Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1903-10-14
The Verdict Of Values.

= AS aS1AAy Sest'AoAA1 " A~So AaAoiiiOo,
aworshipper Of the fetish of
high protective tariff, recently re-
plying to an editorial paragraph in
the Register-Lea the latter Of
which believes in reciprocity and
modification of existing high pro-
tective schedules as likely to re-
dound to the. benefit Of American
producers, said:
George E. Roberts says that adj
uniting wheat free from Canada
would do no harm, inasmuch as
Canadian and American wheat are
compelled to meet in European mar
kets in competition. He, (Roberts)
inquiries: What difference would it
make if the Canadian surplus reach
ed Europe by way of America? Of
course this is the regular inquiry
propounded by the free trader and
apply equally to every other would
product as well as wheat"
Replying to the above, the Du-
buques Times, q epublican paper
SWfNS6 0Qlt0r mas "a 1alf@ grasp OF
: Economic Laws, said:
"The Capital finds it.easier to at
tribute the query to the free traders
than to answer it. The Register
Leaders proposition is not in con-
troversy between the accredited rep
resentatives Of the free trade and
protection schools, but is admitted
by both. Canada has adopted the
policy of protection and is growing
stronger in the faith right along.
Yet Canada, although a wheat pro-
ducing country, not only admits
American wheat free, but has re-
moved the canal tolls in successful
effort to divert the American export
business from Buffalo, New York
and Boston to Montreal. We pro-
duce a surplus of wheat for export, and
this surplus must be sold in the Eu-
Eopean markets in competition with
the wheat Of Canada, India, Argen-
tineand European countries. There
fore, home prices are governed by
the world conditions Of supply and
demand, just As the price Of oats at
Des Moines is governed by the price
in Chicago"
The Capital attempts to combat
the logic Of the statement made by
the Times, but in doing SO either
bubbles or exposes the bald fact
that its knowledge of the operations
of trade laws is pitifully limited.
In an article entitled Thirty
Years in the Grain Trade" written
for the North American Review, and
published in the issue Of that period
zeal for July, 1895, Mr.. Edgerton e.
Williams, Of the New York Produce
Exchange, after third of a century
of experience in the grain business,
says, touching upon this phase Of
the market:
"One of the greatest anomalies,
probably the greatest in the grain
trade, is that the measure of value is
determined by the comparatively
small quantity that is shipped, and
that the much greater quantity that
is consumed at home is no more OF
an actual factor in the foreign mar
ket than if it did not exist. The
first conclusion after consideration
Of this matter would very naturally
be Us follows: For the goods we
send to the European market, in
which we are aware we shall find
competition from sellers from other
countries, of articles Of the same or
approximate quality to our own, for
these goods we must accept the best
bid obtainable and rest content
Herewith. But that the European
price should determine, should
definitely and arbitrarily fix Ameri.
can values, that the less factor
should control the greater, is an in
congruity difficult for many to com
prehend or with which to become
reconciled. The burden of com
plant Of the producing, milling,
trading:and transporting interests is
that the verdict Of values is render
ed in a foreign, competitive, con
sumers' market, where the pre-
ponderance of interest and Of in
fuenceis on the side Of low prices.
That the classes named are the chief
sufferers from low markets, and the
home and foreign consumers the
beneiiciaies, goes without saying.
This foreign dictation is, therefore,
by no means, an unmixed evil; in
fact those benefited are the great
majority, and that there is nc
remedysis evident. The surplus Of