Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1857-11-26

dor farl9s rfspoaube fsr f-aessire 5aHk
issufs
That 'og ,arii iolias are responsible for
the excess ot fneign importation, Tat
these augmen,sd imp ne iL.laee ex,psave
bank issueS sSell pri'es Unfortunately 10 he
series Of depeadeney which Is here alleged.
is rendered usq eslionable by the fact that
these expansions Of Imports paper ciroHIa-
ton. and prices never have oecarrel when
our tariffs wsfo high enough to fu,ter, bat
always when they were 50 low IS to dis
courage home production, aul to subsii-
tute The foreign con mobiles toE domestic
products in our maTkei. 7s7s-. ..
Under the low tariff Of 1916, our im,
pore "a. .tl.sss ysais Foss % tls Sasl aaioaht
Of three hundred and siy,Y-eight millions
-asBn neyerphervIds apPTosche1 with.
in Gee bundled Spd twenty rslllions BY
any thres spec isYe yesrS sill 1884, '35,
and ;SB, fhs f'st lhres ears Of the CON.
promise larih 1pibpse years lsl6, ~,
and Is, fbe hank sFulalion anl The for.
eigu imports. ranged greatly higher than
thro9g che whole period Of The protecuye
tariffs eI ] s24 AnI 1928. The ezbalsts-
ton OfsTs5t and lhe paralysis Of domestic
industry reached ils acms in 1918. 10 1890
the paper circulation pnd the imports fell
to one.half. and tbe country struggled
through measurses drtTsss, until the
checked importaliens AID revived home
industry oftbe period from ls24 to 1882
restored Tue general prosperity and the ma
tioaaI revenue, exlinguisbed The national
deIt, and gave TIE first considerable free
list of imports which The abuudapce of our
public resources has secured to US
Again; in 1885 under the first reduc-
tion Of duties by the compromise act tie
imports took another sudden rise, which
reached an enormous height 10 1886: the
bank circulation nearly doubled that of
three years before, aud prices were inflated
IN proportion.
After three years of lluctuation the inev-
italle contraction sgaiu commenced, which
continued, BY its downward pressurs, INTO
the year ie45, when prices imports, and
circalalion fell even below one-half Of their
average il 1886,
Ia le43-44 business imports and cir
culVtion were restored from their previous
depression 10 steady moderation, which
continued evenly, and regularly progressive
towards weIl-assurel aud well-balanced
prosperity tin The tarf Of ls46 attained
the rule. and expansion again commenced
not spssmodically, indeed, but rapidly,
and in ovel proportion to the population
and growing wealth Of the county, adding
tw6uty three millions Of bank circulation
and tweiRy foaY millious ofiimports III two
yeas. adi in six years more, adding an
othtt seyeiity millions to,be paper tircuia.
ton, and one hunited AID forty six nil
hons to our imports. In 1953'54 thl
bank circulation was attwo hundred aud
four and a half millions, or within seven
milIiobs Of double, and The foreign import.
at two humid and eighty millions sixty
milIiors more than double their respective
amounts in l845-'46. In l8j4-'55 they
were both more than double those Of the
years l944 45-'46. " .-
Now, if we never have inordinate cx.
pansious Of paper currency, prices, aud
foreign imports, except under low tariffs
and il those expansions ave always In the
ratio Of the duties below the point Of pro-
Iection to our home industry, it follows as
acertainty that the tariff moi the currency
is the cause ofthe misehevOus alterations
which are endared
Your committee are contented to rest
this point upon the facts which sustain it,
and are not concerned to attempt the 10
gic of their operation,
In all questions Of this nature the fair
and Legitimate grouping of the facts is the
safest Argument Of them; and it is clear,
beyond QUESTION or cariI, that the order
and DEF endency here given them is the ma.
tural, the true and the necessary array
for oil the purposes OF this inquiry.
Summary ofhe reasons ~bich forbid The
abandonment If protective dates.
Your Committee drive from this inres.
tiestion Of the Effects Of our varied tariff
systems upon the revenue the following
coBslbsieBsi 20 I.45'tWE
1siThe Immediate effect of du les below
the rates which protect our own industry
fnm the rivalry Of foreign commodities Of
she same hind is a propeTlionate enhance
ment Of such imports, aud corresponding
increase ofthe Ievehue from customs, which
either approscl. equal, or exceed the re'e'
nue. from customs Of the higher tariffs; but
in all instances is certain to disppoint any
expectation of reduction Of the customs
in proportion to the abatement OF the
- Ules
g. The increase Of imports consequent
upon reduction Of the duties below the
point Of adequate protection drives manu-.
featuring capital and labor into agriculture
and trade, and by this means vastly lnefeas.
es the revenues from tile sale of the pub
lie lands and from foreign commerce, and
thus makes up ali deficiency in the Gus
toms and greatly ovelpasses it. and so tends
TO "a plethora in the treasury, instead o
limiting its income and restraining its over
flow.
8. The indirect effects Of the same poi
cy is TO exhaust the sources Of national anC
individual prosperity, aud by its reaction
to bankrupt the treasury and prostrate th'
enterprise of the country. leaving debt
public aud private, to punish the extrava
ganee which II induced aud INDUCED.