The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-05
THE IRON INTEREST or THE UNITED SrATEx
Combined Movement Of the Iron
Masters.
Meeting of the Pennsylvania League
in Philadelphia.
SPEECH OF EX-SENATOR e00PRa,
d., &c., &c.

On Monday evening last a meeting Of the leading iron
masters of Pennsylvania secretly convened the
rooms of the United States Iron Masters Association N
Philadelphia for the purpose Of consulting upon the pros
poets of the iron interest in this country and initiating
programme for consolidated movement of that interest
throughout the United States.
The meeting select in its character, and many d
the leading in the trade present The object
of the meeting explained in address by Hon James
Cooper, which follows
MR. PRESIDENT GKNTIEMM:-Nothing is more naAa-
raj or proper than to look back and inquire after having
experienced series Of disasters whether they such
in the nature of things unavoidable, Of class
which wisdom and prudence might avert. Such retro
spect may be useful-in event can IL be hurul. In
he brief space Of my life have been witness Of
several periods Of depression and prostraon the bust
of the country, general and paraly zing in thor
effects upon industry and to be regarded "a
veriable calames Two of three Of these periodic CON-
yulsions-al of which have occurred within the memory
of younger than am-took great majority Of thu
community by surprise, though they were not unlocked
for by wise and clear sighted men The first Of thess
disasters following closely upon the heels Of last
with Great Britain, was seen IN the distance and its ap
proach generally anticipated When the war commenced
less than thirty had elapsed since the close Of the
Revolution The mechanic arts were still in their in
fancy; manufacturing, as manufacturing is now under
Stood had no existence; our agriculture had beea
neglected, and commerce driven from the
heavy debt had been contracted direct taxa
ton had been resorted 10 in order to pay it, tho
of the country and the natural elasticity and hope
fulness OF the American were still but little understood
we imported more than exported But the pros
traon of business and industry of long DURATION
and forgotten in the tide of prosperity which
flowed in upon all sides. Agriculture revived tho
mechanic arts prospered manufactures of various kinds
were established and the American flag protecting Ameri
commerce. oated posperousy the brcezes every
sea. Exulting in restored prosperity stimulated ~
awakened energy, the force Of which not yet fully
comprebended either by herself Others the country
entered fairly into the race for empire with the nations
this first of the three disasters which have
cessively experienced generally anticipated Not So
however, with either Of those which followed it. Their
approach foretod By no sign of which the country
generally took To the unobservant eye the prospect
was bright and full of promise Nothing seemed to augur
that danger nigh; but all at once like the destructive
storms which sometimes burst upon tropical countries in
the summer, without montory cloud to announce their
approach the crash came, overwhelming thousands who
believed themselves in bankruptcy and ruin. In
1887 the next storm taking the country by surprise
It's effects caamitous Industry OF all kinds was
prosrated public and private credit fell together; banks
suspended pay ent broke the farmer was with
out market for his products and the laborer without
employment. Distress and suffering were universal II
the disaster which preceded it sudden and unex
pected the relief which followed IL was complete and
instantaneous Credit was at once revived; industry
started into fresh and vigorous life labor found immediate
employment and ample remuneration business everywhere
became productive and prosperous and the people happy
Such the miracle wrought by the enactment Of law
which, in protecting industry restored confidence. The act
Of 1S46 followed and though unwse in subvertng the spcc
c system of duties established by the act of as we'll IA
In ohcr respecs its unavorabe operation counterac
ed, both at home abroad hy a state shngs
gcther unforeseen and independent Of the act itself The
country, however owing to the state of things
toned and to it's inherent and energies,
which even unwse laws cannot wholly break down or re-
press when other circumstances favorable
main prosperous from the time business revived 1872
period shortly before that of the disaster through
which have just passed The revolutions of Europe
of 1848 and 1849 the famine which preceded them and
the between Great Britain and France the one
hand and Russia the other had postponed counter
acted the pernicious effects which the scale of duties
and ad vaorem principle established by the act of 1886
were certain sooner or later to produce The reyoa.
