, 1876-09-09

OH buInc $3.50, ,0t}C, 900 0f bonds, or tjtI more
linn oac-fourtl Of tic entire issnc, illo
In tho rntlp Of al,ont twn-tlsTris to
Aucrirnn and olic-tlrl to forcsan fnvestora.
1n 1871 tic net tarnnga on tic total attck nnd
debt Of tic railroads Of Tie United States wa.
~ per cent; but III ls7l It WIS less than
per cent. Tile number Ut mercantile failures
during thc yrnr l875 in the United States wcro
tho lnrgcst ever licforc recorle, ia single yrar
Firm aaary 1s5l to Juy is1 T. t!'e gr9;ss a ss
s' 'ats. wsre fssfssss Is sscrss y Of
single year lY95 tic futures Of tho United Status
represented SOL ,0oO, ,W0 gross liabilities.
,ur.s,;ur or TAXATION.
w,t ynn Wild IIs: iii attention Il IL liz enornons IN.
rrcnfo in thn ti,iitti States within Il co1npara-
tiv"iv r,.ecnt ncroi Of expenditures on accuttnt
nj ;,ycrt,,,ct,t.-Fclura, State, and municipal.
te W tt,nr wien tie Juftie,l Of war debt and In
tcrcst attained ia maximum, VIC find that tic
mt ortljnary expense of tho Federal unvcrn-
n,ent Increased frp,n 1870 to 1874 Ut the rate OF
per cont per atsnuhi eonpontrf;a. while IN En-
aiant1 tle annual Eross ekpetascs - 1o1 run,
The ineroaso IN 18 years, comparing lsGo With
1873, having been less tfAll per Gent Tor tho
whole period. in lotS my 1tieid, Ten: fairfield
rs Chairman of tue co,l'nl,ttee on Aprroprla-
prcsscd belief ga tllc lloor y tho linuae That
II peace continued tue net ordinary cxpcnscs OF
tho Federal MM1ycrnment, M which II TINT year
wern III Si559oo'M@V, ss W. Wou'! ne redtrcd ny la1D to
Trsssd sscrse to tic tic es y .s ts
ipasloi1s 10 eno"n ~ ~ Iaet taat ior !s'o tue
nes oMrtllnary RI cxGehacs q t1c tinycrncnt IT. were s
SiIl,vU,uV, alMd & iar tne '9sea, year slods-,,I6'
"s R 4eat Go51e were laae To- 10 "n 1
increase 'n Federal expenditures the increase
OF our state aMu municipal cxpcnditMrcs
!las neeh eoM1"s'uSey mits gseatef. ahG
nsggcgase , q ~. eng n1, ueots ~as teportca nl
IN iS.o ~ ss;S'Vn,oo, M,.o ol wllssn sio49oo,ooo
hhd dc[atIted. Illc present nggregate q q NJ M
nletpal indcDtet!ness Is III exeess oi sSqV,NN 9o.
tne agEIe9a.e t1Sa.9I u ~ onitea ath[es , has
l.icseassu it1 n W. tlT 90 IT, ean III l99l 70
n Gfs % s s so n ss Ssa pin to
hsopo u. .nf on.so st'os iron, l2 w 70 ~ ,st1 ~
t1o I astnhn4nR sum Oh ns ltsst $houA2EntNy.
s, Gs,lta!n!y o. nti nsar ann expansive thihgs N
tMs county, Wh,eM people pny anu paY lof,
government naa oeeonle tHe ueafest ail0 naost
expensive ..-. .....
TAnIFF INFLUENCES. :.
an ngcncyt Which has operated co1ii0intly and
even more powerfully tNnN Wur expenditures
impair tl,s aggregate Of nattonnl abundance
by dtvcrt!ng labor from productive to
unnroducttvc or lcss productive. employ
tncnts, ntlu which Il even nov III full cs,1tnt-
unec, has bcen aud Is the Wholesale recognition
ard practical application since 1s'a, Of tic Spc-
trino OF extreme Protcsttor ae part Of nr hit
tlonal fiscal policy. The loss Of capItal un1
waste Of ln,or which we have experienced, ansl
poltcy, huye contributed moro llun any onu
fhing, HI NY o,,illiul, 10 make tis poor, and it
will continue tu keep us 50, NO long M II IL coi,-
Tuned. Aud how l,;,r It vii b. cf1tinluf, viii
tepeud OH lust l,uw lung II will take our pcunlo
to rcalize the truth of tho a,uilt aud lluu,cly
OF iiosca i,Ifsitw ti,at it r,nn In. rat r., ,r"t
W carly TINT expects 10 ret around Gnl.'
There is another itcm Of national waiste and i,.l
p0vorluilnlent resulting from the n.loptinll Ut
Protection rs national atcal policy, which,
though rarely nlludctl to, ID IL fls.ltter III I'M
iliensc Importance, ansl IL capable IF proof by
great variety oI evidence. Ytfrr To tho shift
less imperfect ,net!lols Of production, which
ars Invariably followed AMI elung TO III every
country which Minpts n policy which Gil
cournges producers tu tuuk to Legislation to
secure nml project them nagafi'st. The soi!s-
petitl9,n' q Ilsta. IN r!aes f trt.tssng to teir
ends. As illustrating what c,Irioas cconnntc
cas have cuIlIg to prevail through the doctrine
ta.igl,s ~ tI,is subject eannot forhear .ne,l-
toning IN tl'ia eonnestlon that tto teport Of TIE
even condemns, to certain extent, tic MOP
tiuM OF improvements rendered 1trceSAry by thu
progress q tlc day, and Gays: ~ as well tear
down blast furnnce lccunso II is not cum
cause 1t will not produce economically hi NJ
cnrtIAnce with tho demands OF tic n,,r-' ns ask
the owner Of i sqnarc plalo todcstr,y # hccausc
It II unL n p.a"a plssao.n Hint = tl.Is MIR.
Lotli'an Bell, IN recent work oti the soal mud
if9n resources o. ne unitca States, plahily r.
IONS: go LOTT as tho musisan played ior ny
oMn anlusemGnt Ao one Wonld perhaps ;lnn ta,lt
Will, Ma,n n'S A., nol1'g ~ ~ hs ;ia oasosa M anstFa
ineh.; ~ 70 go.9pel ail ail.l,cee to listen to
nut! psy Tor Ihteror innss, when better wa4 to
tcrm ~ l'su 'or 'ca' money was QUITS another nat'
.,, pIMis1ss.Ep AGRICULTURAL PRODUCT.
There Is ono matter OF evidences which do
not think has AZ yet been brought befurv the
pnblfc,-tlse comparative or absolute, slssroasu
In thy productisn Of tosc simple artlclca which
ll!ay hu regarded, more tlat all other things rs
the fundamental ccn'cnts Of wealth III t'Iis
country altl which arc also our el!cf articles Of
IN the production of cotton, cot tobacco, pork,
eettls, hemp, 'uekwcat, ald Other agricultural
p7oetigts established ycnr by year, iroaI l650 to
1853 Inclusive, aItl 1,su that ratio to calculate
tho prutlsaet 0f tlcsp samu articles in 1870, We
shall tfd thht Tho arroat Of production, or tho
retas.laton Of Increase. l'ns been almost start
ling; amounting, tn tic casu Of cottan, to Il per,
cent; corn, ~ per cent; tuliaceo, ~
,per cent; pork, III ptr cent; huttcr, 2J