The Washington times., 1901-12-29

from tho-dawn of civilization, and OF all
phases OF human development; they are,
perhaps those which merit most TO riVet
our attention, since they have always
been preceded by wave OF superb pros
perity, and have left decay behind.
When In 1873. Americas creditors re
jected her silver. she had to sell her other
commodities 10 them at what prices they
would fetch. and the chief of these were
farm products. 1t happened, however.
that freghts fell proportionately to other
prices. and this fall in freight made the
shrinkagc in lie worth OF wheat more
sensible in London than in Chicago, by
the difference between the old and the
new cost OF transportation across the At
lantic English farmers could not cope
with the situation and presently land be-
gan to go out of cultivation. Their rents
broke. and soon the aristocratic classes
stood on the brink OF Insolvency. To save
encumbercd real estate. personal prop
erty had to be sold. and The best property
the British owned was American secur-
tiles. These accordingly they sacrificed
al first hesitatinsly. then more freely. and
al last in masses, until they exhausted the
supply. Afterward they borrowed.
In three years America reorsanlzed
her whole social system by a process Of
consolidation, the result Of which has
been the so-called trust. But the trust.
in reality. is the highest type Of admins
trative efficiency, and therefore Of ecouo-
my, which has. as yet, been. attained.
Europe'~ Commercial Policy.
wcrthlneton Chauncey Ford, Chief of
the Department Of Statistics of the Bos
ten library Fund. spoke on The Com
merclal Policy of Europe" He said:
'one fact is cmphasiz d in the Euro
pean experience. the desire Of each OF
the nations to protect against foreign
competition its own producers and manu-
facturers. and especially its agricultural
interests.
In seeking to protect productive inter-
ests. other Than agricultural there are
rigid limits. natural limits as rule, TO
the extent Of development possible. For
example. il would be hardly justifiable 10
conceive any notable expansion of the
iron ore mined in that country was p
Si,255 tons; in 1898 ii was 4,73i.S9s tons
an increase OF abou' 30 per cent. The
German production Of iron increased in
the same period 1z0 per cent.
Bounties and Subsidies.
In place OF differentiation of product
we see each nation seeking TO develop
the very interests that will antagonize
similar interests in cir neighbors. And
when the rivalry becomes conscious, the
Government is called upon to interfere
and to grant bounties or subsidies TO fur
ther the competition.
United states CHER sinner.
1T seems 10 me that the world is
marching into the repetition OF the errors
of restrictive policy, and in this course
the United STATES is among the chief sin
ners. For it no longer has the excuses
which were urged when production was On
d comparatively small scale. the inachin
cry of commerce imperfectly organized.
and the world not parceled out to such q
degree as to leave no large territory sub
ject TO acquisition and free colonization
Two other Papers Read.
Thomas L. Carver. of Cambridge. Mass.
read paper on Some Theoretical Pos
sibiiities of Protective Tariff" and
Charles A. Tuttle, Professor OF Political
Economy of Wabash College. Crawfords-
VILE Ind. read paper on The Work
mans Position in the Ligb; OF Economic
Progress