Rensselaer Republican, Volume 28, Number 15, Rensselaer, Jasper County, 12 December 1895 — AN ENGLISH OPINION. [ARTICLE]

AN ENGLISH OPINION.

LEADING LONDON FINANCIAL PAPER TELLS THE TRUTH. British Manufacturing Prosperity Is Due to Our Row Tariff—They Have Already q 0( Back in Business the Money Subscribed to Quit Loan. Not in the Wheat Market. I’he great prosperity of the wool trades has, fortunately, more than offset the retrogression iu cotton, though that reflection brings small consolation to Lancashire. Tlie tbtnl ffain for the Is $10,488.”,7."., and as" tlie value of woolen tissues taken by the United States has been about $4.750.000 and of worsted tissues near 1 y $ 1 .">,<100,000 greater than in 1894, no further search for tbe origin of the improvement In the trade returns need be made. The lowering of tho American tariff has been our sal-, ration, and'lt cannot be said that we have sjiown muyjr reciprocity; for, instead of taking the- L increased value of_ our shipments across;; the “Atlantic in kind, we seem to have bought less American produce. It is needless to go beyond our own Board of Trade returns to find an explanation of a good deal of tbe monetary trouble in the United States.

Practically every penny that was subscribed here toward tbe recent American loan lias been got back through the expansion in the exports <M woolens and worsteds; but the United States ’has not confined her increased pur-' chases to those articles. Last-month “She bought less raw wool than in Sep^ 1 ember, 1894, but had to pay more for it. She took more cotton pieces, more iron, more alkali, and" more of sundry articles which need pot be ’specified. In some instances tlie rapid growth of the-preceding months resulted In a slight check in September', but In all these cases the figures of the nine months show a big advance in 1894. On tho other hand," we havepaid a good deal less for American wheat, flour, bacon, lrarns, cheese, tallow and cotton, to mention only those articles in which the contraction is most apparent. The fact that the Argentine Republic heads the United States in respect of maize is not without significance. Thug the trade balance between tbe States and this country is moving rapidly against tbe former, and it would require a large and regular transference of securities from New York to London to redress Fats tendency and restore the former position. And with India, gentina aud Australia keeping up and even improving their position as purveyors of wheat to this country, with Argentina sending more as the United States sends less tallow, it will not be easy for the Americans to regain their old footing in our market. Last month India and Argentina sent us morewlieat than the United States, and Russia and Roumanl’a together also topped the American figut-es. These all are factors that must be borne in mind injudging tho outlook in the United States, and it is unfortunate" that they are so consistently overlooked* In that country itself. The increase in the purchases of British manufactures may not be maintained; but, on the o ther hand, the United States must countkon the competition in wheat and maize beeoming more and more intense as time goes on.—-London Financial News.

Why Potatoes Are Cheap. Farmers will do Well to study the reason why potatoes are so cheap this year. The low tariff on foreign potatoes of course brings their value down to the price at which Canadian or other cheap labor potatoes can be sold in our markets. Added to this is the fact that a much larger area has been planted to potatoes this year than usual. It is interesting to learn why this is so. The July report of the Department of Agriculture told us that the farm area planted to potatoes this year was “7.9 per cent, greater than last year” for the whole country. There is a reason for this. In tiie tobacco anl hop growing States, owing to.the reduction in duties on foreign ‘grown tobacco and hops, farmers have reduced the area planted to these crops and put more land into potatoes. The prices of home-grown tobacco and hops fell to a non-paying point, so farthers hoped to do better by growing potatoes. In New York State this year's tobacco area was 35 per cent, less than that of last year. In Massachusetts ,it was 15 per cent. less. In Pennsylvania it Was 27 per cent. less. In Virginia it was 11 per cent. less. In North Carolina it was 5 per cent. less. In West Virginia it was 12 per cent; less. In Ohio it was 49 per cent. less. In Illinois it was 31 percent, less. In Wisconsin it was 48 per cent, less. These are heavy reductions in the areas of the tobacco crop, which Is grown in only sixteen different States to any extent. Now for tlioir potato area. In New York the tubers were planted on 12 per cent, more acres than a year ago. In Massachusetts the increase Was 4 per cent.; in’Pcnnsylvania, 1 per cent.; in Virginia, 4 percent.; in North Carolina, 3 per cent.; in Wes? Virginia, 4 per cent; in Ohio, 1 per cent.r in Illinois, 7 per cent.; and in Wisconsin, & per cent, more Jand was set to potatoes. , These additional areas, the result of ' the lower duty on tobacco, as well as the lower duty on potatoes, have forced the price of the latter down to an unprofitable basis. Farmers will readily ; umSerstaiwHthat-proper protection for all crops is necessary to their success. Free trade In one farm product injures other products by increasing the area planted to other crops. How ? Eetafil trade throughout the country Is somewhat better, though moderate in Home lines, and while there has been no reported advance In wages this week and some manufacturing concerns have temporarily closed, or are about to I ' r ' v v . '..l' ‘ i

