Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-01-12

Y
l. both; that if we purchase more imports. w
o will sell more exports in exchange, and q
e better price; and that if COMMERCE,
i profitable, we should have larger balance q
r trado In our favor. and usually larger i'm
: ports Of specie; and ahat the profits of com
> nerce, in the increased exchange of GU
s own for foreign products. augnsnt tn
wealth'of the nation.
+ The four protective tariffs were cnacte,
in 1916, 1924, 1928, and 1912. The com
promise acl intervened from March, 1888
} until after the 30th Of August 1912; am
the revenue tariff Of 1916 went into Opera
lion last year. Letus now look at the effec
j of high and low tariffs upon the ssain O
specie during these periods. ffon1 1871, Be
ing the earliest date to which the records o
the treasury go back on this subject. From
the beginning of 1921 until the commence
ment OF 1888, and from 30th Of September
1912, until lst July, 2s46, our excess o
the imports ofspecie over the export was
Sl2,660,3l2, being an average annual
gain OF $79l.2l6 in specie during these
sixteen years Of high tariffs; whilst the ex
cess OF specie during the eleven years oil
the compromise act of 1888. and low tariff
Of 1916, was s65 ,507, $50; and the aver.
age annual gam Of specie was Sc, ,227, ,967.
Onitting the tariffs Of 1912 and 1916, and
comparing the ten years of comparatively
low duties from l933to l842with the twelve
years under protective tariffs from 1921 to
1882, we find under the latter an actual
loss OF specie to the country by the excess
ot the exports of specie over the imports, of
81, ,sol ,652, as the result Of protection, ,and
gain during the succeeding ten years of
comparatively low duties of $46,294, 900,
or at the rate per annum of $4,629,4Oe,
and IN the single year under the new tariff
a gain of $22, ,2l3,55O; thus exhibiting q
uniform gain of specie in the years Of low,
as compared with high duties. The pro-
tective theory, founded upon this assumed
balance ofrrade and gain of specie under
high tariffs, is disproved by the results;
and 1t is shown, by the experience here Of
OF more than fourth Of q century, even
as to specie, that it accumulates most rap
idly by the gains of trade under a liberal
commercial policy. Let US now see, un-
der the same cycles of free trade and pro.
lection, whether it is true, as contended,
that oar domestic exports are not diminish
ed by the restrictive system.
The, records of the treasury do not go
back beyond 1921 as regards our domestic
exports, exclusive of specie. We must,
therefore, make the comparison from that
date From 1921 TO 1882, both inclusive,
under high duties. the aggregate OF our ex.
ports of domestic products, exclusive ofspe-
Gle, was 1858, Isl, ,527, or at the rate Of
$54 429, ,794 per annum; from 30th Sep
tember, 1912, to 30th June, 1916, $377,.
39l $50, Or at the rate Of 1914, ,347, ,675 per
annum; making total aggregate, during
these sixteen years ofhigh duties, of l ,03O,-
3 i9,O27 dollars, or at the rate of 64,4O9,.
3l4 dollars per annum. During the COM
promise act-from 1888 to 3oth Septen.
Der, ls42-the total of these exports was
9o6, 168, ,2e5 dollars, or at the rate Of 95,-
le,82e dollars yer annum; and in the
year ending 30th June, l847, l5O,574,-
544 dollars; making in the eleven years ofI
low duties, an aggregate Of l,lO6,74 1872
dollars, or at the rate Of I00,6l3,Ol2 dol !
ars; being an average gain, under low, as
compared with high duties, Of domestic ex-
ports, exclusive OF specie, of 36,2O3,69
per annum,. and excluding altogether the
ast year, gam Of 81 .2O7 ,5l4 dollars per
.nnun % under low, as compared with high
iuties..
Having thus shown, both as to specie and
exports, the great gain in years of
ow as compared with high duties, let US
low compare the low duty and high duty
'ycles as to our tonnage, foreign and coast
wise.
=
During the eighteen years of low duties,
rom 1898 to 1907, (see table MM) our
onnage increased at the rate Of 29.4I per :
ent. per anndm; from-l s32 to 1912 at
he rate of 4.53 per cent. per annnum: and
rom rom 1916 10 le47 1881 per cent. in sin
lie year. Such has been the uniform high
ate OF increase of our tonnage during eve
y period Of low duties. Now. under
Ugh tariffs, from 1916 to 1882, our tom
age increased o 80 per cent, being less ,
han one-third of one per cent. per annum; +,
nd from 1912 to 1876. at the rate of sci /;
er cent. per annum. If it is said that the ;
Increase from 1883 to 1907 was occasion. ,
q, to some extent, by the war between :
rance and England, this table, which is :
lken from the records Of the treasury, :
hows that from 1889 to the close of 1892. :
Immediately preceding that war, which was !,
eciared early in 1893, our tonnage in. ;,
reased at the high rate Of 60.16 per cent
er annum, when France and England ,
ere at peace, before the era of steam nav. F,
,a:lon, and before the acquisition Of Lou. +,
lana, and the addition ofthe great Missis. !,
Ppi and of the Mexican gulf to the naxi. :,
able waters Of the Union, and when our
ag was unknown on the great lakes of :
'e northwest. The great increase is uni. +
'rm at oil times under low duties, and de. =.
ressed under high duties, during the whole =
eriod of fifty-eight years, from 1889 to :,
1t is urged, however, that although our n
reign commerce may have decreased, vet y
e home market has augmented in ratio e
ore than equivalent to the loss of our for n
gn trade. If this were so it would be ex. n
bited in the augmentation Of our coast a
Use trade, embracing our lakes and coasts, is
we'll as rivers, the coas:wise tonnage of u
'urse ausmenting in the number of YES if
is with the goods to be transported be- is
'eeu the States. By reference to the n
me table,it appears that our eoastviss ton. "