The "Globe's" damaging admission [microform]

[No 3] THE “GLOBE'S” DAMAGING ADMISSION. On two or three occasions of quite recent date the Glohe has made a most damaging admission, which our Free Traders would probably feel inclined to put among Punch’s category of things which had better have been left unsaid. Thus says the Globe: The uncertainty as to the date of the Dominion elections is doing injury to the country. Business is tending towards a state of stagnation, because people do not like to risk the chances. The present situa- tion is unbearable, and should be brought to anend with all possible despatch, The country will do no good until it has been settled who is to have charge of its interests duritie the next four or five years. Already business has received a perceptible check from the prevail- ing uncertcinty, and this must,not continue. In this way the Globe talked up to the time when the date of the elections was announced. The fact is admitted, but the inference sought to be drawn from it is miles away from the truth. About eight years ago it became a settled fact that Canada had adopted a National Policy—a system of Protection of Home Indus- tries, generally speaking. Following this came a remarkable expan- sion of home production in various important lines. The country positively produced a great deal more of many commodities tham before, thereby, as any reasonabie man might say—-adding to its aggregate wealth. New investments to the amount of many millions were made in productive’enterprises, as distinguished from the mere buying and selling of commodities, and carrying them 2 from one place to another. So apparent was this to everybody, that many among us, who had stiffly opposed the new policy all through, felt compelled to admit that, once it had been adopted, and once extensive new interests had been created under it, a reversal of the same would certainly bring on a dangerous crash, and would have to be avoided, no matter what party was in power. All which was, no doubt, intended to be very reassuring, but somehow or other it was not reassuring enough. Not one-fourth of our business men, — whether inanufacturers or not, ever really believed that the Protee- tionist Policy of 1879 would long be safe with a Free Trade majority in power. The protestations of Free Trade leaders, intended to quiet prevailing fears, were generally taken, and rightly taken, too, as mere “glittering generalities,” which might mean any- thing or nothing. And business men’s dread of the danger- ous party in our midst has certainly not been diminished by Mr. Blake’s recent re-aflicmation of eternal war against the very fundamental principles of Canada’s National Policy. We and his lieutenants repeat now what they laid down, after much deliberation, in i882. Quite naturally alarm and disbrust begin to spread; and now the Globe invites the public to observe how delay of the Dominion elections is (or recently was) working injury to business. The real truth of the matter is that there is only one contingency now betore the country to create commercial distrust, and that is the possible success of the Free Trade party in the elections. From a business point of view, there is positively nothing else for the country to be afraid of. The opening up of a vast new country to the Westward is only now just beginning in earnest, and Canada’s transcontinental railway is only beginning to show what it is good for, and what it can do. Much has been said about the hasty rush into various branches of manufacture, a few years ago, in advance of the country’s wants. Well, such things will happen, in importation as well as in manu- facture, also in building and speculation in real estate. Free traders talk as if over-expansion were an.-evil incident to manu- facturing alone, whereas it is common to all kinds of business. Given a promising situation, or what is deemed such, increased facilities of objaining credit, and enterprise is tempted to over-do (3) 3 itself. Under such influenees people may build too many cotton mills, or they may import foreign goods to such extravagant amount as to stagger the banks to draw bills of exchange enougli to pay for them. Or they: may build more railways than the country can pay for at the time; or go wild on speculation in corner lots or blocks of real estate. But what are you going to do about it all? As far as entering upon manufacturing enterprises is concerned, you can but give our own people a fair chance generally, after which each individual must look out for himself. A present point is this— that, after recent experience, the indiscreet expansion of manufac- turing investments is not likely again to be Canada’s particular danger for some time yet to come. The North-west rebellion is over, the Pacific railway is just begin- ning to tell on business, and the Dominion finances are now rapidly —even very rapid'y—recovering from the exceptional strain put upon them when the trouble came. A remarkable revival of busi- ness appears in store for Canada; only in one quarter does the commercial sky show any darkness ai all for this country. Remove but this one thing—the apprehension of an Opposition victory in the elections—and forthwith the country is ready to advance by Jeaps and bounds. Suppose it were to become a public impression, very generally entertained, that the protective system, instead of being minimized and weakened in Canada, were, on the contrary, about to be greatly strengthened and enlarged. Would that cause any apprehensions of hard times, or of coming disaster? Or would not every commercial man | ‘feel it in his bones,” so to speak, that a time of higher wages and better profits wi. at hand? Promise the country that there will be more of the National Policy, rather than less of it; and every prospect brightens—in the banks, on the street, and everywhere. On the other hand, let it appear as if the National Policy were in danger, and immediately “all faces gather blackness,” to quote an expression from Scripture. Such distrust as exists now amongst us is due to ONE cause only-—-the fear that the Free Traders may win in the struggle, a result which may Heaven forfend! And the sole creators and promoters of distrust that we have amongst us are the [3] 4 Free Trade papers, and Free Trade political leaders. In the com- mercial prospect the country sees nothing to be afraid of, except the one contingency—that of injury to the fabric of National Policy, When the Globe talks of suspense and distrust and uncertainty, it ie merely admitting the damage that itself and its friends are doing er trying to do, A vote for the National Policy means to demand that che products of foreign pauper labor shall be kept out of Vanada; a vote against the National Policy means that these products shall come into unrestricted competition with Canadian labo: HISTORY REPEATS ITSELF. Sin Leonarp Tinitey—the then Finance Minister—in the course of bis Budget Speech, during the Session of 1881, made use of the following prophetic remarks, and as the National Policy is today as live and as lnportant an issue as it was then, and as the attitude of both political parties on the trade question is the same in the present campaign, these remarks referred to are of interest, Sir Leonard said: *¢ Having heard the leader of the Opposition (Mr. Blake) say, a few nighis since, that he would go back to the tariff of 1878. I would prophesy this (and it is the only prediction I will make): that u the hon. gentleman continues to entertain these views and propounds them at the election of 1483, this wave of prosperity that is passing over this country will submerge him and the gentlemen acting with him who seek the destruction of this policy, and it will be fatal to them as a party.” Published by the Industrial League for grasuiteus distribution.—Freoxaic NicHOLis, Secretary, Toronto,