New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-07-19
WHY DO NOT FREE TRADERS MAKE
JRONf

JRONf
We have for years pressed this question
upon the public attention, insisting that 1T de-
served an answer. Here are nearly half the
American people who are led to believe that
enormous profits are daily realized by the
American makers of Iron, especially of Pig
Iron. But this branch of industry is free and
open to all; and il is q simpler business to
run al iron furnace than TO work farm.
The raw materials-Ore, Coal, Lime-abound
on every side, and in almost every State; they
have little or no pecuniary value; and they are
owned by Free Traders as we'll as by Protec-
tonists 1t is n very simple matter to build
furnace or stack; thousands stand ready to
do it promptly and well; or. If you choose,
there are lots Of furnaces now out OF blast that
can be bought for less than their cost Sup
pose it to be true that the duty on Pig Iron
go per tun) is in effect q bounty to the pro-
Queer, enabling him to sell his Iron for nearly
or quite that amount over the cost Of pro-
ducing it, why do MT the Free Traders rush
into the business, share the profit, and ult-
mately reduce the price What is the reason
that Iron is an exception to the law of Supply
and Demand, which even FREQ Traders recog-
nize as operative with regard to everything
not affected by the Tariff
We have at length driven one of them to
answer, through The Erenin0 Post. Here is
what he says, and all he says, on the Main
Question
.The amount OF capital which must be invested in the
production Of enormous II II Is 90 be made profit
able II should possess an iron and coal region, aud
Those who nav have the dIsposton TO divert their cant
tai from other profitable employment have been often
told by PrOtectiOniss that the business cannot be pur
by duties upon mpors Of iron that are almost prohibit
tory; and that even with such Protection the rOn-mas
ters barely sustain themselves We do not believe
this impression IL correct. There are many facts which
tend TO throw dscred upon Il among which the great
facilities for It's production named IN Mr. Greeleys
capital is ali proata6y invested and they have methods
OF producing iron by exchanging American agr
cultural productions for II In foreign lands where cotton
rice wheat beef pork cheese -four, and other farm
try they prefer 10 keep their capital employed as i IT,
depends entirely upon the patronage OF Government II
they should be persuaded, coaxed Jeered shamed, or
driven into making American iron by so dyerng their
capital from It's present proper profitable and judcous
they feel no assurance that the childish and nqn
Greeley, would have TO be their sole dependence and
which they deem unjust, could be perpetuated They
whieh hey dSested and they have too much confidence
they viii be the dupes and victims OF such policy long
enough 70 enable them TO make much profit out Of the
delusiOn."
Comments By The Tribune
we DEFY any candid man 10 say that the
substance of the above is not exactly this:
The Free Traders do not believe what their
own oracles tell them with regard to the profits
Of Iron -making, and do believe the state
ments on this point of the Protectionists.
Read the above extract once more, very care
fully, and see If it does not amount to just
that. Free Traders own millions Of acres of
Coal and Iron Ore; they would like to make
money out of them yet they hold off, and al
low millions worth of Pig Iron to be imported
annually, in addition to all that is made in the
country, because they know that the Free |
Trade clamor affirming the enormous profits of
making Pig Iron is a swinde; and they prefer
to be swindlers rather than swindled.
But they don't choose "to divert their CAPT |
" tai from other profitable employment" Ger
tainly not, unless into one more profitable; and
this they do not believe Iron making to be. |
Here is Mr.. A. II. Stewart, a Jealous Free
Trader, who returns an income for 1868 of
over Three Millions of Dollars This he in
vests mostly in City real estate Hampstead
plains, &C., as he has perfect right to do.
lie might have invested it in Ore, Coal, &c,
and run up row of furnaces with all the
Attest improvements, from which he could
have turned out two or three hundred thousand
ons OF zig Iron per annum; but he chose to
invest his money very differently. DO you
suppose he would have done it if lac believed
Aere was Sl0 peg tun profit IL making Plg