The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1883-02-22

Z ~ AHftN~ttf AtnA"Ff " WV NeP~Nf'f
anllsr grDsasslss isfsf saa tsnf ios
tesenas fran ihe Mcn,peIicr lfaAai@aa J,
substantially correct;
nufIes The lat faeaiy years She polio,
~ Ugh prosectioa has bad The ssrsndsn.
~ Aoss iibsiasAipg ibs gigsafle afti
49, .AieA la.. period opeaed and into
sbieA "a. ,aryso the utmost resources q
tie oouBisy. the lssi yesr u the presa'
lsars u The policy q protection shows
that the proiuris Of th~ ooaDify were saf.
Eriypi 81 .uIg,iy the immsnse demand At
hoiae. and " addiiioH niae hundred mil.
iios dollar safh fos efpurtaiiou sga.nst
thrsc buuifei ntliian doll,s wo'ih Ia
CD, la.s yssf % tie oi#rsilaa Il iLa . 20
etc Ioiirs Dsnne that .~fipi, sia =
a.. rkospt,sa - $50, The imp9ft. ssrt
latg, rx~~,iri il.s trpnris for i.e I'm
yam pn s4d'ng 1873 the Svrragc ero,ss
~ ,aalsons Sss one hundred million dol.
lars fur ihs ten year, iollasing 1873 the
st,rasu esress otrxpolis Vas Two hundred
aillpa dollar: ihsse Ten yesfs, 10 tbe last
Of shieb the county sappl'ed the waut.
AZ IT. oNB people and exported nine hun.
Jud milllau dollars worth Of products.
suI 10 hirl, ihe exports exceeded the i'm.
potis by n.srlt two bundfei aud sixty
nilllyH dollap. have been the iruitage
year. u ampl- aud complete protection.
The cr,dil u lhs goyefDmcnt at the end Of
this period eushlrr II 10 borrow money at
three pei crui intefes, aud lis bonds are
., high premium 10 the worlds financial
market
There was period Of fifteen wears pre-.
eeding 1861 during which other princi.
plies With reference 10 the protection Of
the young industries OF the country pre-
vailed. 10 1916 the advocates OF taft for
revenue were IN the asce ldency. and the
protective tariff, under which industries
bad been born and manu- factories, FORCES.
furnaces and rolling mills in rudimenta.
~ way were Transforming wool and cotton
into fabrics, aud iron ore into iron, was re-
placed by rates made TO meet the ordina
ny expenses OF the government. AT the
end Of three or four years time, under the
crushing effect OF the foreign competition
eogendered by low tariff rates, many mills
we're silent aud furnace fires were ont. II
had been claimed that the exports OF pro-
visions and bread stuffs would he aug
mented under the incentive Of low tariff
and large foreign importations. The ex
portation Of these articles in ls47 was near
ly sixty million dollars in value 1t fell
to twenty six millions in 1850 aud to TWEEN
ty.iwo millions in 1861. The theory OF
low tariff advocates was not sustained by
events Imports largely exceeded exports
and most OF the gold of California found
its way to Europe to pay for goods pur-
chased. Manufacturing establishments
were broken down by competition with
foreigners, tae capital invested lost and
workmen thrown out Of employment, The
farmer to a great extent was deprived of
home market for his products aud in the
west was burning his corn for fuel. Do
nestle manufactures crushed the foreigner |
raised the price Of his articles accordingly. |
In 1857 the revenue fIom imports was not |
sufficient to meet the ordinary expenses of
government aud for that purpose Congress
authorized the issuance OF treasury notes.
The crash OF 1857 followed, aud sheriffs,
and marshals were the only per
sous whose business thriyed. In 1861
capitalists were so distrustful Of the credit
gested. by way Of bolstering up the
national credit. that the several states be
to iudoise the government paper
TO the exten, Of the amount of the United
States surplus fund held by each. These
facts appear from the presidential messag
es and public documents Of that period.
The policy OF a tariff for revenue had been
Tried. It had carried the government to
.he brink OF financial ruin, involved
hundreds in hopeless commercial disaster
aud brought deprivation aud hardship
npou thousands OF laboring men aud their
families. The condition OF the country at
tbe end OF the two periods the moral and
material status Of the people, aud the ii.
lancial standing Of the government afford
, suggestive contrast and the moral needs
40 enforcrmeHt