The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1844-07-05

filled with either gold or silver, or paper that was
equivalent by reason of its convertibiity into bona
.fde "hard money!" at the option of the holder
True, this act Of general resumption reduced the
paper circulation of the country to an amount less
than the sum Of the silver and gold in circulation,
and in the vaults of the banks But, sir il at once
regulated the exchanges Of the country TO the spe-
Gle standard; itrestored confidence between man
and man; and ii impaired life and renewed activity
into the domestic trade, business, and commerce
ofthe country.
The present tariff act took effect in September,
1912, more than eighteen months after the unver-
sal resumption by the banks, when the produce OF
the country was sought after by the capitalist at
home and from abroad, and was steadily rising in
value will not, however, close the refutations
Of the positions assumed by gentlemen on the 9TH
er side, with the recapitulation OF dates and
circumstances but shall, at the hazard ofbeing con-
sidered tedious, give in figures the unanswerable
argument, that proves the inuros operation of the
tariff of 1928, upon the interests of the country, and
the beneficial operation of the compromise act of
1928, upon the same. find, from an examina-
ton of the tables of exports of domestic produce,
from the year 1924 to 1885, including the high tariff
periods of 1924 and 1928, that the aggregate amount
of exports was $469J9s, ,564. I find, also, Mr..
Chairman, that our exports from 1888 to 1912, du-
ring the operation of the compromise act, amount
ed to the sum of $76s 1852 1865, which give an
nual average of exports of $96 ,442,7 ,7s5; and ag
gregate gain of the latter period upon the former of
$299 III ,791, and average annual gain Of 1885,,
III Il. f.y..
show, also, that the exports of domestic manufac
lures for the same periods, were as follows:
The aggregate amount Of exports during the
high-tarf period from 1924 to 1888, was S43,1s0,-
1885, and for the low tariff period from 1888 to 1912,
sos ,9l7 ,0ls the increase Of these exports during
the latter period, over the former, being about $22,
100000. They show about the same state Of facts
in relation to our tonnage, and the imports and ex-
ports of specie The aggregate amount of foreign
tonnage for the same PERIOD under the high tariff,
was CSC, ,9S9 tons; and of coastng tonnage, 752,-
456 tons-making an aggregate of ST ,439 ,455
whilst under the later period of the low or revenue
tariff, our foreign tonnage was s96,66i ions; and
that of our coasting trade 1880 ,999 tons-making
aggregate OFF,, $50 76s tons and an increase for
the latter period over the former of I'll 1903 tons.
The imports and exports of specie, from 1921 to
1881, period ofhigh protection, were as follows:
Aggregate amount ofimports ofspecie, $40, ,450,-
$50. Aggregate amount of exports $50 O,2l6,6 ,62s.
Showing excess of exports over imports of SO, >
796,04S The imports and exports Of specie, on
the other hand, sir, from 1881 to 1871, like Pc
rod in duration of low duties, were Exports, S67,-
s59,294. Imports, $l05, ,l39, ,2S4. Giving an eX-
cess of imports of specie over the exports, of 37,
279,94O.
have thus endeavored to exhibit, Mr.. Chair
man, by facts and figures, that the assumptions Of
gentlemen who charge the prostration of trade and
business to the effects arising from the repeal of the
act of 1928; and the operations of the compromise
act, to be unfounded in truth; and that, instead Of
the interests of the country having been destroyed
by the operation of the law of 1882, that our COM
merce was more fourishing; that our exports and
trade were augmented under its operation to large
amount, as compared with the exports of the high
tariff PERIOD and, further, that, during the latter
period, there was added large increase of specie
to the capital and circulation OF the couutry-a
contribution, to the extent of the increase, to the
increased prosperity fthe country :
Isha now, sir, very briefly attempt to prove, by
the figures and dates which, shall produce, that
during the period-or rather portion of the peri
od-of low duties, were in a more prosperous con-
dition than tany other time; and that far from
the assumption being true, that they were in a
bankrupt condition, and unable TO prosecute their
business, on the contrary, they purchased more OF
the cotton of the south, and manufactured more
goods, than at any previous period The amount
ofcotton imported into Boston from 1885 to 1910,
inclusive, and from the LIST January, 1541, 10 the
25th May, ofthe year, "a little less than five
months,) as taken from the Boston Atlas of 1912,
is as follows: In 1885, lin round numbers, so 900
bales; in 1886, $4,000 bales; in 1887 $4,000 bales;
in 1888, $4,000 bales; in 1889, $4,000 bales; in
1910, 1860 bales; and from the LIST January to
the 25th May, 1871 90 ,OOO and for the year ls41
estimated, $50 900 bales-almost double the con-
sumption as compared with the high-tArif year
1885. The writer of the money articles in the
New York Herald ofthe same year, and who seems
to have drawn his statements from authentic sour
ces, I'VE may judge from their details and minu-
tia, states that the amount Of goods manufactured
at Lowell in 1899 was s,263, 400 yards; and in
1910, 1858, 400 yards-making an increase in a
single year of Is, 900 yards, more than 25 per
cent, in that branch, in the entire growth in that
ourishing town, from its foundation TO the begin
ming of the year 1910.
Sir, these are facts for the country which speak
the language OF "truth and soberness.' and entire
ly annihilate all the miserable cant and sophistry
that have been employed by the opposition to sub
stantate the false issues assumed against the COM
promise act
Again, sir: If it be true, as gentlemen have al
legged, that the manufacturing interest was struck
down by the compromise act, and reduced to bank
ruptcy, by what singular art of legerdemain or leg