Clara Barton of the |
eft forenoon