Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1859-03-09

thc production has ina ivtvhud bat abou
ono hundred aNd v,uNty.nte thousan,
tons per nnuum whilst tho consumption
ranges from two hundirduu hny 10 thp,
bundled and h0y thousand TONS III,
inNuDuca ol the home production is
therefore, not so effective nt present ns d
will uc hereafter but weak us This inter.
vst b., % is IDLE Co pretend that the hom,
production hus no influence upon th,
market, on that were it finally suspended
and the duties removed, foreign railroad
iron Of equal quality could bc purcl a.ct
twenty Hour per cent below tie pcsnoI
rates. As 10 all other kinds Of iron IN,
case would be still stronger
The truthlulncss OF this po,ition has fro
puently been illustrated IN the operation
Of the sugar trade. Tho effect OF a short
crop in LOUISIANA has always been to put
up tire price on the consumer. There ha,
been no exceptions to this rule In 1912
with good crop, the price was three and
half to four cents per pound, In 1855
the crops fell off partially, and the price
rose 10 six and six and R-half cents per
pound. In 1856 and 1858 the crop fell OIL
still more, and the,price rose to nine and ten
cents. A,demand for one or two millions
of pounds in the West India market has
always advanced the price; and it is idle
20 pretend that, should we make demand
on England for one third of her iron, the
price would not be enhanced. But, as the
production of iron does not depend upon
the season, the home supply never fluctu
ates 10 such extremes, though the prnci
pie still holds good and in case of such
huctuation the a3 yui9rcm principle oper-
ates severely on the consumer. For in
stance: the home crop or production hay
ing failed, and the foreign article having
advanced to very high price, the Govern
ment at that point, under the operation
Of the al ralorcm charge, advances its de-
mand TO the highest sum- and the consul
mer must pay accordingly. If, on the
other hand, the prices were very low, the
Government would reduce its eXactiOns in
the same ratio, and then the producer SUI
iers. | know it Will be said that it is very
unfair that the consumer of iron, or any
other staple article, should pay high prices
when the general products of the country
decline in value and this position would
seem to be well taken, were it not that
the whole history of business revulsions
prove that, under their operation, the
price of the home article recedes to a far
greater extent, regardless Of foreign rates.
The objection has great force, when applied
to articles not produced in our own coun-
try but when we have a large home pro-
duction, the price invariably declines
enough to relieve the consumer; but a
fixed duty may save the producer from
destructed by checking foreign importa-
ton, Take, for instance, the late revulsion
and who does not know that the price of
Iron and other staples declined from do
mestic causes, in no way connected with
the rates of duty on the foreign article2
Alter speaking at some length in rela-
tion to frauds upon the revenue, agreeing
with the President that specific duties
were the best means of avoiding them,
he proceeded as follows
But, sir, hold that the strongest claim
which the manufacturers have upon incl
dental aid, from our revenue system, is
found in the damage resulting to them
from another policy of the Government,
over which they have no control. have
reference to our system of currency which
the Constitution intended should be coin,
but which has degenerated into a system
Of paper money based upon a small per-
;entage OF coin. The Committee on Banks
and Banking of the Legislature of Massa-
,husetts, in report of recent date, on
This point, have justly and forciby said -
The tariff and the currency are kim
sred subjects, which act and react upon
zach other and no financial system of any
country can be successful which does not
combine and cause them to work in har-
nony."
And again, speaking of paper money,
hey say -
AS 1T increases in quantity its STAN
dard depreciates in value; it stimulates
an unsafe competition of all industrial pur-
suits by an imitation of prices it deprives
the American manufacturer OF every ad-
vantage to be derived from q tariff inciden-
sally protective, because the foreign manu-
facturer is enabled to pay our duties and
still sell his goods here at higher prices
than in the home Darket, which are in
turn to be paid for in exports of gold and
silver"
Truer sentiments never were uttered.
Mr.. Presidents and this is testimony from
the right quarter. If the people of Mass
sachusetts do not understand this uues-
tion, no other people should be expected
to do so, for they have had great experts
ence in manufacture and in cLrrency.-
But it is beyond dispute, that the mani
fest tendency of this Fictitious currency is
TO beget exorbitant nominal values, the
consequence being that the price of every
element entering into manufactures bears
higher value than in Europe, whilst can
ital is dearer by from two to four per cent.
and the nominal cost of the articles pro-
duced is swelled in the same ratio. The
producer must be paid for all this, and a
profit besides or he will fail. 1t is too
clear for dispute, that the American manu-.
facturer is paralyzed to no inconsiderable
extent, by the operation of our monetary
system. 1t was we'll said by the NJ lssa
chusetts committee, that it counteracts. TO
great extent, the aid which the manu-
facturers receive fiom our revenue laws
In this alone, Mr.. President, is foundltheir
strongest claim to the benefits of a dis
examination in fixing the rates of duties.
1t may be said that this system of cur
rency damages the apriculturist also and