Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1855-01-26
OecItln Gree }lress.
BURLINGTON, FRIDAY, JAN. &c. 1855.
Hard Times,-Tbo Cause,

with no fear of being misunderstood. 1t lis
the burden of the public press, the pass word
in the marketpacc, the complaint Of the Cap
italist, the sigh Of the sewing girl. It's coniin
ed to no one class or locality. From the centres
OF trade, where the unemployed are meeting
by tens of thousands and clamoring for work,
the trouble has spread and is still spreading
through all the confines of the country. The
mails from all quarters bring the same story,
of firms, supposed to be as solid az the rock ur
Gihralter ,crumbling to ruins, of mills closed,
Of business contracted, Of industry seeking
employment in vain, of embarrassment, lack
Of confidence, want, distress, starvation. 1t
takes nothing from the gloominess of the
picture to think that all this might have
been othcrwse--that this state Of things is
wholly unnecessary, that it was iurcscen,
predicted, and might have been provided
against.
The whole, or nearly the whole, is the work
of Free trade policy and rerenue tariff
This, as it seems to us, is made clear hv the
following facts, which we have collected from
commercial journals and statistics Of trade,
Rnd which we believe to be correct
In 1878 British Free trade gained the u.s.
cendancy over Protection and held it for six
years. At the commencement Of this period
The country was prosperous. the public re-
senue sufficient, the public debt diminishing
and the balance of trade in our favor, in other
words the imports Of specie exceeded the ex-
ports of specie. At tho ol"s" sc At - --.s
81 free trade, we had an impoverished rro-
pie, declining public revenue, the public
debt stationary and the balance Of trade
against us-the exports OF specie exceeding
the imports.
A period of ten years Of protection Of
American industry followed At its close
the country was the most prosperous ever
known, the revenue abundant. the public
debt almost extinguishcd, and specie flowing
in instead of out
Seven years of Free trade followcd-lko the
seven years Of Egyptian famine in Joscph's
time. They left the country, in 1872, largely F.
in debt the public treasury empty and beg
gine everywhere for loans, the State Govern
ments regulating their debts, manufactures
Frustrated, the people almost ruined. the |
balance of trade against us. specie going .
abroad and leaving for the currency at home
slinplasters and the bills of broken banks
Five years Of Protective tariff followed Our
prosperity returned. Our State governments
regained their credit Manufactures flow
rished, the hum Of the Factory and the clans
Of the forge were heard all over the land. At
the close Of this period, the balance of trade
vas once moro in our favor, specie was I'M
ported instead Of exported, our commerce was
rapidly increasing, our foreign debt declining
But Mr.. Polk and his party came into
power, and the tariff OILS inaugurated the
present period Of Free trade and revenue
tariff policy,
Within the short period Of three years from
the adoption Of the Tariff Of 40, fve-sixtbs
OF all the Blast-turnaces Of the United States.
and very large portion of the Cotton and
ooien Munnfactories Of the country. were
slopped' ana their inmates driven to some
other means of obtaining livelihood OF
course we were purchasing from Europe wha,
re ceased TO manufacture, and our specie
began to 60 abroad to pay for the articles We
imported. The mines Of California furnished
us for tine with the means Of surrly Tor
the drain. They made money plenty, and
postponed for 4 season the c.isis. But the
inevitable consequences Of a ruinous national
policy, were only postponed We all know
how it is now. We gave u few days since
condensed statement Of the general stagnu-
ton in manufacturing business. Since then
the last broadcloth factory left in the country
tSlaters Mills in Rhode Island) has been
closed, and a branch Of industry the pro-
duets Of which have amounted to millions Of
dollars per annum in years Of protection,
extinct. Many other branches, If not utterly
cAtinSuished are nearly so. In place Of our
own products our markets are supplied with
the imported goods of foreign manufacturers
" C iml orted last year from broad, fire. ail}-
hon dollars worth Of lead in round numbers;
Of Steel ard iron H1~<y .fce Hthoay: of
Railroad iron hceire naHtoHS, Har,iyvnr. and
Cutlery nine millions Of Dry Goods s.renty
'eren millions ofdollars worth These import.
bave to be paid for ; as they increase so DOES
the export of our gold. In 1850 the cxpor,
Of gold was seren anu half millions, in 1854
It was forty one millions Our IMPORTS Of
gold Tor the last five years were only hccnty
SIR and a ha!f DnHions, against an entire az
SreSate OF gold exports Of oHc h,,adc,d md
forty eight HtjlHoHs. Notwithstanding the
growth Of the country aud the onor.aoGs cg-
pansion OF business nearly half 1T the weld
II the California mines has found It's WAY
to England, and is forever lost to tho country.
such are the facts Of our ca.o. Can .,a
escape the conclusions to which the, u.int1
Tan any one doubt that if th. protective
policy OF 1872 had been continued that ,ve
should have gone on in our prosperity. hly.
grown wealthy and strong in our own Ie-
sources, that the revulsions Of the urc.,n,
time would have been avoided, and thnt our
would now be on sl firm e. lasi, ,
that with the superiority Of our machner;
md the help Of the Atlantic they would not
car the cheap labor of European operatives,
while by healthy stimulation orh9ue c..aga-
ition the cost to the consumer Of the mauu-
article. would be no greater THANH
low is
Is it not n fact that we can Iaa.o a. GOOD
ron and steel, as good cutlery and broad
10th and cotton goods as any one, and ,
should We not be better Of if We bad mad. 9
It home, instead Of buying piIoal, the
1elre million dollars worth Of railroad iron
md nine millions Of cutlery, aud scroly
Millions of dry goods, which were bought !
lst year Would We not be LettcroH than 81
re are if the f1rgr fires vcro j,irr,,.,, md Z 4,