The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1873-11-27
the Industrial Crisis.

The country suddenly awakens to
the disagfeeable fact that the revenue
of 1871 and the expenditure already
rated are not likely TO balance. Next
we find that not only reduction in the
price of labor is made and cleerfulIy
submitted to, but the actual and gem
eraI want of employment is now inn
minent. It seems to be but too true
that while miserable financial system
has made the price of necessaries high
er in the United states than in any
other country, the monopolists them
selves, in whose behalf and for whose
ssproteetion. this vicious system was
framed, are not prosperous that even
they are not richer by as much as the
mass of people are poorer.
The fact is, they overdid it. Manu-
facturers who thought they could live
securely so long as the taritfstood put
their immense earnings, squeezed out
of the people, into unproduetiVe prop
erty. A Yankee factory now feels as
much the injury of the tariff as did the
people who were obliged to consume
the goods made in that factory.
The bricks, the cement, the glass,
the putty, the states, the wood, iron,
paint, varnish, above all machinery,
cost in average, on account of the tar
iii and imitation, double their actual
value. Then came dear money, dear
material, and dear wages. All this
went on as long as the financial bal
loon fioated. When it was pricked
and collapsed all that it hoated went
with it.
The fact is, the American industrial
system during the last twelve years
has been the production of dear goods
for the American inflated dear market.
A financial trouble reduces trade, and
the American manufacturer has no
outlet for goods except at home. He
now has the home trade with venge-
ance.
An example of this is the carpet
trade. This industry employees some
15, 900 hands and produces some $27,-
OOO,O 600 goods. Most of these hands
are entirely out of work; limited
number are employed at half-time and
redHced wages.
The protection of the homemade
carpet averages 20 to Is per cent, and
of course the American carpet never
sought foreign market. In fact the
export of American carpes was IN 1870
$40 yards, valued at $1342. Now in
this lies much of the present pinching
for employment. Had the carpet
trade, producing $27000,000 carpets,
only had an outlet of 81, 100000 or S5,-
100000 hard times in the home con-
sumption could have been tided over
without shutting off the mills.
Another example is the flannel trade,
in which there is much distress. We
don't import any flannel. The duty
averages ITO per cent. on cheap fam
nels. On the other hand, although
we produced 1896, ,25S yards in 1870,
and perhaps 100000 yards now, we
don't export a thousand yards. The
manufacturer wanted the home mar
ket, and the manufacturer has got it.
But that is all he has got. No outlet,
no clearing of stock in foreign mar
kets, is open to him. In other words,
the manufacturer has for twelve years
been putting all his eggs into one bas-
ket, and the basket is smashed. But
there are signs of new times. 1t is
quite q common saying among manu-
facturers that, now since labor is COM
ing down, raw material must be made
free, and the American artisan must
grid on his armor and fight the foreign
competitors, not only in the home
market, but in foreign countries; and
there are already very sanguine sex-
pectations of ofvictorious fields in India,
China, and South America. Indeed,
the crisis promises to open new era.
Manufacturers are willing to abandon
the blind belief on the twelve years
worshipped idol of Protection.
Dear as the lesson of the present
crisis for the time being is, it will be
blessing if it proves the means of
opening that free trade and competi-
ton in foreign lands that 100000 of
the most enlightened people in the
world are entitled 10. And what a
commentary such result SO obtained
will be upon the widom of our legisla-
tors and the unenlighteDed selfshness
of the class in whose exclusive inter
est our tariff has been framed World.