The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1854-08-15
Excess imports Excess

A considerable quantitity is required annu-
ally TO meet the demand for consumption in
the arts and tho waste for use as coin, and a
still larger quantity is required to meet the de-
mands Of a population steadily increasing at
the rate of three per cent. per annum, and
doubling in twenty years; and ther efore, when
the import exceeds the export. the effect pro-
duood 10 much less than might be expected
from its amount as given Ia fguras; hnt for
the same reason. whom tho export exceeds the
import tho effect is infinitely more than might
be expected from its small amount because the
population is steadily growing, and the waste
has constantly to be provided for.
In the three years prior to 1925, the average
excess of exports exceeded four millions year;
and as these years stand out distinctly as the
most calamitous for t. agricultural interest OF
any in the history of the country. Flour then
sold in Pittsburgh for 81 20 barrel, and a
tun of bar iron required eighty barrels of -four
to pay for it. The farmers were everywhere
ruined. This state of affairs brought about
the tariff of 1924 very imperfect measure,
yet imperfect as it was, it changed the course
of the current, but scarcely to greater extent
than was required for meeting the annual con-
sumption. Still, a greater change was effec-
ted, and this led TO the passage of the act of
1928, the first thoroughly protective tariff that
we ever had, and the effects are shown in the
fact that. notwithstanding the final discharge
Of the whole of our foreign public debt, the
specie imports exceeded the exports by no less
than twenty-five millions of dollars, or five
millions a year. This was period Of great
prosperity, greater than the country had ever
then seen, and the power of consumption grew
so rapidly as not to extinguish the public debt
but to render it probable that the revenue
would speedily be largely in excess-and then
hat nd foo vvar fro aaI fror I,{x
In the first four years Of the compromise
tariff, 1884 to 1883, the reduction of duty was
very small and we still continued large impor-
tiers of gold; but the necessary effect Of the
change of system had been To arrest the growth
of mills and furnaces, and the gold then i'm
ported came as a consequence in large sales of
bonds, with the proceeds of which we purchas.
cd iron and cotton and woolen goods. Never
theless, although the stability of tho trade of
the country was thereby greatly impaired, so
long as gold continued to flow in, prices re-
mained high, and money could be borrowed
without much difficulty, although the money
lender profited largely by tho change that was
then in progress-the rate of interest being
probably twice greater than it hal beon in the
days of the tariff of 1928. This, however,
was but preparatory to the harvest he was
destined to reap in tho glorious days of
British free trade of 184l-2. The duties had
then gradually fallen until tboy had reached
twenty per cent, and the specie had gradually
gone out until scarcely any remained in the
country; and then it was that largo proper
ton of the property Of the country changed
hands by the aid of the sheriff, while farmers
and manufactures sought in vain for purchas-
ers of food and clothing among tho men who
could not sell their labor. The debtors were
everywhere rui' ed. while the capitalists were
ever, where enriched. The poor were made
poorer and the rich richer by aid Of tho Dem
ocratic tariff supported by Mr.. Van Buren and
his friends. t
The ruin that had resulted from thus placing
the whole body of the people at the mercy Of
of the few who had money 10 lend, now brought
Its own cure in the election of Gen. Harrison
and the passage Of the tariff Of 1912. Forth
with we became importers of gold, and the ex-
cess in imports of the five years that followed
the establishment of protection amounted, as
is shown by the table, 10 no less than thirty
nine millions Of dollars. With each step in
this direction, motion was produced, and mo-
ton gives power. Tho laborer could sell his
labor, the mill owner could sell his cloth, and
the furnace master could sell his iron. Men
could borrow money to build mills aud furna-
ces, and, the laborer could find employment
The land owner, the owner of houses, the far
NOR, the manufacturer and the laborer, became
once again independent, because money be-
came once again abundant, and the money
lender was forced TO content himself with rea-
sonable interest. Never in the world was re-
suseitation Of q nation so rapid and complete