Southern standard. (McMinnville, Tenn.) 1879-current, 1883-10-27
North American Review.
American Manufacturing interests.
CONTINUED FROM LAST WEEK.
BY JOSEPH NrMMo, JR.

The important relations sustained by
manufactures to banking and the
finance Of commerce are clearly under
stood by every banker and business
man in the country. 1t is impossible
to state the amount of bank credits
which is based upon manufactured arti-
Giles. 1t is believed, however, that the
total amount of such credits is greater
than the total amount of credits based
upon products of agriculture.
From the foregoing statements it APP
pears that manufactures, and com.
meroe, and agriculture, and mining,
and transportation, and banking, and
the other great business interests of
the country, take hold on each other
in innumearable ways, and that, as
elements Of national prosperity, they
are one and inseparable. The depres-
sion of one or more of the great manu-
featuring or mechanical industries of
the country would injuriously affect all
other business interests, and might res
suit in serious disaster.
AS rule, it is not possible TO trace
the chain of causation through complex
and involved issues, but the depen.
dence of great material interests is
sometimes so obvious as clearly to re-
veal the relation of cause and effect.
1t is believed that the facts here pre-
sented indicate that in a true sense and
in high degree this relation is sus-
tanned by our manufacturing industries
to the other great business interests Of
tie country. From these facts It ap-
pears evident that the protection which
has been accorded to American manu-.
facturers has wrought bene6cially, and
that it is abundantly justified by its re-
suits. 1t would be an idle impeach.
ment of the intelligence and enterprise
of our countrymen to assert that home
competition in almost all branches Of
industry is not adequate to the regula
ton of prices within the limits of fail
commercial profits. Exceptional in
dustries, which usual run to monopoly
should, Of course, be held amenable tC
special treatment.
We can only glance at the compile,
and difficult question as to the adjust
ment of the tariff to the special needs
Indifferent industries which, 10 vary
ing degrees, require protection through
the imposition Of duties upon imports
American manufactures may, with re
spect to such aid, be classified as follows
First, the large and exceedingly i'm
portant class of industries which neet
protection. Second, industries which
from the force of circumstances es
pecially favorable to production in thi
country, need little, if any, pre-
lection in our markets; and, Third
much smaller class Of industrie:
which not only need no protection i
our markets, but which, on account Q
circumstances even more favorable tina
those pertaining to the class just n
ferred to, are able to meet foreign con
petition in the markets of other cour
tries. Certain of these industries ono
stood in need of protection.
So long as the wages paid for labc
are from so to $50 per cent. create
in the United States than in competin
foreign countries, there will be a larg
class of important industries in tb
country, one of the conditions to ii
success of which will be protection
through discriminating duties, again
foreign competition in our own market
The practical question to be considere
is the equitable adjustment of duties
as to place such industries under
favorable circumstances as are enjoyt
by other of our industries which nee
no protection. Protection of the so
referred to is not now, and never h
been, confined to manufactures. 1t e.
tends also to agriculture and to mimi
The amount of duties collected on il
ports in the United States during Il
year ending June 80, 1882, was S21t
1895; of which S71,945,9 900,
thirty-three and third per cent, W
oolloctoI on nrodncts of aUricultur