The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-12-07

tectioniss is wholly at fault The rcvulsion
fined to the United States to this continent 1t
swept the world, and felt with equal and per
hdps greater severity in other countries than our own
These results have been too universal to have been
brought about by reduction of about twenty per cent
upon the Of duty in the United States being
ductiOu of about five per cent upon importatonS
The argument OF the proec onst' Is that reduction OF
our duties stimulates the foreign trade ana III TINS IN
its legitimate effect should have been to relieve the
cmbarrassmcnts of the countries with whom trade by
opening larger market for their prodnc-
tons They charge that the increased i'm
portations of foreign goods into the country
ducer and manufacturer by deprving them of the mar
kcts Of their county. Such is the theory of the
protections Let apply it the facts which have
transpred under the operations of the tariff of 1857.
The foreign producer and manufacturer have not been
benefited h the reduction Al all events they have not
been preserved from the general calamity which has come
upon the producers and manufacturers Of similar articles
in our own country.
1855 the first and only year of the present tariff amount
to being $7S2IGS9t less than the mpoFta
These facts alone furnish strong reutation of the
theory combating.
For the purpose however, of thorough cxamina-
ton Of the question propose TO consider the operations
of the iron interest during the same period have
ectcd iron for two first, it is of the most
important interests in the country deserving the and
protection of the to great extent
other and, secondly because it has suffered muCh
if not than any other interest from the recent
vulson
Hy reference table C. appended this report it will
be that the importation of iron and steel of all kinds
amounted in the year ending June SO 1857 to S5 95I Ill
In the year ending June 30. 1883 it amounted to S1G32S
O39 being reduction of &962G072 This reduction is
accounted for in by the reduced prices of the last
year but there is shown by the table large reduc
ton in the of imported iron and all manufactures
of iron. Whatever therefore may have produced
the great depression of the iron interest during the last
wear clear that it is owing increased
importation Of foreign iron under the of 1857. IT,
alleged the price iron in this country had been reduced
by the increased mPorations caused by the reduction of
duties then the price Of the article in those countries
from which we import ought to have been benehcaily
affected. comparison of the prices in this and foreign
countries, during the last year. will show that such
the fact the price fell not only the United States
but in Europe also. The price of pigiron, board at
Glasgow, on December 81, 1856, 74s.; December
81 1857 SIS cd being decline of twenty nine per cent
The average price New York for January. 1857
s25; for January. 1855 s2050showng decline of
eighteen per cenum The difference between the highest
and lowest prices in New York for the year 1851 being
s3l in April 1857. and $23 in December, is less than
twentysiX per cent, whilst the difference between the
thirty per centum.
The average price of bar iron at Liverpool for
January, 1897, was. ACKNOWLEDGEMENTS. q
The average price Of bar iron at Liverpool for
January 1898, was'........ ..............'.. l. Z
Difference, Is per cent
The average price of bar iron at New York for
January. 1897, was. aS........................ $50
The average price of bar iron at New York for
Difference, nearly 13 per cent.
Now it will hardly be conended that reduction Of six
per cent in tariff depressed the price of iron in Gas
Cow and Liverpool The argument of the proectonst
contempates different result These facts show that
the prices have been as well sustained in America as
in Europe, and that the depression which occurred
must have been brought by common to
both countries and independent of the tariff of 1851
1t may be said that the prices in America would
have been better sustained with a higher tariff,
by excluding the importation of iron from England
at the low prices ruling there The is that if the
price ofany commodity falls in the markets of the world
people, entitled to the benefit of the
reduction, and it is not just that the price should be
naturally sustained by legislation
This is especially true when the same causes have
duced like decline in almost every important product
of our country.
table is appended (marked s. compiled from the most
reliable accessible in the absence of any official
record showing the average price for the last three fiscal
years. and for each month of each year the market of
New York of number of leading articles. From this
table it will appear that from the year ending June so,
1857 that ending June 80 1858, there decline in
leading articles as follows viz: