Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-10-07
DOES MAYNARD's s'PROTECTI0E'
PROTECT:

If the effect of the hign tariff pollcy
for which Maynard never failed to vote
throughout his long career in Congress
is damaging to the iron business Of the
country, it has proved still more ruin
Gus TO tie cotton manufacturing inter
est. This fact was never more appa-
rent than at the present time. Let us
see how the case stands and how May
nard's protection" works.
A year ago, the business Of every
well managed cotton factory was In
sound condition, and a prosperous sea-
son was anticipated. The promise of
good crops indicated large purehas-
ing power and the steady consumption
of staple cotton goods proved that there
wassno excess of cotton spindles in the
country. But the panic came and
business was disturbed; all plans for
new mills came to a stand and small
accumulation of goods took place the
next six months yielded small profits,
and the summer trade was light. What
has been the result The autumn sea
son of the present year began with a
little larger accumulation of goods in
the hands of the factory agents; at
once an exaggerated idea began TO pre-
vail that there was an excessive stock
and an over-production, forced sales
were made, and what is called the prac-
tice of making drives" began: the eff
feet has been TO reduce the prices OF
cotton goods below the cost Of produc-
ton; mills have begun to work on short
time, cotton is dull and the price of the
whole crop Will be effected; wages vii
be cut down, and all,this viii happen fol
a miserably insufficient cause and one
which a free trade or low tariff system
would have prevented. The whole
cause has been that the disturbed stat,
Of affairs of the last year caused oul
factories to begin the autumn
season with two to four weeks NOR,
stock Of goods on hand than they have
of late years been accustomed
to hold. The utmost stock Of stapl,
cotton goods that have accumulated
this year has not exceeded eight weeks
production at a period of the yearwheI
the manufacturers seldom or neye
have less than four or five weeks pro
duet, and this miserable little stock
for want Of an export trade, has put IL
peril, for the time, one Of our grea
interests and viii have a very serious
effect upon the opening price of oui
great export, raw cotton.
Under the revenue tariff system
which prevailed before the war, our cot
ton manufacturers were on asolidfOun
dation, and one-tenth part of the pro
duction was exported. Had we nov
the foreign outlet We then had, tn
present crIsis would have been avoided
As it is, machine shops are out Of work
mills are being put on short time, ray
cotton viii be seriously affected, and
heavy loss to the country incurred.
The lesson to be learned is the SIN
ME one: we cannot sell unless we buy
and Maynard's high tariff not Onl
shuts foreign trade out Jlf shuts do
ntestic trade IN. Instead of the worl
for a market we have but our smaI
family to supply among all the nations
Hence a branch Of industry in whicI
we are now entirely Independent, eve
if it ever leaned on a tariff for support
is weakened, hampered and may b
crippled for a year or two to come, a
because we have a temporary excess {
about four weeks product of our spiI
dies on hand.
"Our population is increasing at th
rate of over ], 200, 900 a year, and eac
million Of people require over 20O,OI
spindles TO supply it with cotto
goods. Soon the demand for good
viii exceed the supply and a call wi
come for new mills, but the machin,
shop hands VIII have been discharged
new enterprises viii take long to con
plete and another huctuation WI
| come. And so 1t goes up and dow
AIsynard's tariff causes high COS
t want of stability, heavy losses to man
. and sometimes great profits to Il
t few. Where does the protection
e come IN: