New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-06-16

whether he is not much in error when he urges
upon tho country the readoptiOn OF that
enlightened British free.trade system under
which Northern population has been repealed
from the work OF developing Southern mineral
wealth, and thereby strengthening the freedom and
Union-loyiug tendencies Of the most valuable pOr-
ton of the Southern people.
Anxious that no shall give 10 the subject the
consideration demanded by its vast importance,
we further ask of him that he shall accompany US in
the following brief sketch of our commercial and
financial history, for the last half century, belev
log that careful study of the facts is all that is
required for satisfying him that the Morrill,
tariff is not only neither I" suicidal" nor
" absurd" but is, on tie contrary, the very
tariff whose permanent maintenance is the one
condition On which alone our Union can be
maintained.
The period from 1907 to 1915 was one Of al
most entire non-intercourse with Europe, and
manufactures had, therefore, grown host rapid
ly, making market at home fsf hc products
Of the earth, and enabling cofSimers and pro-
ducers to take their places by each others side.
AS a consequence of this it was, that alter the
close of the war there existed, throughout the
country, degree of prosperity such as had never
before been known. Farmers aud planters were
rich, for the prices they obtained were great.
Mechanics were prosperous their services beng
everywhere in demand. The revenue was large,
for the people could afford to pay for the
products OF foreign lands The Government was
strong, for it was rapidly diminishing the public
debt.
Less than two years later, however, the scene was
changed, the duties on imports having then been
much reduced, and ad Uaiortm duties, to ctrsid-
cradle extent substituted for those which had been
specific. The consequences of this speedily e1-
bibted themselves in the extensive closing OF manu-
featuring establishments the decline In price OF
the products of the farm and the plantation, and the
ruin Of farmers aud planters-in the diminished
demand for labor-in the growth of paupersm-in
the export of specie-and in growing public debt.
Free-trade had found the country. in 1916, in
state of high prosperity but left it almost ruined
With the year 1924, there came partial change,
followed, in 1923, by Il more extensive one, the
Government then changing its policy from free
trade to protection. Here, again, the effects
were speedily seen, in the revival of manufactures
in the demand Tor the products of the earth, in the
import of specie, in an increase of the public
revenue, so great to require the emancipation OF
tea, coffee and other commodities, from all contr-
button to the public revenue, IN the inal extinction
Of the public debt in general prosperity, public
~, f..i,p tbrpfulput
munity, OF strength ard power far exceeding even
that which followed the return Of peace, in 1915.
Again however, in 1894, the system was changed,
provision having been made in 1898 for the gradual
passage from protective TO merely revenue tarit,
the last stage of which was 10 be- reached In lcH.
Enormous foreign debts were now incurred; and
the result was seen in tie insolvency of the
banks--the ruin Of mcrchants-the prostra-
ton of farmers and panters-the drain of
spece-the reputation of States--and the bank
ruptcy Of the Treasury-tke Government itself
being reduced to the Of incOnyertlblc paper
money, as the only means by which the ma
chine of State could BE- kept in notion
Once again, in 1o4., the system changed;
highly protective tariff having been substituted
for the revenue one of IStl-2. Foreign debts
were now paid off; banks now resumed pay
ment; merchants became, once again, prosper
GUS; specie flowed in; States became again able
to collect their taxes, and thereby redeem them
selves from the disgrace OF repudiationi aud the
revenue increased rapidly, while the peaceful
policy of the country greatly facilitated reduction
of the public expenditure. At no period in the
history of any country had there existed so higa
degree of confidence in the future as was
found here existing at the moment when Mr.
Dallas gave his casting vote in favor of the
revenue act Of August, leiG.
by that act the system was once more changed
protection having been abandoned, and the tariff
having been adjusted with reference to revenue
alone. 1t has now been in existence nearly
fifteen years-yesrs characterized by an amount
of instability and uncertainty in all commercial
affairs, almost equal to that which existed in the
period which embraced the embargo and non
intercourse acts and the war which followed.
Banks innumerable have been created. Prices
have risen and fallen repeatedly--the changes
having been great almost beyond any previous
precedent. Flour and cotton have, ct times,
been lower in price than had ever before been
known; while, at others, they have exhibited a
tendency toward rising 10 the point at which
they had stood at the passage Of the iIee-trade
act of lclG. The result is seen in the facts that
manufacturers and merchants are ruined-that
thc number of persons unemployed is great be-
yond all former precedent-that our ships are
Of b
TO suspension--that We have now foreign debt