The New York herald., 1869-01-07

answers the objection that holders OF bonds &C,
VIII call In loans and renew them at higher rates;
now really charged for in loans and therefore the
rate OF interest for deprecated paper is always
REDUCTION or TAXATION.
Under this head, Mr.. Wells argues on general
grounds In favor OF discriminating by taxation for
the protection o. special interests; but adds nothing
new to the familiar arguments for this notion and
gives no iacts to support them.
Mr.. Wells has collected sone interesting statistics
ON the comparative wages paid IN the United States
and In Europe. These are given In an appendix 70
text. = 'A' 'pso'S ''' 'A''ss
Manutact,se or cotton.-Ayerage excess Of wages
paid In the Uuited States In 1857, those paid for
corresponding labor In Great Britain lbotn in gold)
35 Y por cent
a reduction having been made in the wages Of
some operatives In cotton mills during 1853 or
i've per cent, the excess over the average rates
Rad IN Great Britain Is thereby reduced to as7 per
In Belgium. from an examination OF less complete
data, the average depression In wages, as COM
pared WIN The United States appears TO be about As
In France. the average weekly earnings in manu-
factories Of cotton are as follows:--Men, 81 q;
women, 50 81; boys, 81 cents, and girls, 81 04. In
Paris tne average weekly wages OF adults y lAoa
wages paid in w0ollen mills of the United States In
1868 over those In Great Britain would appear to
be about e5 per cent I24Ss per cent?; and IN carpet
IN Making Firearms the wages In the United
states s are 90 per cent more than IN England and
los per cent more than in France, while the rates
ia England are "a per cent In excess OF those In
France.
Iron Founding ana Machine Budding g--Average
excess In wages paid In iron foundries and machine
shops in the United States in 1S67-s, over those
paid for similar labor In England. So per cent.
SIS; In New York. Sc 50; New Jersey, Sc: Eastern
Pennsylvania So; Western Pennsylvania, SO IS; in
Western States g 50; average price In currency,
50 l2H. Average price in gold, United States,
81 37H; England, So 37L: Belgium, 81 20. W
COST OF PRODUCTION. .
Mr. Wells shows that no legislative protection can
restore the producer In this country TO level with
European competition. The productveness OF in
dustry is one Of the most essential elements or ma
ti0nal prosperity, and is that which gives England
her superiority to the Continent. lie asks polntedly
II American labor has no superiority, even to Eng
lishY The protection 1t needs IL sagacity energy,
economy and the nse. to the utmost extent Of Its
natural advantages.
neutralzed all these advantages. 1t has raised the
price Of coal and raw material, and 1t has offered
Dountles TO incompetence and bad management.
ducts which have lately claimed protection do not
need 1t at MI. 1t has destroyed foreign commerce
the immigration OF skilled labor. In short, and on
the WHOLE 1t is plain that what the country needs ID
tariff looking iirst to the attainment Of public rev.
enue and not primarily to The furthe rance OF mere
private interests.
THE FUTURE OF AMERICAN INDUSTRY.
Under this head Mr. Wells points out some of the
considerations which point TO an immense and
rapid development, from natural causes, Of the pro-
ductlve industry OF the country as inevitable. 1t
win come by the demand Of the world, and espe-
ciay OF our own increasing population, for the pro-
ducts Of that industry, and not by legislation.
8 RECOMMENDATIONS
The Commissioner adds
With these feelings and convictions he would
therefore prove untrue to his trust did he not here
enter his most earnest protest against any further
general increase Of the tariff but would the con-
trary, recommend
FTrst--An enlargement Of the free list.
Sec0nd-A reduction OF some rates OF duty, and,
as an exception, an increase Of few others, with
view to the increase Of the revenue.
Tntrd-A reduction Of some rates Of duty with q
view to an absolute abatement, on the simple ground
that the reduction OF q duty Is the reduction OF
tax. and that the most etAclent method Of protect
ing home industry Is by the removal Of obstacles in
the form Of taxes.
FOurth-The conversion to the utmost possible
extent Of the present ad vaorem duties into spe-
clfics as the only practicable method Of insurlng
certainty and equality In the assessment OF duties
and the prevention OF undervaluatons and the ab-
rogation Of the privilege which enables returning
tourists to import free Of duty, an amount Of goods
corresponding TO their real or supposed social pc.
sittOn.