The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1869-12-23
TINKERING THE TARIFF.

serious doubts, that Congress can be blind
enough to assent to a reduction of the
duty on pig iron when its home manufac-
ture is increasing so rapidly not only in
Il older but also in our own and other
Northwestern States. We know of half
a dozen iron furnaces in progress of erec-
ZION in Wisconsin and many more in con-
femnlatien, one IN oar ostoa village not tc
omitted.
If the price of iron is to be reduced
let it be by competition among our own
manufacturers, but may it never be ac-
complished by free importation. The
latter is mere delusion; we have exper-
fenced the same reduction of the tariff
years ago as we can wellremember, when, as
soon as the home enterprises of iron
manufacture had been destroyed by free
importation and cheaper foreign labor,
the price of foreign iron advanced at once
until it reached higher rate, than it
ever had held under protective tariff
Cur iron manufacturers became bank
rupt, our miners starving, and the for
eign manufacturers and importers rich
and overbearing on American misery.
The Tribune says that if there lie one
among the many excellent suggestions
embodied in the Presidents first Annual
Message which above all others stamps
him man of practical good sense. it is
that in which he counsels Congress to let
the Tariff alone until the arduous task of
finding our great National Debt at
lower rate Of interest shall have been viz
tually accomplished. IF that Debt were
OF moderate amount, we might easily
fund it at four per cent: its magnitude
alone renders the task ono calculated to
tax the resources of a master of Finance.
1t is only by making Z. S. bonds scarcer
aud scarcer in the market that we can
hope SO to appreciate them that the hold
ers must either accept lower rate Of it
interest or give place to others who will
If we can keep on buying and retiring
Two Millions of bonds per week, we must
soon be able to fund the residue at low
rate, SO far as they shall be subject to re-
demption The advance of their price
in London directly on the receipt Of the
President Message foreshadows the re-
suit Of hearty concurrence by Congress
IN the leading suggestions of the Execu-
tive.
1 bountiful Revenue is one vital con-
dition precedent of the funding in ques-
ton; for without such q Revenue the
purchase and retiring of bonds must soon
be arrested. Our present Tariff and In
ternal Taxes afford the weekly and month
~ income requrired-very nearly Twenty
four Millions per month Of these, Ten
Millions (gold) are required to pay the in.
terest on our Debt Over Two Millions
more are required for Pensions; the cost
of running the Government cannot be
brought below Eight Millions (currency)
per month more; so that barely Four
Millions per month are left to be employ
ed in buying up the principal Of our
debt after the surplus in the Treasury
shall have been drawn down to its proper
level. This is as will answer. The In
come Tax expires by limitation with the
year just before US if renewed, it will,
as Gen. Grant recommends, be reduced;
So that, until our Debt be funded, and
the heavy burden of its interest Iightened,
We have no revenue to spare, and We beg
Congress not to let any go. Fund the
Five Twenties at four and a half per cent.
ut should be FOUR, and we shall have
Twenty Millions per annum saved by that
process and we can reduce our taxes by
that amount, yet keep on paying off Debt
as before.
We understand that the House Com
mittee of Ways and Means have substan
italy agreed that the right thing to do
with the tariff. when the time shall have
arrived for doing anything, is to extend
the Free List. That seems wise conclu-
sion. A very long list may be made of
articles now subject to various duties
which together afford very little income
30 the Treasury, while the trouble and ex-
pense of assessing and collecting duties
upon them is very considerable We pre-
sumo hundred articles might be added
to the Free List without reducing the net
receipts from customs; and two hundred
more at cost of but a few Millions of
Revenue. At proper time, we shall ia
vor and urge such extension of the Free
List.
Shall Coal be placed in that list?
We hope it may, for reasons quite
other than.those commonly urged by the
advocates of Free Coal" New England
will obtain some Coal from Nova Scotia
a little cheaper than she now does; our
GasCompany rings" will make little
more money out of their Nova Scotia
coal mines than they now do but that
they viii give to their customers either
cheaper or better gas, this depenent, not
knowing, can't say. Southwark and
westward of the Delaware, Free Coal''
will amount to just nothing at all, save
the loss Of $3.50, 900 per annuIn to the
Treasury.
But so monstrous have been the miss
statements and popular delusions with