The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-02-27
IRON AND IGNORANCE.

IRON AND IGNORANCE.
From the NJ Y. World.
The Tribune remarks: -''That there are
heads incapable of holding at once two ideas
is melancholy truth; but are their unfortu-
nate possessors capable of instructing man.
kind in political economy ?"
The 1aSbune'S instructor of mankind in
political economy had for years the one idea
in arguing for his clients, the iron-makers,
that iron-making is free to everybody.
Laughed out of this sole and silly notion, he
held it in allegiance for year or so. Now all
at once returning to it, he introduces it with
the following variation:-
"Here, for example, are Mesers c. Vanderbilt and
A. J. stewaIt-men OF vast busint ss capacity and
ample wealth, Let either OF them say, Il want to
embark In iren-making; l will put in $4,000 OoO
so that the work may be done on the largest scale
and with the greatest possible economy VINO
does not know that the sum would be eagerly put up
on the strength OF the public confidence in the pro-
posers sagacity and ability? Why they choose to
invest their means In other undertakings is none OF
our business; but every one knows that we speak
truth when we say that they so invest their money
iron-makinR. And they know
Were this teacher capable of comprehend
ing more than the one idea by which he is
possessed he would see, first that if high
tariff on iron gives no profit to iron-makers,
ard has no inducement which will enlist new
capital in making, there is no possible
excuse for leaving the high tariff on; and,
second, he would ask himself how it was that
not only Messrs. Stewart and Vanderbilt but
a hundred other capitalists, do not enter into
the thus protected iron-making business.
Alas! his monomania is too far gone for him
to appreciate the significance of the following
facts.
The present iron industry is more than
half built on sand. 1t has for its prop
nothing but the tariff. Iron is made where
potatoes and cabbages should be grown.
Companies have got up schemes for ulterior
purposes, built furnaces, etc., etc. The in
ducement held out to investors was the high
duty on foreign iron. Hence, although in
some regions, as Missouri, pig-iron can be
made for $1S to 800 ton, because they
are the legitimate fields for it and the
iron-masters do not need or crave an ex-
orbitant duty, in other places, utterly unfit
for such productions, pig-iron is pro-
duced at cost of $50 to $34 per
ten. In such places the profits will
cease when the swindling duty ceases, and the
tariff being already in fearful looking for
of Judgment, wise capitalists decline to en-
bark in SO precarious venture. The tariff
removed, iron would cease to be made where
it cannot be made proftably, and be made
more than ever where it can. And capital
would be quick enough to take advantage of
the investment offered it in the latter case,
when 1t was made legitimate and secure, and
released from the competition of subsidized
foundries. But, says the Tribune, after
showing that iron making is Improbable
"Now we want to induce men to make iron, cloth,
and wares in this country, to the extent of the
home demand for them. To this end we stand by
protection, affordDg inducements to such invest
ment which would not exist under free trade"
Let us show this monidealist what under
his protective system the inducements to in
vestment are. We imported railroad iron
under duty of "a per cent?
looS',...'. Z,Zl4 u5Z
1860, 5,IU9,5I6
go 9S4
And we imported under nearly double
duty Of 462 per cent. on railroad irons
1905 ''','.'.''' S5O
loo5.. O.III,4O6
Sofo,SOo
We doubled our duty on railroad iron with
view of keeping foreign iron away and to