close, purchasing power of wage earners on the whole is much larger than a year-ago.—Dun's Review. —Rut how does it compare with 189“? Democratic Business Revival. About inspiriting as a revival meeting ate thg business reports of our two great commercial agepeies. Dun's Review spoke of the “closing of many •works,” also that, in business generally, 'Ttisattnie of waiting, and uncertainty may na ttirally continue for—some Weeks,” Tlie use of the word "naturally” was clever, “Uncertainly" Is always -“naturally’’ - associated with a Democratic admin Ist ration. Of the railroads, Dun’s says that earnings “are 5.4 per cent, smaller than la 1892.” Of trade matters Itrnotes that ’"mairyatbve’f a.•:ories have closed, and the shipments for four weeks have been 114 per cent, less than last year"—the bad year of 1894. Again we has the demand for woolens improved, am! every week the closing of additional mills Is noted." The volume of domestic trade for the closing week of October was “2:1.8 per cent, less than In 1592.” .October failures “show liabilities of $11,120,488 against $8,200,892 959 against $3,149,455 last year.” This record of Democratic revival Is fully substantiated by Bradstreet's, from which we quote: “The volume of® general business has been smaller this week.” There was “a falling off in volume” of commercial demand at the. West and Northwest, and “larger Eastern business centers feel the effect of the falling off in demand at the West, notably Boston, Philadelphia and Pittsburg.” Jobbers in tlie doing “only fair” business and “mercantile celloGtloHs are sleweiv’-’ Of tnainif-ac-turors it is said tnat “dullness- eharacterizes the stove industry, aud many factories arc idle. Business in wool has -faHenr-off:oiie-4r;rlf.-AVcwffenmachhicrj" -ennfianes-only-partly -employed, .witha less favorable outlook than hoped for,” •The’*situation was well summed up in the following: —“Business failures throughout the •United States number .299 this week (ending Nov. 2), and show a considerable increase over last week as well as the like week a year ago, when the totals were respectively 259 and 253, this week’s gains being very generally distributed. In 1592, in the corresponding week, tho total was only 221, and in IS9I was only 238.” This gives quite a good idea of a Democratic business revival.

Sngar-Trust Escapes. When Congress meets it will bo natural—for; Statesmen to inquire what has been done by the administration toward enforcing the Gorman law as far as It affects the illegality of every combination, conspiracy, trust, agreement or contract. It will be remembered that Senator Morgan introduced a series of resolutions, touching trusts, which were added to the bill. The penalty for violating this section of the law Is a fine ranging from one hundred to five thousand dollars and imprisonment for a term varying from.—three, .to- twelve months. The Attorney General was directed to Institute TiToceedings through the several district attorneys of the United States. Although Secretary Olney lias shifted tlie responsibility of the Attorney Generalship on to other shoulders, he is yet close enough to Washington to help explain how lie has endeavored to enforce the law. It will be particularly interesting to know this, especially as the sugar trust has just established a new method of regulating prices, known as the factorage plan, whefceby It appears that tactics of tlie trust proper are extended to parties of the second part, who may be foolish enough to enter, or who are forced, into its control. As the sugaiMrust lias no consideration whatever for any human being on the face of the earth, except its own members, the people’s represontatives in Congress will do well to force a statement from the administration as to the methods that have been adopted to suppress the concern. It is quite possible that those entering Into the “factorage” arrangement are violating tlie law. If so, the people demand protection from them as much as they do from the octopus itself.