The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-26
The Commercial Hostility of Europe.

The Commercial Hostility of Europe.
Almost every steamer from Europe
brings home some American of more or
less prominence, who las been visiting
abroad. and almost without exception
they tell the same story of European
trade hostility. Among the more re-
cent of these arrivals are Chauncey M
Depew and ex-senator Washburn.
A few weeks ago Mr.. Depew was re-
ported as saying that he was not going
to give out any more interviews, be-
cause he was constantly being misrep-
resented. but he keeps on talking for
publication, with scarcely a let-up-just
as everybody knew he would. So long
as he confines his talk to obvious facts
1t does no particular harm. The worst
that need be said of it is that 1t is I'M
necessary. But his conclusions are
nearly always superficial, and frequent
ly absurd. When, for example, he says
that British sympathy is with Admiral
Schley he is clearly right, for it cannot
possibly be otherwise; but when he
states the reason to be the marriage of
the admirars daughter to an English
man. he simply insults the Intelligence
of the British public and makes himself
ridiculous. So with reference to Euro
pean trade hostility. When he men
tons that as a fact he merely recog-
nizes palpable truth, but when he at
tempts to argue that it will do US no
harm he manifests either a shallowness
or an optimism which deprives his
opinion of all value.
Mr. Depew's argument is that Europe
cannot combine because there are
treaties in the way, and further because
they cannot agree among themselves
This he assumes disposes of the ques-
ton. 1t does not seem to occur to him
that substantially the same end can be
reached without an actual combination. |
Russia acted alone, and Germany pur-
poses doing the same thing. The sep
arate acts of these two countries will |
affect US precisely the same as if there |
were a commercial alliance between |
them. Germany is our second best Gus |
toner. Last year her purchases of |
American goods amounted to nearly |
two hundred million dollars. Her hos |
tility is not so much owing to what we |
actually sell there as to the commercial |
policy under which it is done. This has
been intensified by the utterances OF |
just such men as Mr.. Depew. who talk
about destroying German industries as
coolly and heartlessly as they would
speak Of DISCRIMINATING a lot of vermin
THE few million dollars worth of man
ufactured goods which We now sell an
nually in Germany is a compare lively
small item in the vast business Of that
great Empire. but the people there feel
that IT is only a beginning, and hence
the fear.
Mr.. Washburn states this point very
clearly That gentleman says:
They perceive that we are Just getting ready,
md in respect is it likely they beat US
in the future. How long Europe stand to
pay balance of trade of SGj0.OQo,O1D i year
after all securities sent back Some
able continental observers to whom | put the
enquiry were unable 10 answer. They fear as"
In this, however is suggested point
that will have a very important bearing
upon our future trade with Europe.
namely. the inability of that continent
TO pay an adverse trade balance of six
hundred and fifty millions year after
1ur securities have been returned to US
though, the answer does not
seem to occur to Mr.. Washburu.
Europe simply cannot stand such
.rade at all. To continue trading upon
that basis, she would either have to
Train herself OF gold or she would have I
10 run in debt for the goods. The for
ner she would not do. because she could
not. Economic law would prevent it.
A shipment of Just one years balance
n gold would create a veritable money
panic. and practically destroy Europes
power. Prices in the Euro
pean markets would fall so low that
'ur goods could not be gold there. W hiIe.l /