New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-11-29
FAILURES IN rnE Iaoy TRADE.

Co. lTOn manHtac urtrs, u was announced yesterdaY
had STOPPED payment their liabilities being variouy
stated at ON nine hundred 10 fourteen hundred thou
sand dollars with cts 70 the amount OF three mill
ions OF dollars. This firm has extensive iron works
at Phenixville in this State, and We believe also at
Bridgeton, West jersey. We nave heard no particu-
lars TO the Of the suspension but we presume
il results from the shock the iron business has re-
ceyed from the difficulty experienced in negotiating
the millions of bonds so freely given in payment for
railroad iron. With so large a msrgin Of assets as
IL here shown it wOdld hardly seem possible hat any
loss can ultimately ensue, or that the concern will
stop operations. A year ago the iron business was
esteemed the most prosperous Ia the country. Now
ii is probably the moe. completely prosiraied.
Whenever our neighbors of The Journal Of
Commerce have furnished their readers with false
tables of imports and exports, with view to
show the working Of the tariffs fi 1872 aud
1886, or false calculations designed to pro-
ouce the belief that there was, or could be
'peace, when there was no peace, they have,
as we have constantly had occasion to observe,
been copied by our Philadelphia cOtempOrary If
we were required to state to whom the British
manufacturers were most indebted for bringing
about the existing state of affairs, we could indi
cate none so we'll entitled to avors at their hands
as the editors Of that journal and of our Wall-st.
neighbor.
From 1912 to 1S47 both inclusive, there were
built sgreesbly to statement now before us, a
less than al furnaces and bloomeries. The
domestic production Of iron had reached, in the
latter year, the enormous quantity of $4,000
tuns, and not a doubt can now be entertained
that had the tariff Of 1912 remained in force, it
would, before this time, have doubled. The ne
cessay consequence Of this would have been a
great reduction ia the demands on England, with
great reduction in the prices Of British iron, &C
compaDied by a corresponding reduction Of prices
here, enabling our farmers, macbiosts and railroad
men to have for ffty dollars better iron than that
for which they have recently been forced to pay
seventy ard eighty dollars if not more. This,
however, would not have suited our British free
trade friends who could favor no commerce ex-
cept that which was carried on by means of
ships At their command the tariff OF 1912
was Frustrated, and this almost at the momeatof
the downfall Of the great Eagl ish railroad specu-
lation the effect Of which was to precipltate
upon our market all the iron for which
a sale could not be obtained elsewhere. Now
commenced again the ruin of American irOn-mas-
ters. no less than 1872 of whom failed in the four
years following the passage Of the act OF lo4o.
With 1851, however, came California gold, max.
ing demands fAirer. but the furnaces that should
have supplied il had died Oui the consequence Of
which has been, that in the last three years the
the consumers of iron have paid, as we believe,
no less than thirty millions of dollars per annum
more than they would have paid for the same
quantity had the tariff of 1912 remained in exist
ence High prices, of course, stimulated produc
ton here, and had the market for iron continued
good, there would certainly, have been SO great
an increase Of furnaces and mills as would very
speedily enable us to supply our whole demand,
with great reduction Of price, and great adyan-
tsee to sbip-owneTs, machine makers, farmers aud
railroad men. This, however, could not happen
under Brtish free trade, which looks always to
crushing domestic competition and maintaining
prices, for the benefit Of foreign manufacturers.
The necessity under which the tariff of 1916 has
placed us, of going abroad for cloth and iren has
caused 50 great drain Of gold that money is rap
idly becoming an unsttainable commodity, as is
seen from the fact that the best securities, bear
ing interest at the rate OF seven per cent, are
selling 10 our market at twenty five per cent. dis
count. Under such circumstances, manufacturers
cam OF continue to live; and what has now taken
place with regard to this wealthy house, whose
machinery ia adequate to the production of two
thousand tuns Of Tails per month, is sure to hap
pen TO manufacturers Of cotton and wooden cloths,
and thousands Of other commodities until the
paralysis shall become general throughout the
country IL process of time we shall have an
other protective tariff and then aud not until
then the movement Of society will reconmence;
but then when iron will be wanted, the furnsces
and rolling ills will have ceased to work aud
our worthy free trade friends across TIE water
will again 70: time have monopoly Of the power
TO supply u, at prices to be fixed by themselves.
Some fifty years since, Cobbett told bis readers
that when the British manufacturing monopoly
was in danger, the manufacturers were accus-
toned to rid Themselves of their competitors,
" sometimes by fIe;" but 80 long as they can
maintain their control over the proceedings of
our Congress, they need have no occasion for re-
sorting to any such desperate measures. Free
trade" suits better. From 1887 to 1912 it ru-
intd all their competitors here, and gave US high
priced cloth aud iron, until domestic CON-
petition WIS again stimulated by the act Of 1912.
So did ii operate from lS47 to 1850, preparatory
to the discovery Of California gold So is now
acting in preparation for the next period when
protection to cloth aud iron shall enable US to
make roads; and so viii 1t continue to act until
our people shall come to understand that they
need protection for the sake of protection, and
not as merely incidental to the raising Of revenue.
II is time that they should begin TO open their