The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-27

tive mon many articles, as a reference to It's pro-
visions will show. Yet the manufacturing! interests
we,. not content with the protection II Afforded
Those who were established desired larger profits !;
and those who wished to establish new branches
of manufacture, desired an extension OF the bene-
fits or fancied benefits, to their interests and the
tariff of 1924 followed, apparently designed to ac-
compsh these objects. Still, satisfaction on the
part of some of the manufacturing interests not
manifested; and In three years "the woolens
bill, so called, providing almost exclusively for the
benefit OF the manufacturers OF wool, 10 the excu-
sion OF the agricultural and other great interests,
was brought before Congress. The agitation of this
measure reused the attention OF the country, and
Produced the suspicion that the manufacturers
seeking to protect themselves at the expense, and
to the prejudice of the farming and planting inter
ests and the result was, the tariff law of ls2S-a
law which has ever been considered as "protec-
tive" as conradistinguished from revenue" ia
riff, and which, upon its passage, received from one
of the prominent advocates OF the manufacturing
interests the severe appeation of the :" bill OF abo-
limitations" ...o ..-srrs.
During all this period heavy debt was pressing
upon the country, and it's extinguishment would
absorb any spus of revenue beyond meeting the
ordinary expenses of the government though 1t is
BELIEVED, from what the committee can learn OF
nue. had very little TO do with the formation or pas
sage of the tariff bill of 1928, and that the extreme
OF protection to all interests constituted the govern.
ing principle In that legislation Combinations OF
circumstances in this country and in Europe made
thislaw productive Of revenue beyond the anticipa-
lions OF any who speculated upon that subject at
the time of its PASSAGE and the tariff of 1882 was
the result. The law was evidently Intended as an
adjustment of the duties upon permanent basis,
but the impulses which had been given by the pre-
vous legislation were too powerful to be sufficient.
ly controlled by it,. SURPRISES Of revenue continued
to accumulate IN the pubic treasury ins Gs6, ems
were possessed and the discontents against the
high duties were rather increased than abated by
what was considered an imperfect and insufficient
remedy for the evils complained of.
This state of things produced the " compromise
act,' SO called which, acting gradually and ST.
ienty, left the public mind in state of apparent
quiet IN reference tolegslation upon the tariff while
important to all interests, public and private, than
the changing legislation of Congress has produced
at other periods The first evil-and fearful one
1t was-was the vast annual surpuses OF revenue,
occasioned by the very gradual reduction Of the
high duties upon imports, and the enormous
sales of lands which characterized that period.
II will be long time before the country
will forget the expansions OF currency; the
corruptiCns and frauds growing out of that
period. 1t is not pretended or believed that our
legislation upon the subject OF the tariff produced
tn. state of things here referred to but merely
happened to be such as to favor and promote them.
No safe arrangement of the previous high rates of
duty could perhaps, have avoided this injurious re-
suit; and the deposte with the States of more than
twenty eight millions of the surplus revenue, was
the strongest declaration the part of Congress If
its conviction of the existence Of the disease and
Of the agency OF its legislation to give it strength
and expansion, as it was an effort on its part to
change the direction of that agency and to provide
the appearance OF security for the public treasure
against the crash which It was seen must soon fol-
low the wild excuses. The crash did come. and
its blighting effects equaed the picture which the
most vved Imagination had drawn of prostration,
Distress ruin and bankruptcy. The influence OF
this sweeping reaction was less sudden, though not
less certain, upon foreign commerce, than upon do
mestic interests; and, as the high duties but
reducing, and were not reduced to the
limit under the operation of the COM
promise act, the public treasury not absolutely
closed though 1t has been seen that annual deiclen
cies of the accruing revenue were experienced
from the time of the revuslon in 1897 These have
necessarily increased, as the reduction of duties
under the compromise act have pro 'eeded, until
under, on the Both of June 1912. The sudden and
heavy reductions of duty on the 3lst of December
1S41, and the Both of June 1872 (belng the last I'M
der that act,) were well calculated to alarm the
severely upon their business and in the face OF an
treasury and rapidly increasing public
debt, it was to have been expected that they would
make further effort for renewed protection. 1t
was to have been hoped, however, as the commit
tee think, that the sad experience of the past, il
not to their peculiar interests, certainly to their
country and all its other great interests, would have
induced them to moderate their wishes, and only
should promise to make permanent, and which
would therefore be reasonably satisfactory to the
whole country.
This effort was made on the part OF the manufac-
turing interests, at the annual session OF Congress
of 1S4l AZ and resulted in the tariff law under
the consideration of the committee. II the duties
established by this law be the duties prayed for by
the manufacturers, (of which the committee know
nothing, beyond their appearance In the aw,) one of
two conclusions must certainly follow: either that
they have mistaken the practical effect and mea-
sure of value of the specific duties imposed, and of
he minimums used, when this mode of enactment
s adopted to regulate the duty; Or that modera-
ion, which the committee would have hoped for,
md which they think would have been so wise
md salutary, as well to their Interests as to all
,thers cannot have prevailed with those connected
With several important branches of manufacture, TO
my very great extent. 1t cannot, certainly, be
claimed that permanency tor this law was even to
De hoped, as the most solemn declarations of those
whose votes made it a law, proclaimed the exces-
sive duties 1t imposed, and gave assurance OF the
earliest practicable modification. When it shallb
SEEM upon comparison OF the rates. that quite a
number OF the duties under this law are even high
err than were the duties upon the same articles un-
der the tariff of 1928, neither these declarations of
hose who gave reluctant votes for the law, n
proposition thus early to modify it, create either
surprise or disappointment.
The committee have given.his brief and imper-
ect sketch of the history of our legislation upon
his important and difficult subject, TO render intel
iglble their regret at the commencement of ano-
her round OF this extreme legislation. 1t is true
he circle which they have described embracing
he period from 1916 to lSI, promises to be re.
luced to right line, and, instead of graduations
Of ascent and descent seem more likely to step,
directly, from extreme to extreme. This first step
is from maximum rate of duty of 20 per cent, to
above the elevation of the tariff of 1928 and it re-
luires nothing but the experience of the past to
force the assurance upon all, that, if the excessive
duties imposed by this law shall be adhered to,
and all reasonable notifications resisted etiectua-
y in this Congress, a period of continual and in
creasng agitation will be endured until the assem-
bling of another, only then to witness retrograde
probably extreme and as direct as
this advance was sudden and complete.
This agitation, and this repetition of fluctuations
from extreme to extreme, the committee most pro:
foundy deprecate. No interest can prosper, and
every one must suffer, under Them and it has been
their earnest object and purpose, in the modifca-
tons they recommend, to avoid necessity for
either. Hence, instead of framing a new bill they
have preferred to propose action upon the existing
law; and, instead of acting upon that, by uni