tons having ceased and the ended industry returned
to its customary channels This being the case agricul
tura products were no longer needed TO feed the bege
rent armies ships no longer required to transport
merchandise England longer obliged resort
the ranks of her aborers to recruit the ranks of hcr
army The thirst for gold which had induced large
numbers of her laboring population TO flock to Cali
iorna and Australia had been slaked in disappointment
and hardships. War and emigration being both at an
end England able not only to supply her wants.
but to produce surplus, with which she
markets 1t in this state OF things that the perni
cous effects of the act Of 1885, and its supplement of 1857
first became fully manifest The evil day had Tho
immense foreign debt, estimated at the time of the late
revuson at $500 coo 000 which had contracted for
railroad iron and other commodities was becoming trou
blesome The foreign creditor would longer receive
payment of his interest in railroad and municipal
bonds he had been in the habit Of doing past
In addition to this, the imports had for number Of years
largely exceeded the exports, leaving balance of trade
against this country annually amounting many mil
lions Of dollars To this adverse balance of trade
and the interest our immense foreign debt 1t became
necessary to ship specie The effect of this soon became,
visible at home The banks curtaed the facilities which
they had previously afforded matter Of obedience;
but too late to prevent the suspension of September
Of last year the prostraton and ruin which followed H.
have troubled you with this brief history Of the
which have visited the country at the periods
have mentioned for the purpose OF showing that they
all occurred under system of low duties assessed
the adj valorem principle. Whether these periodical
revusons have been the result of low duties assessed
principle which affords the least amount OF protection
when most is needed, question OF grave
the government well several OF the largest and
most important of industrial interests The that
dustry of the country have all under low duties
levied the vaorem system, and that the country
has always revived from their effects under the opposing
system, would seem to be conclusive that the former
if not the cause Of these disasters is at least useless
for the purpose of preventing them. II should also
suffice to cast the burthen of proof its advocates
to show in what its advantages the system of spe
cic duties consists. II is not, however, my purpose to
attempt 70 show in this connection, the superiority OF
SPECIFIC adj vaorem duties shall therefore dis
miss the subject for the present, to take IL up more
natural connection hereafter From the brief review
have presented of the successive disasters which have
visited the country It has been seen that righuuly
wrongfuy, have attributed them adverse balance
of trade which il was necessary to cqualze by the
portaton of specie. That large adverse balance Of
trade frequently occurring would he sufficient produce
such disasters no one will be hardy enough deny. To
show that such balance exists and existed
for a number OF years. and to suggest a means
for its prevention for the future, will be the
object Of my further remarks The whole value Of the
domestic produce OF the United States exported during
the year 1864 S252 0i s06 foreign produce exported
during the same year. 1913 74s making aggregate
of s275, 1920 The imports during the same period
amounted TO S3Ol s94 O9l The difference between the
aggregate amount OF domestic and foreign exports amt
imports S25 6T9774 The difference between the domes
tic exports imports is $40 466 2SS have selected
1854 because the difference between tho exports ami
imports greater during that than in preceding and
ceeding years. but because happened TO have reader
II than 10 others 1t Is probable that in pre-
cedng years the difference less, while succeeding
years greater. But the difference between 1894
and other years Affect the Argument, inasmuch
the balance has been largely against for number Of
years past. This adverse balance Of trade accommodating
from year to year at average rate OF $50 900 O00 must
be made good by the expectation of specie Nothing else
will satisfy our creditors The consequence OF shipping
specie in quantities Is that the country drained Of
the precious metals, the basis for safe banking
Ia narrowed, and the ability of the banks To
afford accommodations Is not only contracted,
but as a measure Of seifcefcncc they
PEELED 10 reduce their circulaon. This produces in the
first place u sirneency in the money market, and tho
next thing hear OF great mercantile failures which
beget alarm on the part Of creditors, distress amongst