The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-12-02

| eiSns; or. in other words. II required 80
| per cent more OF Haliodatc's silver money
! TO buy = per cont less of our gold money
( Under these altered conditions Hakodate
| refused all Tie tcndcrs: she erected her
| from was busy exporting her pipes 10
| China and India. Now. my friends. is il
strange that Willie exchange on Hong
kong has shrunk In . few years from
dollar there worth slightly more than a
gold dollar hore. 10 4 dollar there worth
| 10 cents here, factories arc now spring
ing into life all over The far east. and in
England white skilled labor walks our
streets and disGraccs our civilization"
And this is why the most eminent econo-
mist OF our day. the late Professor Fran
problem As far moro than any problem
| In finance: 7 believe that with its right
settlement is bound mp the very progress
OF civilization for the western nations
Chinese Competition Menace
Now ] WIS so fortunate when i'll San
Francisco last week as 10 meet Robert
Dollar the president of tho Dollar line
OF steamships running between Port
land. san Francisco. and IIankow. Mr..
Dollar himself travels freGunctly between
these points. He told me. Just You
would expect. that before the fall In sill
yer IN the summer of 1907 his ships could
always secure fun Cargoes TO China
chiefly wheat lumber. rails and other
hardware and cotton and -four; that un-
I'll two years ago 1t was extremely diff
cult to secure any return frcights from
exactly reversed; now, no froiGh,s can he
secured outward, but his ships come home
loaded with Chinese products. but par
ticularly with high class pig iron. The
rate of wages for Chinese miners is IL
cents a day: the contract price for de-
livcrjnc ton OF Iron ore on the cars is
10 cents. In the new steel plant a Han
tow the wages are rather higher. being
from rs to 90 cents. Tho labor cost as
compared with white mon at PittsburC is
as fifteen Cinnamon To one white man
"a II ne mo. In a
clare that the ratio is as Is 10 !; that
would give quite n novel turn Ito your
historic slogan.
Mr., Dollar told me that at his recent
Visit 10 this Hankou rolling mill Inc met
there Mr. Watson, an inspector OF the
United States Steel corporation, and tina
in going through the works he had the
advantage OF Mr.. Watson's Judgment and
experience. Mr.. Watson considers that
the ilanIlow mill Is. for efficiency. quite
up To the American standard He told
Mr. Dollar further that tho rails were
IS good as possible. and that the hands
required were not more than 10 per cent
in excess OF those employed i'm the Pitts
burg mill. Now. wien | recall the an7aZ
ing developments | have seen In tho
orient during the past thirty years. how
great modern industrial Bombay has
sprung into "XiStcn"c-thc partition nf our
iutc and leather industries murder
Gus competition or the Malay states in
tin and other minerals ! am justified in |
describing as madness the passive mood
sale removal Of our steel and iron and
Goa! Industries TO China
Look at tho rcmittances OF every |
Chinamau working on this continent who |
sends his savings home. Two years since
II h." r"mittcd five gold dollars. he re-
mIttcd hE" and half laels: today that |
sum RENTS for him eight taols. 1t is |
s"fc 10 say that had YOU not passed q |
Chinese exclusion act the present rates |
~ exchange would have brought very |
Monsolian exodus to these shores 10 cut |
sH.. -.
China with the proceeds. But Of what |
use is ii 10 exclude the pig tall while |
YOU admit the tanl-made pig-admit not
fed hy the recent fall in silver.
Mills and Factories in Asia.
In a letter ] had recently from Senator |
Teller that senator who has devoted the |
study Of lifetime TO this issue. summed |
up the competition engcndered by cheap |
silver very admirably He wrote: Thirty /
years ago Eve gold dollars bought three |
taels. and three taels paid one days |
wage To % Chinese mill hands. while to-
day five gold dollars buy not three. hut |
eight tacls and eight tacls pay one days !
wage to co Chinese min hands"
nave attempted; necessarily very J
briefly, TO outline the great and grow |
arc exposed, because of cheaper and
cheaper silver The disease is appar-
Gnt. and as gold prices advance this
The remedies VIC proposed twenty years /
ago and which required 4 free coinage /
agreement among the western nations
these are today hopeless, but Is IL possible |
To create some fresh demand for silver
such as will raise its price? What is IL |
that controls the silver market Not the |
demand in the arts. but the monetary
demand. Why did silver fan so heavily |
last year? Only because the demand Of
ono government. that Of India. fell Off.
The present Yield OF silver from the mines
l. Fi 1 ,,T x,r',I
worlds sIlvorSmiths take ~ u00. .OOn
ounces. In 1907 the government OF India
bought over Soooo.0oO ounces. which it
coined into rupees. Last ycaU-bcCausC
of the failure OF the rains in India In
l9O1-tho usual exports of India were cut
down and thus our merchants wanted
very much fewer rupees In buy these eN-
ports. So that in 1908 the government of
India bought no silver. Hence the great
fail in exchange with Asia last year.
Goschen Plan of Currency.
Now. there may conceivably bc dis
eases in the hody polite although ] do
not for q moment admit IT, which. like
consumption or sleeping sickness. arc In
and If any one believes that the
great exchange disaster is OF this nature
we'll ] cannot help him. But | am
arc not of that order and il | pass my
noighbor's house after midnight. find il
on tlre and throw n stone through his
bedroom WindoW-truc. his FIRST emotion
Is anger and not gratitude but having
rubbed his eyes. he awakcs To the sense
Of his danger: he fights the fire and W"
all help him If only for motives OF self
interest And this being so. the only fire
escape We can bring on the scene lust
now is the plan OF the late Lord Goschcu ,
Indeed. it is hardly fair To father it OIL
Lord Gos"h"n y royal commission on
the currency had sat under the presidency
of Lord Hcrsch"ll. aud had recommended
that small notes should bc issued. against J
silver bullion. their legal tender limited 10
two pounds. Now. here We are at least
On very sound ground. That royal COM
mission. when 7 recall it's personnel. WAS 5
perhaps the most distinguished OF our I
lime. The lord chancellor WAS its prcsi- :
dent; there were Mn. EaIfour. destined ,
shortly Iu loo prime minister, and Mr.. 5
Chaplin. the Luud George BcntiuClt of our
:cncration. then and now rho leader Of {
HE country gentlemen I'm the hous" of
MIR Courtney, Mr. Montague s
and Sir Thomas FIrrer al three since .
'l~VatCd 90 tn" DrcrhgC FOR DISTINGUISHED I
services. Sir William Houldsworth. one I
Il the most able and industrious repre- | S
.ontatlvcs that the great city Of Man {
,h"Stcr ever sent to the house OF COM :