Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1858-01-14

proper to charge all our present financial and
commercial distress TO the Banks and their
management. However much they may have
contributed, other causes have operated still
more directly and powerfully to produce these
results ; aud among them first in Importance
aud influence is the present system of low du-
ties in connection with the warehousing sys-
TEN, adopted as the policy of the General
Government in 1916. The abandonment OF
the protective policy, as embodied in the Tar
iff 1912, was resisted by Pennsylvania with
unaminity almost unparalleled in her history.
Her representatives in both branches of the
National Congress strenulouSly opposed the
repeal of the act. The evils under which We
are now suffering were predicted, as conse-
quence of such repeal. But other counsels
prevailed, the act was repealed, and the in
lustry of the country exposed to ruinous
competition with the cheap labor Of foreign
nations. The disastrous effects of the repeal,
were postponed by the operation of causes well
understood by every intelligent citizen. Fam
inc abroad produced an unprecedented demand
for our breadstuffs, aud the gold of California,
although il may have added to the excitement
of our progress, and contributed its full share
in producing existing financial and commercial
embarrassment, in millions, supplied the means
of paying the Overwhelming balances against
us on foreign importations. Under the pres
ent system of low duties, the excess of imports
has been beyond the most extravagant wants
of the country. They have been enormous
and ruinous-destructiv of domestic industry
and involving the home manufacturer and
home labor, IN one common ruin. We have
imported more than we could pay for, and
FL, Id 1-
in iron ore. Iron and its manufactures are
Justly regarded as important elements of her
material wealth and from her abundance, if
properly fostered and protected by wise ma
tional policy, could supply the markets Of the
world and yet, since the passage Of the act
of 1916, we have imported of iron and steel
and their manufactures, more than two hun
dred millions of dollars in value paid for in
gold or our bonds and stocks, now held by for
eign cap.taliStS-the interest on which but
adds to the burdens imposed upon us by our
foreign indebtedness. The same is true OF
many other important branches of home indus
try. Many millions in value of cotton and
wooden goods have, during the same period
been imported, that should have been made in
our own workshops, should have been woven
on American, and not on British, French, or
German looms
As an example Of the practical working of
the system, official documents exhibit the fact.
that during the past four years the imports of
foreign merchandise, exceeded our exports one
hundred aud eighty-four millions two thousand
seven hundred and Sixty-eight dollars and
as a consequence, the drain OF the precious met
ais was corre>pondingly great The amount
of specie sent out of the country during that
period, was two hundred and thirteen millions
three hundred and eighty four thousand three
hundred and siXty-four dollars-specie import
ed twenty-six millions nine hundred and twen-
ty-sevcn thousand four hundred and twenty
seven dollars leaving a balance against US
on specie account OF one hundred ard eighty
six millions four hundred and thirty-siy thou
sand nine hundred and ffty-Seven dollars
This depicting progress, aggravated by eyces-
siye importations, unsettled the currency and
induced all inflated paper circulation, result
ing in bank suspensions and financial embar-
rasSment. Bat the evil does not end here
An inflated paper currency, by ,heapening the
price of money, increases in this country the
cost of production and thus, whilst the Amer
lean Manufacturer is exposed under a Sys-
TEN Of low duties, to a ruinous competition
with the cheap labor of Europe, he is paid for
his goods in a currency less valuable than that
paid to his foreign competitor. As a necessa-
" result the home fabric is driven from the
market, and the home manufacturer ruined
The operation of these causes, stimulated by
low duties. is sufficient to destroy the industr-
al energies of any people
With these facts before us. it is matter
of no surprise that our mills, factories and fur
IL I ~ i,
est laborerS thrown out of employment that
commerce has scarcely an existence that
bankruptcy and ruin are around US, and our
general prosperity paralyzed. To avoid these
disasters to which we have been periodically
exposed reform not only in our system of
banking, but id our revenue laws, become in
dispensibe
If the principle of the act of 1912 had
been preServed-even if its rates of duties had
been reduced, our specie by millions would not
have gone into foreign Golfers to build up and
sustain the foreign manufacturer home indus
try would be prosperous, and the cry q we
want work, issuing from a thousand lips, in
our large cities and manufacturing districts,
would not be heard NOR would foreign debt
of nearly five hundred millions of dollars eX st
to Startle and alarm US That system that
practically prefers FOREIGN TO HOME LABOR
that keeps our workshops in Europe, instead
of building and supporting them here-that
takes our gold away to pay wages Of the Brit
sh aborers, whilst our own are without en-
ployment and without bread that fills the
country with foreign merchandise to the ex-
clusion of the home fabric that LAYS the Br-
tish rail upon the road through our iron dis
trcts aud by our rolling mills, whilst they are
silent and deserted, and that invites to spec
sulation aud extravaganza is at war with every
true American interest and should be at once
abandoned
A period of low duties has always been
marked hY eycasSiEa nrtatinns=nEertr rad-