The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-12-07

benefited by the reduction At all events they hays not
been preserved from the general calamity which has come
upon the producers and manufacturers VI similar articles
in our own country.
The importatons for the fiscal year ending June 80
1855 the first and only year OF the present tariff amount
TO S2S2 Gj $50, being S7s2I699l less than the mpor
tations Of the last year OF the tariff of 1876.
These two fts alone furnish strong refutaton Of the
theory We combating.
For the purpose, however, of more thorough exami
naton of the question propose TO consider the opera
tous Of the iron interest during the period have
selected iron for two t 1t Is one OF the most
important interests in tie country deserving the care
and protection of the government to great extent
any other and secondly, because it has suffered as
much, If not more than any other Interest from the
recent revuson.
BY reference to table six appended TO this report it
will be that the importation OF iron and steel of all
kinds amounted, in the year ending june 80, 1884, to
S25, ,954 Ill. In the year ending June 80, 1858, it
amounted to SIC 1928 O39 being reduction Of 50 G26,
02 This reduction is accounted for in part by the
duced prices of the last year but there shown by the
same table large reduction in the amount OF imported
iron and all manufactures of iron. Whatever cause,
therefore, have produced the great depression of the
iron interests during the last year. il is very clear that it
is not owing to increased importation OF foreign iron
vnder the act of 1851 IT. alleged the price of iron
in this country had been reduced by the increased import
atons caused by the reduction of duties, then the price
of the article in those countries from which we import
ought to have been bencfcally affected comparison
of the prices in this and foreign countries during the last
year will show that such not the fact the price fell
not only in tue United States, but in Europe also The
price of pig iron board at Glasgow, December 81
1856, 74s. 0d; December 81, 1857 52s. Cd
being decline of twenty nine per centum The average
price at New York. for January, 1857, was SIS for Jan
uary, 1853 $40 so showing decline OF eighteen
per centum. The difference between the highest and
lowest prices in New York for the year 1857 being S3
in April 1857 and S23 in December is less than twenty
six per cent whilst the difference between the highest
and lowest for the year at Liverpool was thirty per
centum.
The average price of bar iron at Liverpool for
January, 1857, was --------.-- q
The average price of bar iron at Liverpool for
january, 1858, was s---------------~- IL 9
Difference Is per cent.
The average price of bar iron at New York for
January, 1857 was ------------------- S55
The average price of bar iron at New York for
January, 1858, As
Difference nearly I3 per cent
Now, it will hardly be contended that reduction of
six per in tariff depressed the price of iron in
Glasgow and Liverpool. The argument of the protec-
Zionist contemplaes different result These facts show
that the prices have bee well sustained in America
in Europe and that the depression which occurred must
have been brought by common to both coun-
tries and independent of the tariff of 1851 1t may be
sd that the prices in America would have been better
sustained with higher tariff by excluding the importa,
ton OF iron England the low prices ruling there
The is that the price of any commodity falls in
the markets of the world, people, consumers,
entitled to the benefit of the reduction and it is not Just
that the price should be unnaturaly sustained by egs
lation
This is especially true when the have pro-
duced like decline in almost every important product of
country.
most reliable accessible in the absence of any Off
ca record showing the average price for the three last
fiscal years and for each month of each year in the mar
ket of New York of number of leading articles. From
this table it viii appear that from the year ending June
30 1857 to that ending June 80 1853 there was de-
cline in leading articles as follows viz