, 1841-10-30
WHOLE NUMBER $50.

, realty to be. Their effect were different on
the imports. They tended to decrease IA.
Their than increase their amount. Of the ex-
ports. / shall select domestic articles only,
because they only are affected by the rate
of the duties, as the duties on foreign arti
cles, paid or secured by bond on their i'm.
portation, are returned On reshipment. With
these explanatory remarks, / shall now pro-
coed to the Comparison.
The amount in value of domestic articles
exported Tor 1925 was S66,944,745, and in
shs .car 1850 S~53,iGe,e29; maa;sg a falling
of, under the high tariff system during that
period. Of S7,4s2.7Is. Divide the period
INTO two equal parts, Of three. years each,
and 1t will be found that the falling off in the
aggregate Of the latter part, compared 10 tho
former, is $4,000, 255; showing an average
annual decrease Of S~4,963,3l8 during the
latter part, compared with the former.
The result will be found very different on
turning to the period from 1880, when the
reduction of the duties commenced, to 1870,
during the whole of which the reduction has
been going on. The value OF domestic OK.
ports for 1881 was S6l,277,057, and for
1910 Sll3,S95,634, making a difference of
S52,OlS,577, equal to eighty-three per cent.
(omlttlng fractions) for the ten years. If
the period be divided into two equal parts Of
five years each, the increase of the latter,
compared to the former, will be found to be
Sl39.089.37l: making an average annual In
crease for the latter period (from 1885 to 49,
40) of S27,S17,654 This rapid increase began
with the great reduction under the compromise
act of 1888. The very next year after it
passed, the domestic exports rose from
S31 .034,I62 10 Sl0l, ISs,2-just like the re-
coil which takes place when the weight il
removed from the spring.
But my friends from the manufacturing
States will doubtless say that this vast in
crease of exports from reduction of duties
was confined to the great agricultural staples,
and that the effects were the reverse as to
the export of domestic manufactures. With
their notion of protection, they cannot be
prepared 10 believe that low duties are favor
able TO them. ] ask them to give me their
attention, while | show how great their err.
ror Is, So far from not partaking of this
mighty impulse from the reduction they felt
it more powerfully than other articles Of do
nestle exports, as | shall now proceed 10
show from the tables.
The exports OF domestic manufactures
during the period from 1924 to 1882, inclu-
sive-that is. the period of the high protec.
tive duties under the tariffs Of 1924 and 1928
fell from S~2.799.797 S5.O5O,633, making a
decline of S679,I33 during that period
This decline was progressive and nearly uni
iormfrom year to year, through the whole perl
cd. In 1888 the compromise act waSpassed,
which reduced the duties at once nearly half;
= anI bas s,n,a poaln var, rnnlar,Al1
gressive reduction. Thu exports of domes-
tic manufactures suddenly, as if by magic,
sprung forward and have been rapidly and
uniformly incSeasing ever since; having risen
in the eight years from 1882 to 1910 from
S5.o5O,633 to Sl2,10S,53a 4 third more
than double in that short period, and that i'm
mediatelv following a great decline in the
proceeding period of eight years, under such
high duties.
Such were the blighting effects of high
duties on the tonnage and commerce
Of the country. and such the invigorating eE
fects of their reduction. There can be no
mistake. The documents from which tho
statements are taken are among the public
records, and open TO the inspection of ALL
The results are passed on the operation Of
a series of years, showing them 10 be the
consequence of fixed and steady causes, and
MT accidental circumstances; while the i'm
mediate and progressive decrease of tonnage,
both coastwise and foreign and of exports,
including manufactured a. well as other arti-
.cles, with the laying on of high duties, and
the commencement and progress of their
reduction. point out beyond all controversy,
high duties TO be the cause of one, and reduc.
tion-low dutics-hat of the other.
Let me add Mr.. President. that of this
highly prosperous period to industry, how
ever disastrous 10 those who have over spec
ulated, or invested their funds in rotten and
swindling institutions) the most prosperous
OF the whole; as the tables will show, IS that
during the operation Of the sub-treasury,-a
period when some PROCESS was made towards
the restoration OF the currency Of the con-
stitution. In spite Of the many difficulties
and embarrassments Of that trying period.
the progressive reduction Of the duties and
the gradual introduction of a sounder curren-
cy. gave so vigorous a spring to our Industry
as to overcome them all; showing clearly, II
the country was blessed will the full and