The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-03-18

I,..I 4 a
WIN Tue cry OF The inadeqgacy of the protection
ahu' IN lhe summer of 1897, large convention If
manufacturers ftom all parts was held NJ unrr;s
bursh, IN Pennsylvania, to devise new and NOR.
; ample scheme Of protection to be laid he C,re Ton
greSs ut HE next session. That movement erded
IN the adoption OF the tariff of 1928 which in ordor
to make sure work, went In beyond lis predere<
sors IN the nllease of duty. The duties were rails
ed on the leading articles ofconsumpicn finn C,r,,
to tity per cent above former duties, us bioh n.
they were. speak con)Gcturully, without pny cer,
tain data. In less than three wears. even ,b,,
enormous rise proved 10 be insufficient, as shall
presently show, ard would certainly have becn
followed by new demands for protection had M,
the small, but gallant, State represent, arrested
lis nature prosress--rr, that is not strong onoupI,
I--brorsiit the system 10 Tie ground aG1ins, X,
resistance oithe Administration and Oppo,i,io,.
never, tsnst TO rise ngun.
The fact disclosed by this brief historical sketch
Is, mat mere Is constant ierdcGdency to acrepss
IN Inc protective system; ard that every increDse
OF duty, however high, requires periodically, after
a short Interval. IN additional increase. This es
have stated, Is not accidental but is the resuh cf
causes inherent in the system itself, in tie presen,
condition -four country. 1t originates in the G,rt
HAT every increase Of protection is necessarily CI'
lowed by IN expansion Of the currency, which er-
pans!on must continue to enlarge I'LL the increased
Price ct production in consequence shall bccom,
equal to the increased duty, and when the i,nnnr.
lalion Of the articles prohibited may pppin ioL,
place with profit That is The principle; and as j,
is essential 10 the peace and prosperity orthe com.
try that it should be clearly understood, intend
10 establish It's truth beyond doubt or cnvil md
Tor that purpose shall begin with the tariff of '28
the last and by far The boldesl of the series. with
the view OF Illustrating in is case the operation of
the principle. cnIrcat the Senate to give me il.
fixed attention. The principle, well understood
will shed food Of light on the past and preser,
diIIcnItes Of the country aud guide Us in safety in
our future course.
To give clear conception Of the operation Of
the tariff of 1928, Il viii be necessary to premise
that It cOmprrhended all the lending articles or
consumption that could be manufactured in orr
country; amounting in value TO not much less than
nc-half Of the whole Of Tie imports that the du-
ties on these articles we've increased ercrnousIyns
has been siucd-say not less than forty or Gny De,
cent; that the average domestic exports at the Tina
was lot much short Of sixty millions of dnars,ard
the imports for consumption about the same; that
the revenue from the imports was about half That
sum, and that Of the exports, about lhrce-f0ur,hs
consisted Of the great agricultural stables Of the
South. What, then, with these facts, mrs, have
been It's necessary operations on the currency Of
the manufacturing States; We export to import.
1t is impossible 10 continue to export for any con
siderable length Of time, without any cOrrcspoEd.
ing return orimpor,s. Il would he 10 rive away
our labor Tor nothing. Oar exports, them conin-
uing at m average Of sixty millions, in what.
under the operation Of the tariff Of 1928, must
III, corresponding imports 10 the sane u
mount retnrni Not, certainly, to the same extent
MS before lts passage, in The articles on which il
had so greatly increased the do'.c'' It's object in
raising them, was 10 give our manufacturers ,bs
home market by excluding the foreign uIiices Of
the same description. II l'i'ed il that, it failed
IN accomplishing any good whatever, and Becam.
ian unn'ycd evil, without benei, to any one. Tho
return, then, Of Imports, must have been priuci-
pa!ly in articles on which the duties were aot mis-
ed, as far Gs the consumption Of the country wopd
warrant, and the balance, after paving what was
due abroad, IN gold end silver. The first effect.
then, most have been 10 turn the lnregin exchange
IN onr favor; most important Consequence conncc-
ted with the increase OF gold and silver in relation
to the currency, The next must have been 10
turn the domestic exchanges still more s,rorply
against the staple States, aud in favor Of the man
To understand this portion of the on.
GRAFTON, must again repeat that the object of tho
larsIl was 10 cut oil the consumption of the foreign
articles, in order that they should be supplied Nv
eur own manufactures. The necessary ccrsn
4 nl.ll ~ a.
nand abroad, and 10 increase it in the manuClcur
ing States, and thereby TO turn the innuy Of ood
and silver to that point, in order TO purchase The
supplies there, which we have been in the habit
Di obtaining from abroad. These causes combined
must have had the effect Of adding greatly to tho
capacity OF the banks in that quarter TO extend
her discounts and accommodations, and with
i lie circulation Of THEN notes. With growing
supply of specic,and the exchange favorable in cy,
Try direction, as must have been the case. there
: no Ilmi, 10 the business Of banks, nor are lhey
SOW TO perceive or 10 act on such favorable CIR
Nor must we overlook another pow.
'rinl cause in cperat on, the fiscal action Of the
Government, through the operation Of which The
'ast sums collected under such high duties was
transferred 10 The same qrarter, 10 be applied in
discharge Of the public debt. and discussed on the
objects Of expenditure there.
Under the operation Of such powerful causes.
here could not bat be vast and sudden expansion
VI the currency where they were in snch great nc.
Iyity. aud win that expansion a corresponding in
'rcasc Of prices and the cost Of production. Nor
cuid this state Of things cease li,l the increased
cst Of production became equal 10 the duty inn
'oSci Tor protection ~ that point, and no, be-
one, must specie cease 10 How in, and the en-
hlngc to be favorable; bat when reached, the
ide must turn, mporiniions of the protected ar.i.
les would re-conmencc, specie flow ogi, aud ex-
hanses become adverse. This must be so oh.
ions, that il would only darken 10 nttenp, 10
make 1t more clear. With the tuln of the tide hs
aras must contract, and pccuniary embarrassment
nd distress follow. Such. under The operation
f the causes assigned, mu,t be the result, for rep-
ons which appear to me irresistible. Bat, sir.
% no; mean In leave So important a paint 10 The
nero inr-e OF argument, however clear and GER
ain. ] intended TO prove 10y 1concsinbe author
~ Of documents, such was in fact. exactly tie TO-
ul'. intend to place the principle laid down ~
have said beyond doubt ur cay
The first authority shall aiduce, j. from The re-.
ort Of a committee Of The other House, made IN
1892, bv CnmpbeP. White. the chair.
lar, then member from the riiy of New Yo,k
he report Is evidently drawn with great care nrL
y one familiar with the subject; and has the nd.
Hntage Of being on another subject. the (,nrenryN
Without any reference 10 the tariff or pro,cci,,e
ystem. and evidently without any knowledge If
: operation Hear then. what the report saws.
"Tha recent export Of specie has SVEN, away
he decisive colnring given tn the actual ,cs,t