Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1883-02-14
A National Defence.

Alliances ID eSSentldl W nhllOnb suehB"
and prosperity. A nation producing every
thing necessary for its own existence and
giving to its laboring classes full remunera-
tive employment in the development and
utilization Of its resources has the elements
Of power and greatness. Having rich and
varied resources, with the capacity and
the genius for development and production,
that would be ruinous policy OF govern
ment which should neglect to foster and en-
courage industry. With respect to the pro-
lection aud encouragement OF national In
dustries two warning policies have had
support in this country. During the last
twenty years the policy of high protection
has had the ascendency. Notwithstanding
the gigantic civil war with which this period
opened and into which was thrown the ut.
most resources of the whole country, the last
year of the prevalence Of the policy of pro-
lection shows that the products Of the coun-
try were sufficient TO supply the immense
demand at home and in addition nine hun
bred million dollars worth for exporta-
ton against three hundred million dollars
in the last year of the operation of the OPP
posite policy. During that period, with
rare exception or two, the imports annu-
ally were very largely in excess of the ex-
ports. For the ten years preceding 1878 the
average excess of imports was about one
hundred million dollars; for the ten years
following 1878 the average excess of ex-
ports was about two hundred million dol
lars. These ten years, in the last of which
the country supplied the wants of its own
people and exported nine hundred million
dollars worth Of products, and in which the
exports exceeded the imports by nearly two
hundred sixty million dollars, have been
the fruitage years of the policy Of ample
and complete protection. The credit of the
government at the end of this period en-
ables it to borrow money at three per cent
interest and its bonds are at a high pre-
MUM in the worlds financial markets.
There was period Of fifteen years pre-
ceding 1861 during which other principles
with reference to protection to the young
industries of the country prevailed. In
1916 the tariff-for-revenue advocates were
in the ascendency and the protective tariff,
under which industries had been born, and
manufactures, FORCES, furnaces and rolling
mills in rudimentary way were transform
ing crude wool and cotton into fabrics and
ore into iron, was replaced by rates framed
to meet the ordinary expenses of the govern
ment. At the end of three or four years
time, under the crushing effect of the for
eign competition engendered by low tariff
rates, many mills were silent and furnace
fires were out. 1t had been claimed that the
exports Of provision and bread stuffs would
be augmented under the incentive of low
tariff and large foreign importatioDs. The
nearly sixty million dollars in value. 1t
fell to twenty-six million dollars in 1850 and
to twenty-five millions in 1851. The the
ory of the low tariff advocates was not sus-
tanned by events. Imports largely exceeded
exports and most of the gold of California
found its way to Europe to pay for goods
purchased. Manufacturing establishments
were broken down by competition with for
eigners, the capital invested lost, and work
men thrown out of employment. The farmer
to that extent was deprived of home mar
ket for his products and in the west was
burning his corn for fuel. Domestic man.
ufactures crushed, the foreigner raised the
price of his articles accord ingly. In 1857
the revenue from imports was insufficient
to meet the ordinary expenses of govern
ment, and for that purpose congress author
lied the issuance of treasury notes. The
crash of 1857 followed, and sheriffs, consta-
bles and marshals were the only persons
whose business thrived. In 1861 capitalists
were so distrustful of the credit of the gov
suggested, by way of bolstering up the ma
tional credit, that the several states be re-
quested to endorse the government paper to
the extent of the amount of the United
States surplus fund held by each. These
facts appear from the presidential messages
and public documents of that period. The
taritf-for-revenue policy had been tried. 1t
had carried the government to the brink of
financial ruin, involved hundreds in hope
less commercial disaster and brought depri-
walton and hardship upon thousands Of labor
ing men and their families. The condition
OF the country at the end OF the two peri
DDS, the moral and material status of the
people, and the financial standing of the
government afford suggestive contrast and
the moral needs no enforcement.
OF the beneficial results of protection
and of the correctness of the policy no
candid, intelligent man practically familiar
with business entertains doubt. But for
reasons well understood it is quite gener-
ally conceded that the high protective tariff
of 1851 has fulfilled its mission and should
now be replaced by tariff carefully revised
and materially reduced. The evidence of
this fact is so clear that even extreme high
tariff advocates have not the hardihood to
gainsay it. Very naturally individual in.
terests strenuously object to tariff reduction.
The present rate of duty on many articles
OF general use is shown to be greater than
is necessary to protect in vigorous opera
ton those great national industries which
concern the Independence and prosperity,
the wealth and happiness of the country
The aggregate revenue is enormously in
excess of the requirements OF the govern
ment. The purpose of legitimate protec-
ton for wise and statesmanlike ends is
prostituted to theservice of individual gain.
The multitude is heavily taxed unreasona
bly, to enrich the few. Whatever difference
there may be between the price of labor in
the United States, whatever advantage for
eign manufacturers may have in race OF
artisans in which is embodied the inherited
skill of many centuries, in whatever re-
spects they may have predominating natural
or acquired advantages in the production
of articles of which this country may and
should by proper encouragement and pro-
lection become great producer,--in those
respects there should be just and adequate
protection to American industry. To this
reasonable degree of protection the great