Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1850-09-04


Aug. I2, 1850, on the Protective Policy
and the Iron and Coal interest Of Penn.
sylvania.
(Coneluaed.l
l intend to demonstrate by figures, as
well as by succnct statement Of facts,
that there is now great depression in this
branch of business, and to. follow his up
BY showing tina, this is the necessary and
inevitable result of The repeal Of the tariff
Of 1912 In the year Is47, there were
employed insthe State three hundred fur
naces. with capital Of twelve millions Of
dollars,Fproducing annually, up TO ls47.
three hundred and eighty nine thousand
eight hundred and fifty tons of pig metal.
This was about The time the tariff Of ls4G
was enacted. and was about to go into op-
Grafton. In the two years succeeding that
period-ls43 and lS49-lhe amount OF
iron produced had fallen from nearly four
hundred thousand tons to about two hun
dred and fifty thousand tons and at the
close Of the present year, it will have fallen
down below two hundred thousand tons.
Take in connection with this, an additional
fact. The whole history OF the manulac-
ture Of iron in Pennsylvania shows, that
in period of seventy live years, there
have been erected five hundred furnaces !;
and out of them one hundred and seventy.
five failures, or where they have been
closed and sold out,,by the sheriff. Gu, of
this one hundred and seventy five failures,
one hundred and twenty-lour of them have
occurred since the passage Of the the tariff
Of 1876. Again: Out Of the three hum
1red blast furnaces in full operation when
he tariff of 1876 was enacted into a law,
one hundred and fifty, or fully one half,
mad stopped several months ago, and fully
fifty more ofthose remaining are preparing
% 90 out of blast with the end of the present
season.
Ii will be remarked, that all these iron
works were in successful operation of the
loriff Of 1912. and that so far from any
going out Of blast,new ones were constantly
springing into existence. The business
was gradually rising into importance, and
The consumption rapidly increasing. 1t
was afording cons,an, and profitable EN-.
ployment 10 the industrious and ,oiling la
borer. But the protecting and fostering
hand of The Government is removed, and
we find in this brief period the disastrous
change that has occurred.
Now, sir. in view OF all these facts-and
challenge their successful contradiction
permit me TO ask, will any man in his sem
ses contend that these are not the legit-
mate fruits of the repeal Of the tariff of
SAG and the substitution Of that free.trade
measure of 1876!
Now, if it were true that the prostration
8 attributable in any degree TO over pro-
luction, why did not this NANTES. itself
when the production was very large, and
increasing. rather than when
he production is small, and rapidly dimin-
shing This can not be the true reason,
or while the production has fallen of more
han one half, the price has receded in the
anne proportion, and that without either
my increased supply or consumption.
The whole facts,as they strike my mind,
cad Us TO the conclusion, that had the
arif' of 1912 been permitted 10 remain by
dr. PoIk's administration, this branch OF
'ur national industry, together with all
'ther great industrial interests, would have
,een in most healthy and prosperous con-
lition, instead OF, as they now are, falling
nto utter ruin and decay.
Nor is it surprising TO person who has
effected upon the operation Of our revenue
'ystem upon home.labor and production,
hat such result should follow from such
measure. For, had the act Of 1876 been
ramed with view TO that object, it could
lot have been more fully and completely
dapted to the purpose. 1t is based upon
Utterly erroneous principles, making the
Of our markets and the scale OF
'ur prices dependent not only on the f1uc'
uations Of foreign markets and foreign
'rices, but subjecting the revenue to con.
tant imposition and fraud by holding out
he temptation 10 fraudulent invoicing. and
lnder-valuations. As system Of protec-
ion, it is still more miserably defective.
t affords protection. and almost amounts
o prohibition, when prices are high, and
when prices fall affords no check whatever
o extravagant and excessive importation.
Thus keeping the supply. in one way or
'ther, always unequal, the prices unsteady,
md, Of course, the trade in an everlasting
tate Of rise and fall-of contraction and
expansion.
ln this state Of things, while millions Of
lollars Of hard-earned capital is being
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