Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-03-19
NO. a..

De tne eUect on our llIPUFtS' vi uesoI'"nu6
n loan in England, or elsewhere in Eu-
rope, of forty or fifty millions. in the course
of the next year or two? Can any doubt
from past experience? We all know the
process. Very little gold or silver is ever
seen iu these negotiations. A credit is OBJ
tanned, and that placed in bank there, or
with wealthy bankers. Bills are drawn
OIL This country, and then sold 10 merchants.
These are transmitted to Europe. and the
proceeds returned in goods. swelling the
tide ofimpors i'll proportion to the amount.
The crash Of our manufacturers follow,
and tha, in turn, by denunciations against
over-ilnporting and over-trading. in which
those who have been most active IN caus-
ing il are sure TO Join, but will take special
care tn make no, the least aluson 10 The
real source whence it flows. Is moi that
the case al this moment? And can it be
doubted, that with the increase Of the
cause, the cIamor for protection will in.
crease, until, with united voices, the friends
of the svste7l would demand its renewal.
flo this we add. that, under the cumpro-
mise act, the tariff must he revived and
remoddled, who can lonk at such con-
currence of powerful causes without see-
ing that i, would be almost impossible TO
prevent The revival Of the protective sys-
lem, should the scheme of distribution be
adopted? I hazard nothing i'll asserting
that the renewal would certainly follow,
and, as this would be one oflhe most prom.
inent and durable consequences of that
scheme, I propose to consider it fully, 10
its most important hearings.
One of the most striking features ofthe
system is its tendency to increase. Let It
he but once recognized, and lei the most
moderate duties he laid for protection;
but put the system in motion, and its course
would be onward. onward, by an irressIi-
Bile impulse, as | shall presently show,
from past experience and hence the
necessity of vigilance, and delermin-
ed resistance TO every course Of policy that
may by possibility lead to its renewal.
This tendency to increase, results from
causes inherent and inseparable from the
system, and has evnced itself by The fact,
that every tariff for protecnon has invaria-
blv disappointed its friends in the protec-
ton anticipated, and has been followed
periodically, after short intervals, by de-
mand for another tariff with increased du-
lies, 10 afford the protection vainly anIici-
paied from its predecessor. Such has
been the result throughout, from 1916 to
1929, when the first and last protective
tariffs were laid, which propose to show
by very brief historical sketch Of the rise
and progress of The system.
The late war, with the embargo and
other restrictive measures that preceded
it, almost expelled our commerce from
the ocean, and diverted vast amount Of
capital, that had been employed in il. to
manufactures. Such was the cause that
led 10 the system. A(terthe termination of
lbe war, there was on The part Of Congress
and The country, The kindestfreIins towards
The manufacturing interest. accompanied
by a strong desire SO 10 adjust The duties,
indispensable to meet the expenses of
Government. and to pay the public debr,)
as 10 afford them ample protection. The
manufacturers were consulted, and the
ACT of 'I6 was moulded 10 their wishes.
They regarded it as affnr1ing sufficient
and permanent protection, and ], in my
then wan, of experience as to the nature
of the system, did mol dream that we
would hear any more Of the tariff, ill il
would become necessary 10 readjust the
duties, after the discharge Of the public
debt. Vain expectation. Two years had
not passed away, before The manufacture
ers were as clamorous as ever for addi-
tional protection; and TO meet their wish.
es, new duties were laid, from time to
lime, with the same result; but the clam
or still returned, till 1924. when the tariff
Of that year passed, which was believed
on all sides TO DE ample, and was consid-
cred, like that of 'I6, 10 be final ADJUST
: ment of the question. 1t was under this
impression that the South acquiesced IRE
luciantly) in tie very high duties ii inn
posed. The laie General Hayne, then a
distinguished member of this body, took a
very active part against it; and we'll re-.
member, after its passage, that he con-
soled himself with The. belief thar, though
oppressive, it would he the last. His ex-
peclation proved as vain as mine, in To-.
Before two years had passed, we were
again besieged with the cry Of the made
quacy Of ihe projections; and, in the sum-
mer of 1927, n large convention of manu-.
facturers from all parts was held at Har-
risburg, in Pennsylvania, 10 devise new
and more ample scheme Of protection to
be lai6 before Congress at the next ses-
sion. That movement. ended in the a.
doption of the tariff Of 1928, which, in or.
der to make sure work, wen, far beyond
all its predecessors in the increase Of du.
,y. The duties were raised ON the lead
ing articles Of consumption from forty 10
! fifty per cent. above former duties. as high
as they were. ] speak conjecturally, with
nut any certain data. In less than three
years. even that enormous rise proved 10
be Insufficient, as I shall presently show,
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