Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1884-07-25
NO. Al.

restraining power of a protective
tariff. The prOtectionists direct
attention to the fact that the first
three instances in our history in
which financial panic and prOlong-
ed depression fell upon the country
followed the repeal Of pro tective
tarids and the substitution of
mere revenue duties: the depres-
sion of 1S19-24, that of 1912,
and that of 1S57'Gl. They direct
further attention to the compli-
mentary fact that in each of these
cases financial prosperity was re-
gained through the agency of a
protective tariff, the operation Of
which was prompt and beneficent.
"On the other hand, the panic Of
1873 and the depression which
lasted until 1879 undoubtedly oc-
cured after a protective tariff had
been for a long time IN operation.
Free. traders naturally make much
of this circumstance. Protection
lists, however, with confidence and
with strong array Of argument,
make answer that the panic of
1918 was due to causes wholly un.
connected with revenue; systems
that it was the legitimate and the
inevitable OutgrOwth of an eX-
hausting war, a vitiated and re-
dundant currency, and long
period Of reckless speculation di-
rectly induced by these conditions.
They aver that no system of reyen-
ue could have prevented the catas-
trophe. They maintain, however,
that by the influence of a protec-
tive tariff the crisis was long post
pOned; that under the reign of free
trade it would have promptly fol-
lowed the return of peace when
the country was i'll able to endure
it. They claim that the influence
of protection would have put off
the reaction still longer if the
rebuilding Of Chicago and Boston,
after the fires of 1871 and 1872, had
not enforced a sudden, withdrawal
of S25O,QO0,000 of ready money
from the ordinary channels of
trade to repair the loss which these
crushing disasters precipitated.
"The assallants of protection
apparently overlook the fact that
excessive production is due, both
in England and in America, to
causes beyond the operations of
duties either high or low. No
cause is more potent than the pro-
digious capacity of machinery set
in motion by the agency of steam.
1t is asserted by an intelligent
economist that if performed by
hand the work done by machinery
in Great Britain would require the
labor of seven hundred millions of
men, a far larger number of adults
than inhabit the globe. 1t is not
strange that with this vast engi-
merry the power to produce has
constant tendency to Outrun the
power to consume. PrOtectionists
find in this a conclusive argument
against surrendering the domestic
market of the United States to the
control of British capitalists, whose
power of production has no appar-
ent limit. When the harmonious
adjustment of international trade
shall intimately be established by
the parliament of man in 'the
federation of the world the power
reproduction and the power of con-
sumption will properly balance
each other; but in traversing the
long road and enduring the pain
ful process by which that end shall
be reached the prOtectionist claims
that his theory of revenue pre-
serves the newer nations from being
devOured by the older, and offers
to human labor shield against
the eXactions of capital.'