The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-11-10
The FuifiIImcmt o. a prediction.
GOV. SEWARD ON THE TARIFF CUES
TON In 1855.


! Mn. SEWARD: Let as look backward for
/ instructions. In 1894, by excessive impor.
i ta.ions, by an unexampled enlargement Of
credits, we had brought on great fiscal en-
harrassments. Property Of every kind was
4 deprecated; everybody wanted relief loans I;
credit was paralyzed. The Bank Of the Uni
ted States excrted itself and gave relief; the
crisis seemed to have been passed. 1mpor-
tations were Immediately resumed; credit
/ was agaip expanded. Wheat rose TO two
dollars per bushcl prices Of all descriptions
tanned was only temporary. The embarrass-
ments Of 1884 returned in 1887, aggravated
ten.fold. Aud then came that fearful con-
vulsion which carried distress and ruin
throughout the broad land--distress and ruin
from which We have required twenty years to
recover. Sir, We, in 1854, have just passed
through the premonitory symptomsofa crush
ing pressure, which 10 to come in 1857, or
some year not long thereafter. Let this not
be thought strange. 1t 10 nearly twenty
years since the last revulsion. Commercial
revusions come once in twenty years. The
circumstances Of our condit, IN now cores
pond exactly with our condition previous to
the last reyulsion. Government then refused
to stimulate production BY a tariff of protec-
/ ton, and on the contrary, stimulated impor-
tation. 1t went on to the bitter end.
Government refuses to stimulate produc-
ton now by tariffor protection, and gives
fresh impulse to importation. The results
must, inevitably, be the same. Those who
think otherwise, rely upon the fresh contri-
buttons to our currency which are derived
from the gold mines OF California. grant
that those contributions may delay COM
mercal reyulsion for a time, and may modi-
~ and break its forcs whom il shall have
come. But they can neither postpone it in
definitely, nor can they break its force, so
that it will leave the country harmless
What will be the limits Of the influence of
these contributions upon commercial revul-
sions, is mere speculation. After the severe
revulson Of 1887. produced by excessive i'm
portations, government returned to q system
of protection in 1912, and so restored the
prosperity OF the country. We shall return
to the same policy, for tho same purpose, in
the present case. The only question is,
whether We shall adopt that policy as . pre-
ventive, or wait until the distemper has be-
come otherwise ncurable. am for apply
ing protection now. Nevertheless, / stand
alone. Congress is not prepared to raise the
duties on imports. All that remains for me
Is to do all that can TO prevent the reduc-
ton Of those duties.
| think, sir, that the restoration of the
business of railroad building to healthy
stata requires us either to leave il to work
out its own cure, or else To adopt a remedy
very different from what is here proposed--a
remedy which will stimulate production of
the raw material and Of fabrics BY manufac-
ture Any thing short OF this will fail to
give any tone to the general financial system
Of the country, now so much deranged. The /
troubles with which We are contending arose
from excessive importations. The project
before us tends to reduce duties, and so to
encourage and stimulate imports still more
Ii is a fever Of which we are sick. You pro-
pose to add fuel to the flame that is consum-
ing us.
Sir, will the railroad companies be less en-
barrassed three wears hence than they are
nowp Will they be sounder aud better able I
to pay then than now Is any thing more |
certain than it is, that, il you stimulate a fe- I
yer, the sufferer will ultimately be exhaust
cd Z II by this process the railroad compa
MES are pushed into deeper and more mex.
tricable embarrassment, the relief will have
failed. Then you must renew and extend
the credit for a longer period, or remit the
duties altogether.
But relief laws, always Objectionable by
reason Of the very nature, are doubly obiec-
tonable when they are partial and discrimi-
mating. Other branches of i dustry are en-
barrassed not less than the railroad interest.
Such Is the case, especially, with the wool,
interest md the IRON interest. They will
come to you for relief, also indeed they are
here now, impor,uning you FOR relief viii
you extend it to them No; for that in
wolves the necessity for raising duties, in
stead of remitting or giving n credit for them.
But these are as important and a. lneritori- !
,us rs the railroad interest. They create
wealth by converting unimproved resources
nto capital, while railroad companies create
10 wealth, but only favor its creation. | am
lot inimical to railroad enterprises through
Tut my whole public life have favored them. :
md share now the suffrage Of those who
nave come here TO urge this measure.
But cannot 60 for such discrimination /
Is this in their favor. 1t is actually loaning
hem additional capital. The miners and :
prgers Of iron in New Jersey, New York, :
Pennsylvania, and Virginia, want more cap
tai also. Capital is deranged in its h1w :
through all the channels OF industry aud |,
rade. 1t avoids now the railroad builder, 4
he wool manufacturer, and the miner and
of iron. You seek by this bill.
% direct it into the railroad channel again.
But in just tho same degree you would divert
I from the other channels. Other interests
complain, and justly complain, that not only
al the cmbarrassmcnts of railroad enterpri-
,es, but also NIL their own, result from TOO
much partlality having been already exer-
cised by Legislatures, State and National,
towards railroad enterprises. The usury
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 are now
enjoying the questionable advantages Of be-
ing allowed to raise money ut rates Of TWEEN
y, twenty five, thirty, or forty per centum,
in the money market, while the wool manu-
facturer, ana 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, thi, partial legislation which
has stimulated railroad building in such
degree tha,it has been carried to excess and
extravaganza, resulting in not only its own
embarrassment, but also in the universal do.
rapgement Of trade and industry.
see no necessity for adopting any tariff
plan. whatever, unless it be one OF protec-
lion 10 American agriculture and American
manufactures generally. Such tariff, sir,
YOU viii not now propose, nor will it ever be
sustained here until you are brought back to
I by not an Overlooking treasury, blu, an ex-
lausted one.
Financial Enba rn ssmemts...Lurwe
credits on POOR SECURITIES.
scgSE on BROADWAY, n. r., ocr. 7, 1857.
Young .imerica, with Il 81 bill, to the
PROPRIETOR Of an apple stall at the Park rail- :
ngs SAY, old woman, what's the price Of
arples?'
Well, sir, there are none better in n. Y.
ity. aud wlil let you have them at the rate ,
II thvpn fnr rx-sl