New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-03-09

VHfT TUO DOLL1RS 4 TUN his DONE.
The Free Traders in 1870 proved out of
their books and their inaginatiOns that if the
Tariff on foreign Pig Iron was reduced 81
"A tun, the price of that article to American con-
sumcrs would be correspOndingly reduced, and
be 81 tun less than it then was. We repeatedly
demonstrated the fallacy of this childlille
reasoning, and warned Congress of the inev
liable consequences that would eDsue upon
the reduction of the duty. But sufficient
number of Republicans were found to vote
with the Democrats in their outpost warfare
on the Tariff, and the mischief was done.
What was the results Work was stopped on
many blast furnaces in the United States in
process of erection. OF the many new furnaces
projected but few were undertaken. The ma
jority of those in operation were sparingy
stocked for a short, and possibly Improbable,
blast. On the other hand, the English Pig Iron
masters, whose agents here had really created
the influence which put through Congress that
reduction of our Tariff, did what we repeat
edly predicted they would do. They quietly
added the 80 tun to the price of
their Iron and increased their make. The price
here did not fall one farthing. The Bessener
Steel makers, who hoped to import their
favOrite Cumberland metal So tun
cheaper, and the Plate and Hollow-ware found
ers, who looked to get Scotch Pig at
like reduction, were all disappointed.
The old lesson, which our Free-Trade
economists Obstinately refuse to learn, was
taught anew-that the reduction of the Ameri-
can duty is an addition to the British price.
But we also warned Congress that reduction
of the Tariff So a tun on foreign Pig Iron
would be followed by large increase in the
price of that article both foreign and
domestic, and corresponding increase in the
price of all other kinds of Iron and of Steel.
See the fulfllment of this prediction in the
price of Rails To-day they are $50 per tun.
One year ago they were $50. The demand for
Rails exceeds the production Of Pig Iron. There
are not blast furnaces enough i'll operation to
supply the rolling mills, and the mills are bid
ding against each other for Pig Metal, and
will continue to bid, and the price of Pig Bars
and Rails will continue to go up till they ex-
ceed the limit of economical railroad con-
structiOn, or till adventurous capitalists shall
be tempted TO put up new furnaces sufficient
to restore the normal relation Of supply to
demand.
In the mean time we will inquire of Sem
ator John Sherman what this disturbance of
markets, caused by the reduction of the Tariff
So tun on Pig Iron, has cost our coun-
try? 1t has cost it, within twelve months,
So tun on the Rails alone now on
hand. Contracts were made last week in this
city for American Rails to be laid year
hence, on the assumption that imported Rails
would go to $50 within that time. If they do
60 there that one diminutiOn of our Tariff
viii have cost this country Si n tun
for every mile of new railroad built in
the United States in 1872, and every mile of
old road relaid. The estimate of this loss
based on the construction of 1871, will be a
low one stated at $6,GOO,OO0. This OH Rails
for new roads alone. We beg Mr.. John Sher-
man to consider these facts and figures, and
to forbear to push the Elusive Revenue Re-
form hairs breadth beyond the addition to
the free list of the elements of manufactures
which our own country does not produce
Every other reduction Of the Tariff that he