50 The Tariff and the Farmer. 



effect of an increase in supply is true, which is : decreas- 

 ing the supply, demand remaining the same, increases 

 the price. So essential is it considered by great manu- 

 facturing corporations to get rid of a superfluity in order 

 to sustain their bloated prices here, that it is said that 

 their surplus products are disposed of in England regard- 

 less of cost. We present views of prominent friends of 

 these corporations. Here is what Mr. John P. Young, 

 who has long been managing editor of the San Francisco 

 Chronicle, a staunch protectionist, has to say as regards 

 the effect of dumping a surplus on Great Britain. The 

 trouble with industry there is "chiefly because the for- 

 eigners who export to G-reat Britain are resorting to 

 methods which permit them to maintain prices at home 

 by dumping their surplus on the one country which still 

 consents to be made the victim of the practice." ''It is 

 the common custom to dispose of surplus stocks without 

 reference to the cost of production. In the United States 

 this was done for many years in a bungling fashion ; but 

 a leaf was taken out of British experience, and American 

 manufacturers now seek to market their surpluses with- 

 out breaking home prices. They learned the hitter lessoyi 

 that the surplus ichen dumped on the domestic (home) 

 market fixed the price ivithout reference to the cost of the 

 product/' Again Mr. Young: "The idea is now gener- 

 ally entertained by workingmen in the United States, and 

 it is shared by those of Germany, that excessive compe- 

 tition in the home market is destructive to home in- 

 dustry/' 



Our politicians are most profoundly impressed with 

 the importance of getting rid of surpluses away from 

 home. For our manufacturers they seem to regard it as 

 a matter of life and death. Why should not the same 



