New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-11-01

crushing defeat OIL the plain OF HasSan
further resistance w0uld be well nigh desperate
--------------------
TEE FOLLY or TARIFF TINKFRiNG.
Democratic tactics are probably disclosed by
the organization of the House. 1t betOlens an
effort to block resumption, ard TO concentrate
attention upon the tariff. Intelligent free
traders, however jealous, will pronounce this
a grave blurder 1t is barely possible though
highly improbable, that general revision OF
the tariff can be effected at this time but
surely the most capable opponents as well as
the most capable friends of the protective
system must agree that there could not be a
worse time for such q change. The considera
tons which we aim TO present are such as
should be fully and fairly weighed by all who
believe, as many sincere Protectonists do, that
the revenue sysem may be advantagcous!y
modified in some respects, but especially by
those who believe, as PrOtcctiOnsts do not.
that the time has come when American indus
tries may well be subjected to the full force
Of foreign competition.
No competent thinker, whatever his cOnclu-
slons in respect to the revenue system, has
failed to perceive that the prosperity of Amer
lean industries depends very greatly upon the
condition of tho currency. The cost of pro-
ductiOn is the secret Of success or failure 4
deprecated currency necessarily and immc-
diatrly enhances the cost of production, and
currency of huctuatng value operates power
fuly in tho same direction. 1t increases the
margin of risk for winch every manufacturer
must provide, a. to cost of materials, as
to cost OF labor, and as TO dspO-
e,t;o, of fniS1tad ,roducta. II ipcroocn-
the necessary cost Of transportation and cx-
change; it compels miidemen to charge
higher rates to insure themselves against loss;
it makes food rent and clothing more costly
to the labOreT, and, therefore, iii the long run,
makes his labor more costly to the employer.
1t affects, also, in a very marked degree, those
transactions with foreign countries by which
markets are opened or closed to our products.
1t ia not too much to say, that return to
currency deprecated as much az 10 per cent,
and calculating as the currency has in years
since the war, would be equivalent TO u direct
tax of 20 per cent upon American manufdc-
lures in respect TO their ability to meet for
eiEn competition.
We are near specie resumption, and if that
great change is to be accomplished, securing
the tariff may be made with safety which
would be utterly and speedily rrlinouS if made
in connection with an indefinite pOstpOnement
Of resumption, and a consequent rapid dcpre-
citation of the currency. Changes which we do
not advocate, believing that they would expose
industries to unnecessary risk are nevertheless
advocated by others solely Oh the ground that,
with the present cost OF production, with the
currency as well sustained in value as it has
been recently and with the present conditions
Of foreign trade, those changes can be made
without prOstratiOn. Bat do they not see that
it would be in the last degree unsafe and I'M
Just to expose industries to new and more Sc
we're competition, and at the same time to cut
away from under them whatever of solid foot
ing they have? TO postpone resumption, to
lift the premium on gold, to increase the cost
of materials, OF production and OF labor, 10 re-
vve sharp fluctuations i'll prices, and thus
stimulate the cmptying Of surplus goods from
foreign markets upon our shores, to make it
impossible for the manufacturer to calculate
with safety as 10 the future cost Of materials,
as 10 future wages, or as to the future range
or supply of the market for his products, and
them in addition to all this, to break down,
wholly or in part. such shelter as he has
agains, competition-this, assurcdiy, is Bot the
way to benefit industry.
The most Jealous advocate Of reduction Of
duties must see that such a course as ha. been
described would bring about quick and sharp
reaction. The effects OF currency changes
would not be easily traced manufacturers, if
driven into bankruptcy, and workmen, If dry-
en- from employment, would instantly attr-
butte the disasters to the change Of duties. If
any man cares Tor the permanence OF the pro-
tective systcm ~ M end, and not for the pros
peii;y OF American labor, he can devise no
shrewder on sHrer way to intensity the spirit
which demands that system than 10 bring upon
industry the overwhelming disasters which
this double disturbance, OF the currency aud
OF the tariff, wOuld probably involve.
Statesmen and patriots, whatever their opin-
ions as to the system OF taxation. must COIN
eide in desiring that any change that may be
made shall be such us may endure, not involy
Ing speedy reaction. Nothing can be more CO.