, 1877-05-23

cover of this protection will pfunder the |
people Of this county by contracts and other
wise at leaat 50, ,000, 900. And for tlis mall. !
cious action, for which tho membera Of the
Legislature arc personally responsible tho
solo protcxt was to punish The respectable
people Of Chicago.
ENGLISH AND AMERICAN COTTON GOODS.
The prospect that American manufactured
goods will In tho future come In competition
in tho foreign markets with those Of English
manufacture has at last dawt1ed upon tho
English poople, and 1t is now n mntter OF
serious discussion how much SUCCESS will nt-
tend the enterprise. Tho seeking Of foreign
markets has hecn the natural result Of the
stimulation Of the manufacturing interests
under tho Protective system, followed by
sudden decline In home consumption in.
cident 10 the panic aud subsequent hard
times, Tho Influence OF the Protective Eye
tom In bringing about the American panic
is very fairly described by tho London Sdtur-
dry RtritW NJ follows:
The natural and inevitable result Of tho bounty
offered 10 manufactures was 10 tempt fnto them m
tnmodc.ate proportion Of the capital. labor, mud
enterprise Of tha country. It hns for many ycaFa
hccn standing cpmpnlnt With American ohantTcrs
that tho rural districts wcrc hetng exhausted far
The benefit OF the urban. Indeed, Tho stcay mlgsa.
tjon Ut tho sons and daughters Of tho farmers Into
towns wns ono OF tho evils which Tho Granger
movement WAS intended 10 rcfcas; and 1t IL noto'
rious that an nnt1ue proportion Of tho ctntgrants
nso settled down in tho cities. In fact, Tho artl.
hc4n1 preference given to manufactures over sc'I.
culture had tho effect Of multiplying manufactures
uulnty. As long NJ foreign capital Confined to
flow steadily tn the consequences were recognized.
Americans did NOT perceive, or wore unwilling to
acknowledge, that te9e prosperity was due to
foreign contributions Of men and money. nnd
they battered tlIcmscycs that their country was
exempt from tho laws Of political economy. hut
the cnl was all the moro severe for bcsng long
postponed. Four years ng0 thcro was panic
which destroyed tho prosperity that had seemed 20
vigorous, ard cvcr sinec tEnde l.as been Atagnant
and manufactures at standsttit Foftho moment.
at any rate, production, which tad 70 long. Eecn
subjected to the forcing process we have been de-
eer!bing. Ands ;se1f far In execss OF tho con*"m.
lux power Ut tho population. In thos dstrcss
manufacturers nro looking ont for nav markets,
and arc cudcaYoring 10 establish m export trade.
1t II evidence Of tho purely ARTIFICIAL growth Of
these industries TINT uven In the present depressed
stato OF husinota they unable to nndcratti for
| eign competitors In foreign markets. However.
| tho American manufacturers arc pcrscscring, and
! tho most recent proposal 10 10 compete with LAM
eash.rs In cotton goods TOT tho custom or India
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eoo 49, 'ssa a.e '~a".'tss,, .sa ~ =. ~ -.
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are disputed nha,, again, 1t is asserted that
most OF tho present American advantages
are tho outgrowth Of m exceptional and
abnormal condition Of things, md will not
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