New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-04-20
THE ROAD TO CHEAPNESS.


The civilized world-not this country only
is short of three great staples-Cotton, Wool,
Iron-and they are consequently held and sold
at high prices-say 20 to 40 per cent. above
those of two years ago. AS a consequence,
the production of those staples is increasing.
Our Cotton crop for 1871 was nearly or quite
One Million bales short of that of
1870; but the smaller crop has Melted
more to the growers than the larger.
The present high price will unques-
tionably stimulate increased production-each
planter expanding his area of Cotton culture
or (what is far preferably fertlizing and
tilling better bis fields, so as to increase the
product by at least twenty-five per cent. per
annum until an abundant supply shall have
induced lower prices, and thus impelled the
planter to grow more Food and less Cotton.
Thus the high prices of 1912 will rapidly
work their own cure.
So with regard to Wool. Though the pres
ent range of prices cannot be maintained, they
have already doubled the market value of the
farmers flocks and melted many thousands to
embark in WOOl-grOwing or to increase their
investment therein. There will be many more
lambs reared in 1872 than in any former year,
and more attention paid to improving the
quality of our Sheep, the fineness of our
fleeces, especially if Congress will soon adj
journ, leaving the Tariff as it is.
1t is not go easy to increase rapidly and
largely our product of Iron; for this involves
large aggregations and OUTLAWS of capital, not
merely in building furnaces, but also in open
ing mines, constructing railroads and other
facilities for cheaply bringing together ore,
coal, and limestone. Under the stimulus of
high prices, our weekly product of Pig Iron
has been very considerably increased within
the last few months, and is now larger than
ever before, but large investments through
out several months are required to in
crease that product fifty, seventy-fve, and
one hundred per cent. And these investments
are discouraged and impeded by perpetual
apprehension that Congress may reduce and
perhaps utterly repeal Gas the Free-Trade pc
titiOns extensively circulated the past Winter
urge) the duty on imported Iron. Nothing else
is this day SO potent In preventing the multi
plcation of our furnaces, and thus the reduc-
ton of the current prices of Iron, as the threat
ening attitude of Congress.
Are these apprehensions unfounded or exag-
gerated7 Can we doubt their existence or
their potency How can we rightly inter
pref what is, or forecast what shall be, except
through careful study of what has been
Consider well the facts set forth in the follow
ing circular of an engine building firm whose
business cOmpels them to know and feel the
effects of the unwse policy we deprecate. They
say
the question OF further reduction Of the duty on
pig metal occupying the attention of Congress and
country generally, We venture to make few state
ments that may be general interest During the year
1863 the importation OF pig metal into the United States
from Great Britain amounted to 965I6 tuns. or railroad
iron there imported 10000 tuns For the year 1862
the imporatons OF pig metal 1is $50 tuns of rails
$4,000 During the year 1862 under the protective
duty Of 50 per tun foreign pig metal. there
erected in this country 65 new blast furnaces The
age capacity of those could scarcely be less than 20 uns
per day each allowing average Of three hundred
days Ia year the production Of these furnaces would
be something over $685. 900 tuns per annum.
"For tho last few years. tho undersigned have been
engaged pretty extensively In manufacturing engines
and other machinery for blast furnaces. From May
1862 until June $780, received and filed orders for
engines for blast furnaces of the capacity OF so tuns
per day each. Six of these for furnaces The
question OF reducing the duty on foreign metal was
freely agitaed ring the Summer and Fall OF 1870, and
followed by an act OF CODsicsb making reduction
OF g. per tun From July l. 1870 until March, 1871. our
firm received no orders for machinery Of this class,
although uumbers OF our customers had been CORE
spending and comforting with us about duplicating their
furnaces and ordering machinery for them All orders
were withheld.
1.-THE productive metal trade OF the country became
depressed under the newspaper and Congress ag-
taon OF the question that In many localities the market
price OF metal went below the cost OF production. This
condition continued until the strike OF the coal miners
Eastern Pennsylvania caused large number of furnaces
In that region go out OF blast Tho suspension OF these
furnaces followed by quite advance In the price
OF metal throughout all the English markets and
quonty In own country. Following this. and
auent upon IT, from March l. 1871 until February 1872
loss than one year-we have received orders for Is
gines Thirteen OF these for furnaces; four OF
them the largest constructed In tins country,
capable OF turning out 100 tuns each per day. or ~
tho rate Of 10000 tuis peg annum We TINA that