Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1884-12-26
NATIONAL FINANCES.
Salient Points in the Report of
Secretary McCulloch.
A Reformation Of the Tariff and Lower
Dut,es In tho Interest of American
4Advised-Shipping
Interests and Coinage.
THE TREASURY DEPARTMENT.

Yesterday. 1t is of great length, pul' Oh sew
cral questions OF vital interest To the hhhn-
cial and commercial world, 1t IS exceedingly
interesting. From the mass OF ngurcS SUD-
mitted it is learned that the tottA revenues OF
the Government for the last fiscal year
were S34S, 5l9, $50, and that the OK
penditurcs were $3.50, 9l6, 113, leaving a
surplus of $57,Gog 1885,, of which $54,0oo,0W has
been applied to bond redemption. The actual
ard estimated revenue for the fiscal year
1885 is $3.50. 600, 900 and the estimated eSpendi-
lures are $3.50, 100000 or the revenues ex-
ported during the ensuing year SiS5,0Oo,W0
vii como from customs taxes and SIZE, 100000
fr,rn internal revenue. The Secretary esti-
mates that the treasury surplus in 1886 will be
moi less than s 0,00o,0O q and argues that some
thing should be lone to relieve the people OF
TIM unnecessary taxation.
The most important chapter in the report
is devoted to foreign trade and taxation.
After speaking of the remarkable changes in
the Western States and Territories and as
sorting that "to the rise in the value of lands
resulting from the construction of railroads
the wonderful increase of the National
wealth is Very largely attributable" he says:
The condition of the manufacturing interest
of the United States is similarin some respects
to the condition of the agricultural interest of
the West in Jhc carly days. What the Western
farmers then needed was n market for their
crops. What manufacturers now need is a
market for then surplus manufactures. The
industry was laih in New England under the
first tariff of aiprotcctive character, which
diverted a part bi its capital from shipping
having been fairly remunerntive, more were
constructed, an( other ranches of manu-
facture were Undertaken, until New En-
gland was convicted from maritime and COM
mercial purSuitstnto manufacturing. 1t will
be rccollected thtt New England was opposed
to the first protective tariff.
1t was not mary years after the first cotton
mills were crcctdd i'll New England that the
great iron industries of the country began to
DC developed, AM pennsylvania soon became
the great iron manufacturing State of the
Union. Nor vast long before various kinds
or manuiacturestamc into existence in most
OF the Northern and Western States. The
demands of the government dnring the late
civil war for hearty I'LL kinds of MANN
featured goods lind the high tariff greatly
stimulated production. After the war stimu-
lus was found nrailroad building and in cx-
travngant expenditures induced by super.
abundant currqlcy, and the time has now
come when the manufacturing industry of
the United states is i'll dire distress from
plethora OF manufactured goods. Some man
ifaeturing~ companies have been forced in
to, bankruptcy others have closed their
mills to escape it; few mills are run
ming on full time, and as Il consequence
either deprived of employment or are working
Tor wages halily sufficient to enable them to
live comfortably or even dccently. Nor arc
'''sts VI - tSIit NbSIl 4 = lIc OILY
sufferers by the present depression of our
manufacturing industry. So large and wide
spread has this industry become, so inter-
woven is it with other industries, so essential
is it to the welfare OF the whole country, that
1t can not be seriously depressed without in.
juriously affecting business throughout the
Union.
Tho a%ll-important question, therefore, that
presses itself upon the public attention is. how
shall the country be relieved from the plethora
OF Manufactured goods, and how shah plctho-
RI lCIcAfthI no nraEantn1p &c nI,;>,,.
thht our power to produce is much in excess
OF tue present or any probable future demand
ior home consumption. The existing iron,
cotton and wooden mills. If employed ut their
full capacity. could meet in six months-pcr-
maps i'll AZ shorter imc-thc home demand for
a year. III Is certain, therefore, that unless
markets nov practically closed against us are
opened, unless We can share III the trade which
is monol'ollzcd by European nations, the de-
preston now SO severely felt will continue,
ana may become more disastrous.
lie question how shall our foreign trade be
Increased is the question which now comes to
the front and demands prompt and careful
interested, but the Whole country has a stake
in its solution. IN its investigation the tariff
will necessarily be Involved, inasmuch as tho
SO close that they can not be considered
separately. but ii need not be involved eNcent
50 far as it stands iii the way of interna-
tlon;t trade. III the duties upon raw materi-
ais are an obstruction. those duties should be
removed. Ii the duties upon other articles
are an obstruction, they should be modified
Mh.ttever may pc required to increase our
foreign trade, whether il he Il repeal or mod
iiication OF existing duties, should be de-
m'tildcd by the manufacturers themselves.
HOW; then, shall the information required for
a full understanding of what stands in the way
OF an increased expectation Of our man.
ufacturcd goods he obt:lincd? 1t may not bc
proper for me to offer advice on this point,
but l can not fOrbcar to say that + can see nO
better means than by the appointment of a
commission, composed OF men not welded to
the doctrine OF free trade or protcction-fnir.
minded men, who would prosecute the INQUIRY
thoroughly, comprelcnsibly and impurtially,
II such. Il commission should be created, it
SHOULD DC lone without necessary delay.
me business OF the whole world has been
reVolutionizcd by. steam-power and the sub.
stitution Of machinery for hand-work. 1t is
this great revolution caused by stealn-powcr
and machinery and their general use that will
make the labors of the commission arduous,
All the leading Nations of the world are now
eng'lged in manufacturing, and all but Great
;ya ant; are fencing eli titHmsclXes in ~ protect
has been conspicuous. Has not the time
come when Il new departure is demanded?
The present condition of our foreign trade is
ought to he, or there would be greater un.
easincss in regard to what may be the result
Look G.1 for instanee, at our trade relations
5l5,26l. We bought of her various
kinds of her oWn production to the
htou VI 9oo."ul,c?', leaving S4l.OSU, 6gS us
the balance against us. Now, how is this
large balance liquidated? Not by gold, but bv
the s!,ie Of our farm products, for which there
is II large demand in Europe. 1t is our cot.
ton. our wheat, our petroleum. our beef and
pork, which can be produced more chcnply in
the United States than anywhere else, Which
creates the Sterling exchange that enables MS
to carry out this One-sidcd trade with Brazil
Now. il by the failure OF our crops, or very
favorable seasons on the other side OF the Al
lantic, or, wha" is more probable, by %rctaliu-
ton, our export Of these articles should ma
tcrially decline. what then would be the con
dition oil our Brazilian trade: Instead of dc.
pending upon the exports to Europe for the
means TO cover the balance i'll favor
OF Brazil, ought not an effort be made
to equaliZc that trade by our MANI.
featured goods? Ought we not to erdruvor
to verify the prediction OF Golden by beco,n-
ing a. competitor with Great Britain in the
brazilian lnal'kets! Ought not this to be at
tempted in the interest OF our own manufact.
urcrs?
When the real condition of our foreign
trade and the character of the competition in
which We must sooner or later engage arc
fully understood, it will be found that our in.
ability to make that trade us free us our best
interests require lies in the necessity which
exists. for heavy import duties, which, al.
though they may he levied for revenue only,
must be in 4 large degree protective.
1t is upon such taxes, therefore, that our
Government must mainly rely for its large
current expenditures and the reduction OF the
National debt. Large revenues will be de.
rived from the taxes upon whisky and tobuc.
co, II the tax on the hitter article should he
Na<n Sv,xAJ Enf r,r- -