The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-11-07
The FulAllment Of a Prediction.
3Ov. SEWARD ON THE TARIFF QUESTION IN 1855.

The FulAllment Of a Prediction.
| GOV. SEWARD ON THE TARIFF QUESTION IN 1855.
In SENATE, MARCH l.
Mr.. SEWARD Let us look backward for
instructions. In 1884, by excessive importa-
tons, by an unexampled enlargement of cred
its, we had brought ongreat fiscal embarrass-
ments. Property of every kind was depre-
ciated everybody wanted relief loans /; cred
it was paralyzed. The Bank of the United
States exerted itself and gave relief; the cris-
is seemed to have been passed. Importa-
tions were Immediately resumed /; credit was
again expanded. Wheat rose to two dollars
per bushel; prices of all descriptions of pro-
perty were inflated The relief of obtained
was only temporary. The embarrassments
of 1884 returned in 1887, aggravated tenfold
| And then came that fearful CONFUSION which
carried distress and ruin throughout this
broad land-distress and ruin from which we
| have required twenty years to recover. Sir,
ace, IN 1884, haze just passed through the pre-
monitory symptoms ofG crushingpressure phich
is to come on in 1857 or some gear not long there
after. Let this not be thought strange. 1t
is nearly twenty years since the last rcvul-
sion. Commercial revolutions come once in
twenty years. The circumstances of our con-
dition now correspond exactly with our con-
dition previous to the last revulsiOn. Gov
eminent then refused to stimulate production
| by tariff of protection, and on the contrary,
stimulated importation. 1t went on to the Bit
ter end.
Government refuses to stimulate produc-
ton now by tariff for protection, and gives
| fresh impulse to importation. The results
must unavoidably be the same. Those who
think otherwise, rely upon the fresh contri-
button to our currency which are derived
| from the gold mines of California. 1 grant
that those contributions may delay CONNER
cial revulsion for time, and may modify and
break its force when it shall have come. But
they can neither postpone it indefinitely, nor
can they break its corce, SO that it will leave
the country harmless. What will be the linn
its of the influence of those contributions up
on commercial revulsions, is mere speculation.
After the severe revulsion of 1887, produced
by ercessire impoTations Government return
ed to system of protection in 1872, and so
restored the prosperity of the country. We
shall return to the same policy, far the same
purpose in the present case. The only ques-
ton is, whether we shall adopt that policy as
preventive, or wait until the dstemper has
become otherwise incurable. am for ap-
plying protection now. Nevertheless, I
stand alone. Congress is not prepared to
raise the duties upon imports. All that re-
mains for mo is to do all that can to pre-
vent the reduction of those duties.
l think, sir, that the restoration of the bust
ness Of railroad building to a healthy state
requires us either to leave it to work out its
own cure, or else to adopt remedy very diff
lcrent from what is here proposed-a remedy
which will stimulate production of the raw
material and of fabrics by manufacture
Anything short of this will fail to give any
tone to the general financial system of the
country, now SO much deranged. The trou-
BILE with which we are contending arose from
e:rcessice impOrtations. The project before us
tends to reduce duties, and so to encourage
and stimulate imports still more. 1t is fe-
Yer OF which we are sick. You propose to
add fuel to the flame that is consuming us.
Sir, will the railroad companies be less en-
barrassed three years hence than they are
now Will they be sounder and better able
to pay then than now Is anything more
certain than it is, that, if you stimulate fe-
yer, the sufferer will ultimately be exhausted
If by this process the railroad companies are
pushed into deeper and more inextricable
embarrassment, the relief will have failed
Then you must renew and extend the credit
for longer period, or remit the duties alto
gether.
But relief laws, always Objectionable by
reason of their very nature, are doubly OBJ
jectionable when they are partial and discrim-
mating. Other branches of industry are en-
barrassed not less than the railroad interest.
Such is the case, especially, with the wooden
interest and the iron interest. They will
coma to you for relief also indeed, they are
here now, importuning you for relief Will
you extend it to them ? No for that in
wolves the necessity of credit to them. But
these are as important and as meritorious as
the railroad interests. They create wealth
by converting unimproved resources into
capital, while railroad companies create no
wealth, bat only favor its creation. am not
inimical to railroad enterprise throughout
my whole public life l have favored them,
and l share now the suffering of those who
have come here to urge this measure
But cannot go for such a discrimination
as this in their favor. tits actually loanng
them additional capital. The miners and for
gers of iron in New Jersey, New York,
Pennsylvania and Virginia, want more cap
ital, also. Capital is deransel in its flow
| through all the channels of industry and
trade. 1t avoids now the railroad builder,
the wool manufacturer. and the miner and
manufacturer ofiron. You seek by this bill
to direct it into the railroad channel again.
But in just the same degree you would d.
vert from the other channels. Other inter-
ests complain and justly complain, that not
only all the embarrassments of railroad en-
terprises, but also all their own, result from
too much Partially having been already cx-
ercised by Legislatures, State and National
towards railroad enterprises. The very laws,
maintained everywhere with more or less
stringency in regard to all other depart
ments of industry, have been virtually sus.
pended in favor of railroads. They arc now
enjoying the questionable advantages of be-
ing allowed to raise money at rates of twen-
ty, twenty-five, thirty or forty per cent. in
! the money market, while the wool manuflc-
turer, and the miner and forger of iron, is
obliged to be content with offering only six
or seven or ten per cent.
1t is, in fact, this partial legislation which
has stimulated railroad building in such de-
gree that it has been carried to excess and
extravaganza, resulting in not only its own
| embarrassment but also in the universal de-
rangement of trade and industry.
see no necessity for adopting any tariff
plan whatever, unless it be one of protection
/ to American agriculture and American man.
ufactures generally. Such tariff sir, you
will not now porpcse, nor will it ever be sus-