The Cleveland leader. [volume] (Cleveland [Ohio]) 1865-1865, 1865-09-08

repudiated payment of their debts; tn
Treasury was unable to borrow 8 dolla
except at high rate of interest; and bank
ruptcy among merchants and traders wa
80 souniverssl that Congress found itself com
PEELED soon after to pass q bankrupt law
Again, and for the third time protection
was restored by the passage of the tariff
Act of 1912. Under il, in less than five
years, the production of iron rose from
220, 900 to 100000 tons /; and so universal
was the prosperity that large Sc was the
increase, it was wholly insufficient to meet
the great demand. Mines were every
where being sunk. Mills were everywhere
being built. Labor was in great demand
and wages we're high, as consequence OF
which immigration speedily trebled In its
amount. Money was abundant and cheap,
and the Sheriff found but little work to do.
Public and private revenues were great
beyondA al previous precedent, and through
out the land there reigned prosperity
more universal than had, in the whole his
tory of the world, ever before been known.
Once more in 1876, however, did the
Serpent-properly represented on this oc-
casion by British free traders-make his
way into Paradise, and now dozen years
elapsed in the course of which, notwith-
standing the discovery of California gold
commanded rate of interest, higher, as l
believe, than had ever been known
In the country for 30 long a period of
time. British iron and cloth came in
and gold went out, and with each
successive day the dependence of our farm.
ers on foreign markets became more COM
plete. With 1857 came the culminat alton |
OF the system, merchants and manufac. |
turers being ruined; banks being compell- |
ed to suspend payment; and the treasury |
being reduced to a condition of bankrupt
cy, nearly approaching that which had ex.
isted at the close of the free trade periods
commencing in 1917 and 1884. In the
three years that followed labor was every
where in excess; wages were low; emigra-
tIon fell below the point at which it had
stood twenty years before the home mar
ket for food diminished and the foreign one
proved 80 utterly worthless that the whole
export to all the manufacturing nations of
kurope, as have already stated, amount
sd 70 but little more than $40, 600 q
year.
The rebellion came, finding our people
public and private revenues
declining, the Treasury empty, and the
public credit greatly impaired. With It,
however, came the power once again, and
or the fourth time, to obtain protection for
he men who hsd food and labor for which
hey needed to obtain q market. That
protection has now endured for but little |
more than four years, and yet, so marvel
Gus have been its effects that while It has
nabled us 70 give to the government nearly
our thousand millions of dollars, it has
o largely added to the value of land and 1
Abor that, notwithstanding the destruction
f property at the South, the nation as q
Vhole is this day almost twice as rich as it
ver was before.
The history of the half century that 1
ave thus reviewed may now more briefly ,
hus be stated:
Protection, as established in 1913, 1928,
842, gave, as that of 1851 is ready to give,
Its free trade successor: Great demand
'r labor; wages high and money cheap;
ublic and private revenues large; immi-
ration great and steadily increasing; pub
C and private property great beyond all
reVious precedent; growing national in
ependence.
British free trade, as established in
BIZ, 1854, ls46 and 1857, bequesthed to
5 successor: Labor everywhere seeking to
wages low and money high; !
ubllc and private revenues small and de- :
reasing; immigration declining; public I
nd private bankruptcy nearly universal c
rowing national dependence. t
Such is q history of the past Let our s
lrners seuuy n 6n0 Ipey NIfIj or111I15 = =
ndarsfRnd the eanses of the pros perity of /
he present. That done, let them uGSvr- I
lihe for themselves whether they go for !
ard in the direction of individual and | !
AtionAl Independence, or in that of grow
lg dependence, both individual and ma 7
onal q
Wishing you much success in your ps- t
'iotic efforts, remain, @
Very truly, yours,
HENRY O. CAREY.