The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-01-29

In 1T9l-two years after the adoption of
the first protection act--the President re-
ferred to the "happy effects of the action
of the general government in promoting
useful manufactures" The rates of tariff
adopted were too low to act unaided, but
the wars i'll Europe and our own embargo
and non-intercourse acts of 1907 and 1909
gave an impulse to our infant industries.
A Congressional report in 1915 places our
cotton and woolen manufactures at more
than sixty million per annum. After the
battle of Waterloo and the treaty of peace,
the tariff Of 1916 was found too inadequate
to keep out the food of importations, and
from 1919 to 1924 general distress pre-
vailed, and the patriots Of both parties
united to impose higher duties on imports.
This was improved in 1928, and the hap
piest results followed. In 1882 the duties
were modified and tea and coffee and a
number of articles exempted, which did not
interfere with domestic production. The
country was so prosperous, and the trea-
sury so full, that theorists began to teach
free trade tallacies, and the compromise act
of 1888 passed.
: The imports in the first three years aver
aged one hundred and twenty-five millions,
against an average of seventy millions for
the last five years of the act of 1928. AT
the ends.of 1886 there was surplus in the
Treasury of forty-six and half millions.
This was considered proof that lower duties
yield larger revenues The fact is, that
forty-four and half millions of this
amount came from the public lands, which
never before had yielded more than three
millions in any one year, but the destruc-
ton of manufactures had driven so many
west that the land sales increased from five
millions in 1884 to fifteen in 1885, and in
1886 nearly twenty-five millions. The
revenue was less in every one of these three
years than it had been since 1926. A
movement, collateral and concurrent, ran
along with these changes in the industrial
policy of the first three years of reduced
duties upon imports. At the beginning OF
the year 1884 there were in circulation in
the United States ninety-five millions OF
bank notes the loans and discounts of the
banks amounted to three hundred and
twenty-four millions /; at the close Of 1886
the bank circulation had swollen to one
hundred and forty-nine millions; and the
loans and discounts to above five hundred
millions an increase in each of these par
ticulars Of above fifty per cent. in three
years.
In May, 1887, the banks suspended spe-
Gle payments all over the country! II
history rightly rendered is philosophy
teaching by experience, "the crash OF
1872 should have taught us lesson not
necessary to repeat in 1856, ard which
would have been followed by general ex-
plosion in 1861 if our civil war had not
given us the Morrill, tariff and its amend
ments, raising rates upon duty-paying i'm
ports to nearly the average Of the tariff oi
1928; thus enabling us to go through a
conflict unexampled in the history Of men,
and coming out stronger and Weather
than at the start. Let us not place our.
selves in the position of the slayer of the
bird giving such golden eggs Of increase
Our prosperity is real let us sustain it,
Washington Republican.