, 1874-04-27

APRIL 81, 1874.
by tho statistics given In tho ronort Of tho Iron
and steol Association, which states the annual
capacity Of all tho furnaces in tue United
etatos at 4,871,277 net tons. while our ao-
tual product during tho last full year
preceding tho panio-namely, tho year ending
Juno 80, 1873-was about 9so8, ITO tons. and our
imports during tho samo limo about oos,Bt4
tonH, 30 thai tho entiro quantity Bupp1iad for
consumption during that por1od could not lavo
cxceedod I, TIL G24 tous aud, as tho quantity or
ported during that poriod was not moro than
10000 tons, tho entire consumption Of this
country during tho ycar onding Juno 90, 1879.
and Stool Association III Noyember Lust as tho an
nual capacity OF our own furnaces alono by about
589, ,053 tons. It is only necessary to add that
very large proportion Of the consumption In
1928 WAS In railroad iron, aud in that, "a in
other respcots, tho consumption has since greatly
decreased.
It ts argued BY Chic ago paper that the PROS
tration Of tho iron industryis cauaod by lack Of
currency. The aamo paper, 1t Is ut fair to add,
aBnerta that 1880 furnaces arc out Of blast In
Ponnsylsania," whoroas tho latost report Of tho
Iron and Stool Association stAtes that Tho total
number Of furnaces In tie United States, exolu-
Bivo >of abandoned and projected furnaces. Is
&C.," 1t is' scarcely worth while to reply
to tho argu monts OF paper 30 igno-
rant; but tho letter Of an intelligent
manufacturer, already quoted, worry senalb1y aayH:
"Tho panic had nothing whasevor to do with tho
stern facts, but only brought us to quicker re-
alizatlon Of them. II tho panic had not taken
place, tho same low prices and dullnesB would
now exist" II this statement Is not conclusive,
It is only necessary to quota the latest report Of
tho Iron and stoel Association, which ahows that
tho doo1ine in prices began as early as 1872, and
after rally In January, 1875, continued rapidly
through that yoar, months boforo the panic oo-
CURED. Tho report rofors to "tl,o natural
tendency Of high prices to restrict consumption,
and to "thc forced subsistence at the close Of 1874
Of tho fever Tor building Western railways"
and adds, Tin some other branches Of businoHs,
usually requiring largo supplies Of iron, oon-
sumption WAS considerably ourtailcd at tho Barno
poriod." This, tldn, Was tho beginning Of tho
reaction, long before tho currency disorder or
panic, and yet it appears TINT, notwithstanding
tho reduction Of consumption, fourteen now fur
naces we're completed In Pennsylvania In 1B73
and thirty-two moro commenced, and that In
OHIO three wero finished IN the SUMO year, and
seventeen more commenced and tho report Of
tho Association assores that, "by the erection OF
those alghty-three furnaces (put In blast within
tho last swo years., tho furnace capacity OF tho
country has beon increased fully one.fourth! !"
Is 1t not now plain that tho cause OF general
prostitution Ia that VIC have artiacia1ly stimulated
| production far beyond tho needs Of the country
bossod protective tariR hircd people lat tic
public exponse) to 60 into tho iron business
| Mon wero taught to believe that increase IN
quantity produced wna proof OF national pros
pority. The enormous profits realized undo,
this system tempted everybody to put mono,
into furnaces. No protective philosopher haf
taught that any disaster could possibly come a,
long IS tho tariff remained unrepoa1ed. In th'
election OF 1871 tho people declared that th
blossed tariff should not bo repealed, and tha
moro people should bo paid (atpub1ic cxponBe
for patriotically going into tho iron business
And now, behold 1t is suddenly discovered tina
our furnaces will produce 680, 900 tons Of iro
yearly more than the largest consumption of tht
country, Of foreign and domestic iron both, /
any yoar in cur history Just then, tho tari
having go oppressed agriculture that the farmer
began to move against railroads, the building {
railroads ceased. And it comes to pass, as
logical and nocess ary consequence, that goo
many people who havo put money into iro1
making must go bankrupt, and a good man
furnaces, built at the public oxponso, must b
loft to idlenoes and ruin. before anybody Ga
1nako money At tho iron manufacture In thi
country.
Does this pay2 Had there been no artfaci'
barr!or between this and other countries, th
increase Of production would have been LEI
rapid, but the proatration would have been II
loss severe and lasting. Is 1t good thing th'
wo hayo put many millions into furnaces whic
must now 90 to ruin ? But these are the frus
Of "proteotion to American Industry! Il
trust its advocates are pleased with its working
| -.
| CAPITAL AND LABOR. i.
England bids fair to DO tho battle-ground {
which tho great questions Of labor will be settle
Bho is the theatre of gigantic cooperative ol
terpriaes, undertaken and controlled by worhin
| non Ht,o F4e Imam the acone of como OF tt