The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-08-02
EXTRACT FROM THE
SPEECH OF HORACE EVERETT I,
ON THE TARIFF.
JULY 6, 1912.

| JULY 6, 1912.
! Mr.. EVERETT said come now Mr.
| Chairman, to the consideration of the SUI
iect on which obtained the 1oor-the pro-
lection of the great interests of wool and
woollens.
The interests of the wool-grower and thu
manufacturer are inseparably connected.
If the manufacturer is not protected, duties
even amounting to prohihlilCn are OF No
value to the wool-growers Every farmer
understands that he must have home mar
ket, and that the manufacturers alone ca-I
furnish that market. Tho the interest IL
not exactly material in theory. yet in prac
tIce it is nearly so. The protection to the
wool grower is a tax on the manufacturer.
But the opposition that would arise from
this, is balanced BY the fact that if tho far
mers are not protected, they have no direct
interest, as wool grOwcrs, To secure to Inv
manufacturers the protection that Is neces
sary to them and hence 1t has happens''
that from the earliest date Of protection.
both interests have. as they should Go uni
ted cordially in the support Of each other
Their interests being thus united, and tho
protection between them being relative. the
first question is. which interest shall be
made the basis of protection In my judy
ment the wool-growing interest should be
the basis. Give the farmer sufficient pro
lection frs, and then afford a proper relatlsss
! protection 10 the manufacturer. As have
remarked, the manufacturer is always sur
of the support Of the wool grower. Do him
Justice first, and he will see that they have
Justice.
In every respect the woo'-growing inior-
est is the major interest. Ii ~ now an I'M
3ortant interest in twenty States of the
Union. There are 10000, 900 sheep. Tho
whole capital employed, lands included. ~
not less than S2OO,OOO,00o. The number
of persons terested exceed ten times the
number employed in manufactures of al
kinds; while the capital employed in wooie
manufactures is supposed not to exccc't
Sl6,00D,0 900. As an existing interest wh'ch
has grown up under the policy of your
laws, shall it now be abandoned
But gentlemen may say. If the farmers
find wool growing improbable let them .
bandon it. Change yom course ofcgrlcui-
ture; raise stock but where, if all arc
stock raisers, will they find a market They
cannot look abroad. Raise wheat. they
have to meet the same difficulty. Bat theiis
is present fixed interest; any chang
must sarifice their capital. Il is their meanN
of support and what is the Union worth
to those whose employmen's and means OF
life are to be broken up and destroyed
And now, sir, what is the present cord'-
ton of the woolIen interest? Wool whic,i
formerly sold for serenity live cents, and
which was brought down in ls40 TO forty
one cents, now is in a dull market at twenty
five cents. From the closest calculations
have been able to make, from informatic.'
derived from the most intelligent woe.i
growers, fifty two cents is the lowest rnt>:
at which il can be raised. This rate viii
give only six per cent on the capital, with
out any other profit whatever. And what
is the condition of manufactures thei
capital sunk to one third Of lis cost every
one not founded on large capital, and eS-
cry one that has depended on prompt salcA,
suspended, or are working on shares.
Let me not be misunderstood. de- not
attribute all this TO the want ola tariff.
though that comes IN for IFS fuli share
Manufacturers have felt the pressure CT the
times as heavily as any other ptriioD of the
community. and through them il has ncces-
sariIy bore upon the wool-grower. But
under tine general pressure, the want of II
I faithful administration of it, the prostratIou
/ of it was inevitable.
From all appearances the currency mast
take care of itself for three years more.-
The only measure of relief 10 which the
I l. = q III OF for
and, for one, am willing to go TO this eH-
tent whenever we manufacture or produce
an abundance of any article, and where
there is no danger of monopoly. wouId
raise the duties TO the point OF prohibition
and. in the mean time, would foster rising
interests. | would secure the home market
for the products of home labor. What Is
now nroposed 2 Sundry bills have been IN
troduced one from the Committee on
Manufactures, proposing that unmanutatur-
ed wool, costing eight cents and under, b.
admitted free of duty; on wool, costIu.
over eight cents,a specific duty OF four GEMS
and 26 per cent ad valorem /; and on wool
ems fortv per cent. ad valorem--in both ca
ses assessed on foreign valuation. Tho
next came from the Secretary the Treas
ury, and is reported by the Committee OF
WAYS and Means. In this the duty Oh
wool uIder eight cents is per cent, on
DINER wool 80 per cent, and on wooieDs 10
per cent. on the foreign valuations.
These bills do not regard !,ae principles
of the compromise, as formerly construct.
but agree with the recent construction, ca
cept as to the valuation. The fourth BIZ.
presented by member of the Commute,
of Ways and Means, (Mr Hahersham) pro-
posed horizontal duty of % per cent. up
on a qualified nome valuation, bit which
has already baen dispos,d of. (j7 on;N ma