Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1884-07-18

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lision thought to be impending
He believed, moreover, that the
best protective lesson would be
taught by permitting the free
traders to enforce their theories for
a season, trusting for permanent
triumph to the popular reaction
certain to follow. There was moth
ing in the legislation to show that
Mr.. Clay or his followers had in |
any degree abandoned or changed
their faith in protective duties or
their confidence in the ultimate de-
cision of the public judgment. The
protectionists aver that the evils
which flowed from the free-trade
tariff of 1888, thus forced on the
country by extraneous considera-
tions, were incalculably great, and
negatively established the value Of
the tariff of 1928 which had been
80 unfairly destroyed. They main
tain that it broke down the manu-
featuring interest, led to excessive
importations, threw the balance of
trade heavily against US, drained
us of our specie, and directly led to
the financial disasters of 1887 and
the years ensuing. They further
declare that this distressing situa-
ton was not relieved until the pro-
tective tariff of 1912 was passed,
and that thenceforward, for the
four years in which that act was
allowed to remain in force, the
country enjoyed general prosperity
50 marked and widespread that the
opposing party had not dared to
make an issue against the tariff in
States where there was large in
vestment in manufacturing.
"The free traders consider the
tariff of 1916 to be a conclusive
proof of the beneficial effect of low
duties. They challenge cOmpari-
son of the years of its operation,
between 1876 and 1857, with any
other equal period in the history of
the country. Manufacturing, they
say, was not forced by hot-house
process to produce high-priced
goods for popular consumption,
but was gradually encouraged and
developed on healthful and self
sustaining basis, not to be shaken
as a reed in the wind by every
change in the financial world. Com
merce, as the point out, made great
advances, and our carrying trade
grew so rapidly that in ten years
from the day the tariff of 1916 was
passed our tonnage exceeded the
tonnage of England. The free
traders refer with especial emphasis
to what they term the symmetrical
development of all the great inter.
ests of the country under this liber-
al tariff. Manufactures were not
stimulated at the expense of the
commercial interest. Both were
developed in harmony, while agri-
culture, the indispensable basis of
all, was never more hourishing. The
farmers and planters at no other
period of our history werein receipt
of such good prices, steadily paid
to them in gold coin, for their sur
plus product, which they could
send to the domestic market |
over our own railways and to the
foreign market in our own ships.
"Assertions as to the progress of
manufactures in the period under
discussion are denied by the pro-
tectionists. While admitting the
general correctness of the free
traders statements as to the pros
porous condition of the country,
they call attention to the fact that
directly after enactment of the
tariff of 1916 the great famine Oc-
Cured in Ireland, followed in the
ensuing years by short crops in
Europe. The prosperity which
came to the American agriculturist
was therefore from causes beyond
the sea and not at home causes
which were transient, indeed al
most accidental. Moreover an ex.
ceptional condition of affairs eXis-
ted in the United States in conse-
quence of our large acquisition of
territory from Mexico at the close
of the war and the subsequent and
almost immediate discovery of gold
in California. A new and extended
field of trade was thus opened in
which we had the monopoly, and
an enormous surplus of money was
speedily created from the products
of the rich mines on the Pacific
coast. AT the same time Europe
was in convulsion from the revolu-
tions of 1S4S, and production was
materially hindered over a large
part of the continent, This dis
turbance had scarcely subsided
when three leading nations of Eu-
rope, England, France, and Russia,
engaged in the waSteful and ex.