Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-08-07
THE ENQUIRER.
VA.
wednesday Morning, August 5, 1916.
THE "RUIN" PANIC.

THE "RUlN" PANIC.
The Tariff politicians put their panic ma
chinery in operation a little 100 soon. Even De-
fore the new Tariff bill had received the sigma
ture of The President, and four months before The
law goes into operation, we see paradeo, as sc
nfrst effects" and "fruits" of the measure, stale
menls Of closing OF factories, reduction OF wages
&c. We do not doubt the statements made-ou'
we do strongly doubt, whether the events they de-
scribe are not the result of an artificial panic ex-
element, gotten up by the Tariff politicians. II
confidence has been destroyed, to whom is This
result more naturally 10 be attributed, Than 10 Inc
Tariff orators in Congress who proclaim ruin,
and their presses, who echo and swell The strain {
More than Two years ago, the clearesl Indications
were given in the issue OF The Presldenlal elee-
ton, that the injustice and inequality Of The Ia
riff of 1912 would be pruned down. Did the
Tariff press, on that occasion, do It's dulyI Did
il warn lis friends that the Tariff would De
modified, and urge them 10 SET their houses IN or
der Tor the change, which was not only expected
but demanded by the people2 On lheconirary,' the
Tariff press ridiculed the idea OF any action on this
subject; hey asserted lhatthe administration would
net dare to carry ont the professions, Gas they said,)
made in the canvass for party effect. They viz
tually encouraged The manufacturers 10 disregard
the "signs OF the times" 10 look upon a reduction
of the Tariff as an 'obsolete idea" and regard
less Of consequences TO swell their operations 10
an Indefinite extent. Congress met, the President
- If.I.. J.-,D - ,.a,pg IF n rouannQ TarlH :.
the Tariff press still ~protessed contempt Tor his
sincerity, and the manufacturers were again in
duced by the %oracular language OF their journals
10 indulge, in unbroken security, their dreams oil
enormous profits, under the partial iavors oil The
Government. Time moved on, and near the end
of a long session the Tariff vas seriously dis
cussed. Even then the Tariff press %professed to
disbelieve in any change Of policy. The manu-
~faclurers were still encouraged to hope for an in
definite continuance of The blessings OF legisla-
tive iavors. But, thanks 10 a Democratic Presi-
dent, Vice President and Congress, The pledges
made 10 the people, and by them ratified, were no.
bly, realized, after one OF the most violent strug-
Giles which This country has ever witnessed.
Even before The Senate had acted on the bill,
The Tarifiles raised the cry OF "Tuin"-lhe manu-
featuring interest, rithOn& notice and without
mercy, was TO be sacrificed 10 The South. This
cry from the Capitol was spread over The Union
on The wing. OF the Tariff press-confidence was
shaken and, in many instances, The very result
predicted by The Tariff press, has been brought
about by the agency Of that press.
But, can any man seriously believe, that the
closing of factories, the stopping OF works, the
reduction of wages, SC, are justly described as
the "efecls" OF a law, which has just passed, and
which will not go into operation for four months2
Even the Tariiiies contradict themselves in their
reasoning on this subject. While at one time
they assert, that The %"effects" are directly trace
able 10 The new law, at another they say, that The
new law will not be felt, until much time shall
have elapsed. The Salem (Mass) Gazette, a
Whig paper, published in The heart Of the manu-
featuring district, says:
1.-THE effects of a measure, operating on so large
a scale, do mol usually shoe Themselves at once. They
are developed bu almost ~imPerceptible degrees. Inc
diminulion Of revenue can hardly BE- apparent
until the second year. The importations OF the
first wear will naturally be excessive, bringing
WIl luCIld
il is not probable that The government VIII be
brought to the point of bankruptcy before lS4s.
"Neither will The disastrous effects of the bill
upon our Home Industry reach their highest point
under a year or two. The profits upon every |
kind Of employment must diminish, huIe By lht;
The wages of labor will fall in The same manner,
and one alter another, the least profitable oil the
operatives will drop out Of their situations. But
il will lake lime 10 bring the mischievous effects
~ tho hill hamp IN Tho nprSQnal CONSCIOUSNESS oil |
every one.
"New England, we believe, owing TO The great
er capital, The mechanical skill, The patient indus
try and The versatile genius Of our people, will
suffer much less from this tariff than the other
Northern and Middle States"
Here it will be seen, that the Tariff paper speaks
ofthe effects OF the new bilIbeing developed BY "al-
most imperceptible degrees, "%"lilIle ylinle." How,
then, can the sudden closing OF factories, before
The law is signed, be Justly attributable 10 the
law itself7 1.-THE change be gradual, as is here
stated, is there any danger Of a violent reyulsion
OF business2 II such a result does occur, may
we not fairly trace it, upon the authority Of a
leading Tariff organ, 10 The artificial means
adopted by The Tariihles 10 agitale and alarm The
public mind2
10 Inc same tUeCl Spcdho tH6 SHiE VI wi
day:
"The imporlations OF foreign fabrics and pro-
ducts, upon which duties have been reduced, Will
be very ligh, between this and December, al
which time The new Tariff will 60 into operation
consequently, the amount Of revenue will be
less than usual. Directly afterwards, The lmpor-
ialions will be large; and il is not improbable, as
we have heretofore admitted, that the revenue de-
rived from The new Tariff, The first year, will be
as large as its friends predict. The injurious et-
feels OF The new measure, in this and in some
other important points Of view, cannot develop
themselves sooner than The second year Of lis ope-
ration. nc shall, therefore, hare al b0a a short
breathing time"
The manuta clurers have their destinies in their
own hands. Their tue course is, no, 10 suffer
themselves TO be led away by The predictions oil
the Tariff press-not to sink before a political pa
mic, but 10 resolve 10 look a, the question in lis
true merits, 10 give the law a fair trial, and 10
prepare themselves for The change OF policy,
which, lwo years ago, they were duly warned Of
by The Democratic press, and which will not go
into o~peration for four months. Even that strong
Tariff paper. The Salem Gazette, gives them some
good advice
Inc mdDuldCluIclS IL suIi HO"St q"
great degree, 10 break their own fall. BY keep.
ine all snug, shortening their credits, and taking
care 10 manufacture no more than they are GER
tain 10 gel The cash for, they can avoid going be-
hind.hand. The leading manufacturers can also
do much for their own preservation, in another
manner, as indicated in the following paragraph
from the Boston Chronotype:
'If The manufacturers will follow a lille
piece Of advice we have 10 give them, and we
| give il in all humility and modesiy, they may sci
The European al defiance. not only on calicoes,
but also on hlousseline de LANES. Let them take
The fashions inio their urn hands. They can east
" raise money enough 10 secure all the mandy
pamby fashionable Ladies Magazines on their
side. They can secure The serviceso OF The great
est talent in The world for The invention OF new
STYLES of goods and new fashions as 10 The stuffs
10 be used, &c. II is 10 be hoped that they have
some influence with their own wives and daugh-
,ar. a, ;pdnoa The M IN Spt the fashion in The de-