The Globe-republican., 1901-05-02
WHAT'S FAIR TRADE?
SCHEME TO CUT DOWN OUR
BIG TRADE BALANCES
Economic Theorists Urge Increased Pur-
chases of Foreign Goods In Order That
Our Exports and Imports May Counter
balance Each Other.

Free trade newspapers are quoting
! with emphatic approval the views eA-
pressed in the speech of the Hon
George E. Roberts, director OF the
mint delivered recently before the
Bankers Club of Chicago Their fer
vent admiration of Mr. Roberts un-
doubtedIy springs from the belief on
! their part that he is an ex-protection-
ist who has seen the error of his ways
and is now anxious to be enrolled as
an ardent advocate of freer trade, If
not of absolute free trade The fact
that in his Chicago speech Mr. Roberts
said not one word which directly or by
implication could be construed as IN
any manner recognizing the part
played by protection in bringing about
a return of prosperity seems to nave
been accepted by the free trade ana
semi -protectionist press as sure PROOF
of his altered economic opinions In
this it is possible that too much is
taken for granted. 1t should not be
FORGOTTEN that Mr.. Roberts was talk
ing to an assemblage of financiers
and men who make money by deailng
in money. 1t was pleasant Tor tne
bankers to be told by the director OF
the mint that tfour success has been
obtained by the superior use of capl-
tai by the massing of capital, by the
substitution of invested capital for Ia
Dor wherever economic gain could
be made
IF Mr.. Roberts did not think it nee
essary to add that the reclamation OF
the home market to the control OF the
domestic producer had been a factor
of some potency in the problem OF
building up the greatest prosperity the
world has ever known, it was, perhaps,
because he thought that it was noc
worth while to state a thing SO oD-
vious1y and unmistakably true sun
when we are engaged in writing his
tory it is sometimes thought desirable
to make mention of facts ana events OF
even so trivial incOnsequence as the part
DIayed in our economic transformation
by the election in 1896 Of protection
ist president and the swift enactment
of a protective tariff law Although
speaking to financial men only, MI
Roberts might have been pardOned had
he permitted himself to allude to these
immateriaI details But he did not take
the risk.
The portion of Mr.. Roberts Chicago
address which has set the nerves of
free traders ting1ing with agreeable
excitation is that in which he said;
Our exports last year exceeded
those of the United Kingdom, and no
other country approached either Our
trade balances are so great that to at
+emntto collect them in cash would ruin
our customers and involve the world,
including ourselves, in disaster. In the
last three years their aggregate mas
eouaIed the sum of all the gold in all
the banks and treasures OF Europe,
including the British Isles No wonder
foreign Governments have come here to
place their loans. A nation with the
power to amass such credits as these
becomes of necessity trader and in
vestor in all parts of the world we
are out to say, for we never can bring
our belongings home This is an ex-
outlook.
assuring and inspiring. 1t means a
broader footing under our industries
and security from the reactions Of
restricted market 1t means more IN
innate relations abroad and a larger
part in all the affairs of the world
Such a DEVELOPMENT of national i'm
portance has moral and intellectual
benefits as we'll; it will enlarge the |
national view; it will broaden the ma
tionaI character; it will dignity the
national life AS we strive to extend
our trade we shall meet prejGdices, and
in overcoming them surrender some of
our own. We shall arouse antagO- |
nisms and have to conciliate them; en-
counter stubborn foes and have to
placate or reta1iate, as the occasion
seems to require. In the long run. the
policy of great commercial and ex-
porting people must be fair trade and |
reciprocity.
Fair trade and reciprocity, That is
the doctrine, is it? Truly it has a
pleasing sound and may be spoken
trippingly on the tongue Quite capti- !
waiting as an idea it is, too, on the face |
of it Fair trade has been a phrase to |
conjure with. Sir Robert Peel used it /
fetchingIy. and so did Richard Golden |
Does the director of the mint, a former |
adherent of the school which believes |
that free trade is the farthest possible |
thing from fairness, accept fair trade |
in the British sense Buy in the |
cheapest and sell in the dearest mar |
ket'' Mr.. Roberts did not stop to I
explain what he meant by fair trade |
and reciprocity. Another unimportant |
detail not thought to be worthy of |
attention, presumably If fair trade |
and reciprocity mean anything in a |
country situated as the United States t
Is it means that we must buy from /
foreign countries much we sell /
TO them. 1t means free interchange OF t
products and no tariff, except for rev /
enue and on articles which we do not t
produce; certainly no tariff for pro- |
Cot Il