New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-03-09
PROTECTION.
HENRY C. CAREY's ON MR.. wELLs's REPORT
LETTER TWELFTH.

WOrds that follow, 10 WIZ
Increase the public revenues 1910, Sl9OOOOOO 1872
e29OOO.OOO: 1850, t52,OO0,0OO; 1885, V4,OOOOOO'"
The regular advance that here by aid Of selected facts
IS exhibited very beautiful and would seem TO furhsh
oo OF your assertion that the progress OF the coun
frv through what may be termed the strength OF its ele
ments or vitality is independent Of legislation" To what
extent the whole mass Of facts tends in that direction
"a proposed now to examine commencing with that first
British free trade period which closely followed the
conclusion Of the peace Of Client in 1915.
The war had stimulated the growth of manufactures
and to great extent to have warranted belief that
The day of industrial independence then already near
1t hand But little later however, there came "legsla-
hon. whose result was that Of closing everywhere mills,
mines and factories destroying the domestic market for
food cotton WOOL and all other of the rude products OF
agricul,ure involving in common ruin farmers, manu-
facturer and mechanics and causing large portion OF
the real of the country to change owners under the
sherin's hammer Customs duties, which in 1917 had
yeded S26OOOOOO gradually declined until in 1921 their
product had fallen to but $3OOOOO the average OF the
three years that followed having been but $sOOOOO As
natural consequence Of this, receipts from loans and
treasury notes" figured again conspcuousy in our
finance reports 100000 having been borrowed in ls2o2
and SOOOOOOO In the closing free trade years, 1921
Under the sem-prOtectIve tariffIOf 1924 we find a
change labor coming again into quick demand ana
the increased power Of people to contribute to the
Treasury needs carrying up the customs revenue to
s23OOOOOJ being nearly third than the amount
With 1925 however, real protection, and with it
evidence OF perfect harmony i the interests Of the people
and The SGe customs receipts growing steadily until IN
they had reached the enormous amount of SIS 100000
bringing herewith absolute necessity for measures
calculated to diminish the public revenue Tea, coffee
and numerous other articles competing with do
nestc products. then released from duty proof
thus being furnished Of the perfect truth Of the doctrine
that to efficient protection il is 70 look the only
road by which TO reach entire freedom Of external
commerce.
Large as had been reduction thus made the
s continued increase, the receipts from customs for
1888 having attained the figures OF S29OOOOO bringing
herewith necessity for depicting the Treasury by
OF payment at Of that only portion Of the
public debt which st remained, to w.t. that held in Hol
land amounting TO many millions, which the interest
had been only three per cent.
That protective "legslaon" had thus proved itself
capable OF furnishing the road TO financial independence
the people and the state, ana that had greatly
benefited every portion OF the community Is shown in
the following passage speech Of Mr.. Clay of Feb
ruary 1892 the perfect truth Of every word Of which
must admitted by all now living who mad had occasion
60 witness as 1 myself did, the marvellous change then
accomplished by few short pages Of that legislation"
which you profess to regard as being Of so very
slight importance:
Eight yearsago II was my painful duty to present 10
the other House Of Congress an picture OF
the general distress Peryadlng the whole land We must
know that the people were then oppressed and borne
property was at the lowest point OF depresson that
TunOus sales and sacrifices were everywhere made Of
money were adopted to save the people from impending
destrncton that deficit in the public revenue existed
which compelled Government to seize upon, and divert
from its legitimate object the appropriations TO the sink
ing fund to redeem the national debt and that our com
paralysis In short SIR, q Dae 10 select any Tern, Of
tshicA efh5ed scene Of me most icde spread dismay
and deS0LhO u c0lad Be Idcty that term Of screen years
tghe immediately preceded ae establishment ofhe targ
have now to perform the more pleasing task Of ex
unparalleled prosperity OF the country On general
and probably employed and the public countenanee ex
If we descend into particulars, we have lie agreeable
contemplation Of people out Of debit land rising slowly
though not exravagant market for an the surplus pro
auctions Of our industry nnumerable hccRs ana herds
covered with rich and verdant grasses; our cities ex
enchantment our tunnage foreign and coastwise swell
and fully Occupied the rivers OF our Interior animated
steamboats, the currency sound and ABUNDANT the pub
the public treasury OVERLOOKING embarrassing Congress
not TO find subjects Of taxation but to select the objects
which shall be liberated from the mpOst II NE term Of
screen years ioere 10 De selected Of ne gTeaSt prosperity
acleh has people hare eyoysd since NE esabstment o.
Of years ehich Immediately Joooed he passage o.
Tbs Transformation Of the condition Of the country
from gloom and distress to 5ghtness ava gr9spsly
American industry instead Of ol0ving 10 be controlled
IN foreign legislation, eerShing foreign industry The
OF the American system Ia 1924 with great bOdnes
and confidence predicted first the rum Of the public
aud the creation Of necessity 70 resort 70 d
rect taxation the gentleman from South Carolina Gen
Hayne believe, thought that the tariff OF 1924 would
operate reduction Of revenue to the large amount OF
eight millions OF dollars secondly the destruction of
navigation thirdly, the desolatOn OF commercial cities
fourty the augmentation Of the price OF objects OF
C0nsnmpon and further decline IN that OF the articles
Of exports. Every prediction which they made has
failed utterly failed Instead Of the ruin 0ffhe public
,o fieh hey hen sought to deter as iron, ge adop'
Ofthe Americ0n SysieI, threatened tett its
sbUersOn by ne UdS amount OF ne PuOAe retenie pro
doea by that system As 70 the desoatlon OF our eltes
great Northern capital. have, in my hands.
city OF NewYoIk from to 1881 This value is eau
proper authorities 1t u.s. therefore, entitled
Iu credeuce During the first term commencing with
ls7 and ending in the year Of the passage OF tho tariff OF
1924 the amount Of the value Of real estate the first
year S577955 and after various fluctuations in the in
temediae period, IL settled down at t520975O exhibit
tug decrease In seven years Of $5779705 During the
first year Of 1875 after the passage OF the tai1h rose,
and gradually ascending throughout the whole OF the lat
astonishing hight Of Of s9 7I6s5 Now if it be said that
this rapid growth Of the City OF NewYork was the eject
IN 1874 at the tariff would destroy foreign commerce
aud desOlae commercial cities IT, on the contrary
be the effect OF internal trade then internal trade can
not be justly charge3be with the evil consequences n-
pued toit The truth IT, II is the joint effect Of both r
and NE foreign ~ turn nOufi&g ne domestic
INDUSTRY. Nowhere moro than IN NeW-HOrk Is the COM
Piha'loh OF both principles 10 completely developed"
RAISING now TO the Carolinan compromise tariff Of
1888 we eHer On scene Of dscord the precise parallel
OFT presented by the free trade period which had
fonnd its close IN ls2L AS that occasion the public
revenue was for brief period I'm excess OF the oxpendi
lure but passing onward find receipts from customs
gradually decreasing as the domestic commerce died
away Until IN is40 they had fallen to the half OF those OF
49, receipts from loans and Treasury notes" mean
Wlle gradually making their appearance, until for lSl
they had reached Of thfa To