The Providence news. (Providence [R.I.]) 1891-1906, 1903-11-30

seeking abroad the investments which
business ceases to offer at home.
II the workingman's occupation Is go
ing: IL capital Is going and Is being lost
by the falling off In British industries.
how can the pople OF Great Britain hope
to increase their imports? The Times
has evidently lost faith in the efficancy
of the Cobdenite panaces, for II adds
That Is a serious condition of affairs
for all OF us, and most OF all for the
workingman. We cannot meet II by
cheapening food. we cannot even prevent
food from becoming dearer. and the
country is asked 10 consider whether
there are no means OF getting more
money to buy food with.
The young voter who has any doubts
about the soundness OF the balance OF
trade theory as interpreted by Protec-
tionists Is asked to note that the London
"Statist' and the London Times" both
hitherto regarded as exponents OF the
Free-Trade idea, unconsciously use the
terms which would make them obnoxious
TO the charge that gold and silver are
the only real wealth." The "Statist"
wishes to know what will happen to the
British money" market when Am
orleans cease to be indebted to Britons
and the latter are compelled to continue
importing more from the United States
the country will be asked to consider
whether there are no means OF getting
more money to buy food with"
These queries disclose the true state
OF affairs. They make II perfectly clear
that the Cobdenite assumption that
Free-Trade Is to be credited with Brit
ish ability 10 annually import several
hundred million dollars more than she
exports Is erroneous. and they expose the
fanf tlxat <lA uy1au
Britain can now do so is because she is
receiving returns from investments made
In other countries. by her people, In for
mer years.
When the returns from these diminish
or entirely cease British imports must
inevitably decline. That is as plain as
a pikestaf and all the theories In the
world will fail to prevent that result.
Some nations may go rich by trading
when other nations consent to be ex-
plotted for their sake, but when de-
termination manifests itself In every
country for the people to make the best
of their resources. then trade becomes
what II should bean auxiliary to the
work of production. and not a parasitic
growth which threatens to smother the
producer. as IL Is under conditions In
which the middleman is of more conse-
quence than the one who devotes HIM
self to producing things
The development OF a manufacturing
industry In the United States and In
other Protectionist countries Is rapidly
clearing up the obscurites in which the
question of a balance of trade has been
shrouded That Is proved by the ad-
missions of the Times and the
Stats" Very soon even the Free
Trader may be able to grasp the idea
that production is the prime thing and
that the nation which fails to do its
share In the work of producing things
must go backward.
Then the absurdity OF the Cobdenite
contention that a country can grow rich
by letting other countries produce for II
will be fully exposed. and even Ameri-
can Free-Traders will be forced TO ad-
NIT that the Protectionist policy OF keep
ing out OF debt Is sound one
The statistical tables which show
whether the balance Is on the right or
wrong side OF the ledger merely furnish
the information whether country is
| doing its share in the work OF producing.
| II the people In a country are able to
| consume on a liberal scale and manage
to do so without drawing upon foreigners
/ for more than they give to them I'm re-
| turn. the assumption is that the work
| OF production for tho time being is pro-
| ceeding favorably. and vice versa.
| And that is all there Is to the balance
| OF trade question.