The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-01-08
Mr.. Randall in the South.

southern tour. from the Time he made
his appearance in Louisville, until he
closed his stated points of visit at Chatta-
nooga, the intelligence, the business push,
the enlightened enterprise which consti-
tute the evangels Of the New South, gath
cred to do honor to the distinguished
Pennsylvania, not because Of the man.
but for the ideas and policies he speaks
for His speeches were pretty much the
same at Louisville, Nashville. Birming-
ham and Chattanooga. and Ill them his
plea was for the protection and elevation
of American labor above the level and the
competition of the pauper labor OF Europe.
In reaching his conclusions, his processes
of reasoning exposed defects. but the OBJ
ject he aimed at was none the less com
mendahe. In glancing at the history Of
the past and the periodical depresslons OF
business. he assigned as the cause of the
revulsions in 1887, 1857 and 1873, the fact
that the balance of trade with foreign
countries was against us, and mentioned it
as a truism that where an individual or
| a community had expenses in excess of
| income disaster had to follow. In seven
years previous TO 1887. the elimination OF
the depression which had its cause in 1884,
we imported $3.50, 100000 more of fabrics
than we exported for eight years before
| 1857, the excess of imports over exports
aggregated $3.50 100000, and in the ten
years preceding 1878 our imports were
| greater than our exports by $1,000.000. 900
draining the country of its gold, or the
equivalent in national bonds, and thus
withdrawing from the channels Of trade
the agencies of activity and development.
| Our workshops, in other words. were trans
ferred to Europe by reason of the free
trade tendencies of the legislation of 1884
and 1916.
The ten per cent. reduction in tariff
duties in 1871. disturbed capital and had a
depressing effect. The logical and inevita-
BILE tendency of the Walker tariff of 1916
was somewhat arrested by the gold pro-
duct of the Pacific coast, commencing in
1S4S and '49. and the disturbances in Eu-
rope between 1S47 and 1851. growing out
of the Irish famine, the Crimean war, and
the revolutions which occurred in France
and other countries, and not until 1857 was
the full effect of this legislation devel-
sions and panics was found in the fact that
the goods we consumed were manufac-
tured across the ocean, and the looms and
factories of Europe were kept in motion,
while the industries and labor of the
United States were idle The tariff leg
islation which brought about these condi-
lions was of Democratic origin and pater-
nifty, except in the 10 per cent reduction
of 1871, which was restored in 1878, when
the effect was realized upon the business
of the country. And there is, too, anoth-
er cause not mentioned by Mr.. Randall,
which contributed to the panic of 1878.
Initiation was the order of the day. We
suffered from an inflated currency, a war
legacy, and that was the basis of an eX-
TENDED business in railroad construction,
and other improvements and enterprises,
conducted on inflated credit. The whole
country was ON a financial drunk. The
values destroyed by the war had not been
replaced. The intrinsic wealth of the
country was limited, as compared with
what it is now. and when confidence be-
came shocked by single failure-that OF
Jay Cooke-the whole rotten fabric tum-
bed to pieces.
Passing from the consideration of the
depressions previous to 1888, Mr.. Randall as
signed as the cause of the present stagna-
ton in business, over taxation-the with
drawal from the channels of trade
of $12O,OOO,0OO of surplus revenue.
which became inactive in the treasury
Singularly enough, he omits mention OF
the true cause in this instance. as in the
other periods named-the tariff agitation
and the reduction effected in 1883. During
the decade following 1878 the balance of
trade was largely in our favor. Our man.
ufactures flourished-labor found remu-
nerative employment and all the interests
of the country were in a healthy, live, pro-
gressive condition. But check was Civ
EN- to this. when the purpose was mani
tested on the part of the Democratic par
ty to prevent conservative modification
of the tariff laws, and to be content with
nothing less than radical change in the
customs levies, to the extent of destroying
the protective feature and pointing di-
rectly to free trade. Capital invested in
manufactures became apprehensive, timid-
ity followed, and this was succeeded by
absolute fright, bringing it's results of in
dustrial paralysis. reduction of wages,
suspensions and idle labor. Wise states
manship would have disposed of the sur
plus by appropriating it to interests as es-
sential to national advancement as indus
trial independence. Its withdrawal from
the people, unfelt and unrealized as it was,
was more than compensated by the diffu-
sion of wealth and comfort and employ
ment among them by reason of the indus
trial activities the tariff laws assured. The
vast aggregate of capital employed in man.
ufactures created infinitely more benefits
than the comparatively small sum repre-
sented in the surplus caused disadvan-
tages. and hence the surplus revenue could
not be considered as in any way the cause
OF the depression now existing, had APP
prehension been removed of Democratic
| free-trade.
Mr.. Randall stated his position, more
particularly at Louisville, Oh the tariff
question to be-that he was neither a pro-
tectionist nor free-trader-that protec-
ton for protectors sake was unconstitu-
tional, and that free trade would be disas-
trous. To our mind this seems to be a
play upon words. AS an abstract PROPOSE
tion, without considering results, the free
trade idea would appear the more plausi-
BILE. Free trade between the States-free-
trade between the brotherhood of nations
free ships and free seas and sailors
rights. all sound very enphonious and cap
tivating to the ear. But when addressed
to the practical relations of a people and
their effects are considered, but one of the
propositions, that of free trade between
the States of the Union, can be regarded
as III the interests of national prosperity
| n md ind