The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-01-15
SWANK ON HEWITT,

Some Glnring Inaccuracies in tho ..Rnw
Mntcrlaln'' Lciier-Iron ana Steel
Prices.
Iron and Steel Bulletin. b z'e
Mr.. Hewitt is seriously mistaken in as-
sumiEg that the present reaction in the
iron trade in this country "has brought
about state Of things even worse than
than that which existed prior to 1875"
Taking 1877 as'arcpresentative year Of the
"prior" period referred to, We find that
this country then produced o.OGG .594 gross
tons Of pig iron and 6S2,776 gross tons Of
iron and STEEL rails. In 1883 we produced
not leas than 100000 gross tons Of pig
iron, and not less than 100000 gross tons
Of iron and steel rais.
The disparity in the production Of these
three leading products in tho two years
mentioned is very great, the production OF
pig iron in 1883 being more than double
that OF 1877, while tho production OF iron
and steel rails was nearly double. We may
state further, Us q fact that can be verified,
that the production OF 1883 was all cold,
and hence there wa4 no over-prodpctiou
Ut pig iron or Of iron and steel rails in that
year. OF rolled iron generally we produced
IN 1883 twice rs much as in 1877. In 1882
We produced nearly double the product Of
1877. Now as to prices.
In 1887 the price Of. No. l anthracite
foundry pig iron at Philadelphia ranged
from so 70 in January to SIS in Decem-
Der; in 1883 it ranged from S25 to SCI,
Surely our pig iron industry was much bet
ter of in 1883 than in 1877. Iron rails
sold in January, 1877, at S3S, and in De.
cember OF the same year at SS333. In 1883
only few iron rails were made and sold,
because steel rails had taken their place,
but the prices OF such as were sold did
not fall 80 low as 1877. Steel rails sold in
January, 1877, at $40, from which price
| they fell 10 $40 in December. In 1883 the
price ranged from $40 TO sS5.
Here is lower range of prices in 1889
than in 1877, but in the latter year our steel
rail industry was in its infancy, and econ
omies that have since been introduced
were not then known 10 our manufac,ur
ers, We may be sure that their books dc
not show that 1877 WIS a better bueins
year for them than 1883. All rolled iror
and also nails were higher in price in 1885,
than in 1877 or 1878. The labor that is de
pendent upon our iron and Steel industrie.
was much better employed in 1883 tina,
in 1877 or 1875. and it was much better paid
Measured by 1877 or 1878 the year tha
has just closed was prosperous year fol
the American iron trade and the workmer
engaged in it. s2 Y
| Mr.. Hewitt inaccurately speaks Of "tht
war tariff" alludlngto the tariff Of the LAS
few years. The wool tariff OF 1867 ives not {
war tariff surely; nor was the general re
vision Of daties that was embodied in thu
Schenck bill Of 1870, and which continued
without substantial change until 1883, {
war tariff. The war ended in 1866. The
late Tariff Commission made the same mis-
take OF referring TO tho Schenck tayitf ci
1870 as war tariff. 1t was nothing OF the
kind. 1t was enacted five years after the
war had closed.
Mr.. Hewitt says that higher duties have
been imposed "than were needed for pro
lection, thus giving excessive profits to the
manufacturers in period when the profi.s
would have been large enough without
such high protective duties. We are suffer
ing from unnatural Stimulation As We
had the Schen,k tatir all through tht
ipanic years, and until lefs than year ago
when it was reduced, it is difficult to com,
prehend how this tariff unnalurally slim
u ated our industrial development In those
years. 1'1;5 n M Z. =
II this tariff had not been in io.ca all
through tho panic years the manufacture
ing industries Of this country, and by sym
i palby, all its other, industries, would hay,
had the lie crushed cut Of them. Mr.
Hewitt, himself, a few years ago, bore
willing testimony to the saving efficacy o
the schenck tariff, in avertingin the pani
years more serious consequences than thos
from which the country then suffered
We cannot understand how n tariff tina
was necessary TO save the country iron
industrial paralysis during the panic year
could have been so high rs to produce uu
natural s3imulation afterwards. CLEARLY
logically, the stimulation must have com
from some other rource. Nj. Hewitt hs
more correctly indicated ono cause OF 2 tn
I present reaction when he eaye, withot
y qualification or Limitation, the "eras {
!. prosperity and depression succeed eac
: other in cycles. q Y, E5s
& 5 We all know TINT this is true. TIL
4 country has had these changing eras und,
protection, and Great Britain has had the