The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-04-02
The ProWects
Agjcmturel, Manyfaetuviag> Cowuasrcial aud FL
nanriat: at the spsnir6 IF az year 1851.
ny HENRY 3. rAREr.
CHAPTER Nv.
THE rARIyF or 1912.

M THE TARIFF. o. 1912.
The plauters, as VIC have seen. were nearl y
cents in 1890, and it had boon the same in
lS4l42 while the prospect realised, wee that
It would fall to still lower point for the crop then
in the ground. 1t did fall TO elk cents. Previously
TO this period, II had never been below 81 cents.
The first time at which it fell SO low even ten
cents, in the year 1929 just prior the
OF the tariff Of 1924 With the exception Of the Pc
rod of gread speculation in 1924 and 1925 it
rose above that point until the rapid growth Of the
domestic market, after the passage Of the tariff of
1928, produced a diminution Of the necessity for
dependence on foreign markets. II thon 10
- and even l6A cents; but. with the destruction of
the domestic market, prices fell again. until, at
length, the crop raised in the last year of the Com
promise act would command. a. has been seen, but
| ak cent?.
Tobacco was worth but fifty dollars hogshead.
| Rice was equally low. Wheat, flour, corn, pork,
hams, beef, every thing indeed that could be pro-
duced ON the farm or the plantation had fallen
low that the planter and the farmer were both ad-
vancing rapidly on the road to ruin.
such was the state of things when the tariff OF
ie42 was passed; and that it was passed was duo
| the Compromise bill to have been q failure. 1t
promised 'free trade, but IL had destroyed trade.
oy desIoylng the power to produce commodities
| In which to trade, 80
The tariff Of 1912 was passed on the 3Oth August,
and 1t came at once. 80 far 81 the wording OF the
| law was concerned. into operation but time was
needed to render it really operative. Every inter-
L even W0efo O.,
in state of ruin. Factories were closed. mines
| we're abandoned, and furnaces were out of blast
and the work Of resuscitation, far as to
store the productive power to the extent at which
II had existed years before, not the work OF q
moment. and still longer time required for the
opening OF new mines, or the building Of new mills
and furnaces. for any extension of production.
Inc nrst year OF the new tariff was, therefore, to
be regarded a. one Of the children of the Compro-
mise, and the fiscal year 1891 as the first born
| of the System. ~
L 4 q ~, y :
iron grew from little more than 100000 tons u
500 900 tons, that of coal, from 1000 tons to
more than three millions and that OF lead, from
47a, 600 to nearly 100000 pigs. The domestic con-
little short Of 600 900 bales, and that of wool from
hfy or nifty 1--WE to eighty millions Of pounds while
| every other department Of manufacture made I'M
| exampled progress. i,Bs ,51 sta'.4O
II we take the raw material required for those
and other manufactures that grew up naturally as
the production of food, and iron, and cotton and
woolien cloth extended, and estimate its value as
compared with that OF the commodities produced,
we shall find that would be very low eaiimate to
place at one hundred and twenty millions of dollars
| the product Of the labor employed in the work !;
and for every dollar of this immense amount were
the manufacturers customers 70 the farmer and
planter. Tho laborers expended their wages in
food clothing, and shelter for themselves and their
families, and these latter things but the repre-
sentativcs Of the food and other materials con-
sumed the men employed in their production.
IT, next, we add thereto the vast amount of capt.
tai expended by the laborers and their EMPLOYERS
both Of them rapidly accommodating, in the creation
OF the mills, the furnaces, the rolling mills, the
smaller factories of all kinda. and the machine
shops, and in the opening of mines, we shall find
that the additional market made for the products Of
the farm and the plantation could not be estimated
below hundred and fifty millions of dollars, and
that even that very low estimate of the value
of the labor thus employed. - e 80. 9Gsa - !
With such diversion of labor from agriculture,
we should have reason, there any truth in the
theories OF the modern English school Of political
economy, to find diminished product of the labor
applied to the work OF cultivation. Was il 90 On
the contrary. at no period has there been SO rapid
an increase in the power to produce and to export