Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-03-15

J
to be selected, Of the greatest prosper-
ty which this people have enjoyed since
the establishment of their present consti-
tuition, it would be exactly that period OF
seven years which Immediately followed
the passage of the tariff Of 1894.
This transformation Of the condition OF
the country from gloom and distress to
brightness and prosperity, has been main
| ly the work Of American Legislation, los-
tering American industry, instead of al
lowing it to he controlled by foreign leg
islation, cherishing foreign industry
The foes of the American System, in
1924, with great boldness and confidence,
predicted, lst The ruin Of the public
revenue & the creation of necessity to
resort to direct taxation. The gentle
man from South Carolina, Gen. HAYNE)
| believe, thought that the tariff of 1924
would operate reduction of revenue to
the large amount Of eight millions of dol
lars. I'd. The destruction of our navi-
CATION Sd. The desolation of CONNER
cial cities. And 4th. The augmentation
of the price of objects of consumption
and further decline in that of the articles
of our exports. Every prediction which
they made has failed-utterly failed
Instead of the ruin of the public reve-
nue., with which they then sought to deter
us from the adoption Of the American
System, we arc now threatened with its
subversion, by the vast amount of the
public revenue produced by that Sys-
TEN. Every branch of our navigation
has increased. AS to the desolation of
our cities, let us take, as an example, the
condition Of the largest and most COM
mercial of all of them, the great northern
capital. l have, in my hands, the as
sessed value of real estate in the city of
Newly ork, from 1917 to 1897 This
value is canvasseG, contested, scrutiniZ-
ed, and adjudgcd by the proper sworn
authorities. 1t is, therefore, entitled to
full credonce. During the first term,
commencing with 1917, and ending in the
year of the passage of the tariff of 1924, ,
the amount of the value Of real estate
was, the first year, S57 ,790, ,435, 6. after
various fluctuations in the intermediate
PERIOD it settled down at S52 2,Of9,73O,
exhibiting decrease, in seven yedrs, OF
S5,77o, ,7O5. During the first year OF
1895, after the passage ofthe tariff, it rose,
and, gradually ascending throughout the
whole of the latter period fseven years,
it finally, in 1881, reached the astonish-
ing height Of S95,716, ,485! Now, if it
be said that this rapid growth of the city
of Newly ork was the effect of foreign
commerce, then it was not correctly pre-
dicted in 1924, that the tariff would de-
stroy foreign. commerce and desolate our
commercial cities. If, on the contrary,
it be the effect of internal trade, then in
tcrnal trade cannot be Justly chargeable
with the evil consequences imputed to 1t.
The truth is, it is the joint effect Of both
principles, the domestic industry nour-
ishing the foreign trade, and the foreign
commerce, in turn, nourishing the domes-
tic industry. No where, more than in N.
York, is the combination of both princi-
pies so completely developed. In the
progress of my argument, l will consi-
der the effect upon the price Of commo-
dities, produced by the American Sys-
tenn, and show that the very reverse OF
the prediction of its foes, in 1924, has act
ually happened.
Whilst we thus behold the entire fail
ure of all that was forctold az ainst the
System, it is a subje of just tclicitation
to its friends, that all their anticipatlons
of its benefits have been fulfilled, or are
in progress of fuliilment. The honora-
bic gentleman from South Carolina has
made an allusion to speech made by
me, in 1894, in the other house, in sup
port of the tariff, and to which, otherwise,
| should not have particularly referred.
But | would ask any one, who could now
command the courage to pcrusc that
long production, what principle there laid
down is not true? what prediction then
made has been falsifed by practical ex-
pericncc.
Ii is now proposed to abolish the sys-
tenn, to which we owe so much OF the
public prosperity, and it is urged that the
arrival of the period of the redemption oI
the public debt has been confidently
looked to as presenting n suitable occa'
sion to rid the country of the evils with
which the system is alleged to be iraught
Not an inattentive observer of passing c.
vents, | have been aware, that, among
those who were most cargerly pressing
the payment of the public debt, and, up.
on that ground, we're opposing appro'
priations to other great interests, there
were some who cared less about the deb
than the accomplishment of other objects
But the People ofthe United States have
not coupled the payment of Their pub
lie debt with the destruction of the pro-
lection of their industry, against iorcigr
laws and foreign industry. They have