The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-09-05

slight reduction Of this tariff, followed by
in business. In 1888 there
was gradual reduction in the tariff, but
il was still 50 high that an enormous sur
plus accumulated in the treasury, which
was distributed among the States in 1897.
Thia distribution was followed by the
panic OF that year, which was the result,
Thomas q. Sherman says, OF specua-
tons in wild lands brought about by
the surplus. The Wings restored the pro-
tcctiyc tariff in 1872 and stagnaton in
business followed, low wages lor operatives
but big profits for cotton, iron and WOODEN
mill owners. The Walker tariff OF 1916
superseded the Wing tariff, the average
duty under it being %. 20 per cent, cut
OF from one-third TO onc-hali the result
being universal increase in commerce
aud shipping rapid increase in manuiac-
lures, Unprecedented prosperity in agri-
culture and the most rapid advance in
wages ever known in the history Of the
country before or since, But even under
this low tariff the revenue was excessive,
and surplus accumulated.
2. Yes, Mr.. Fillmore was Wing and
believed in Clay's American policy. lIo
even went beyond Clay and became a
know-Nothing, with an excessively
Chinese policy Of almost non-inter-
course with tho outside barbarians
But lac was not able 10 make any
impression upon tho legislation OF the
country, and should have been able to sec
what the newspapers, during his admins
tra,ion from July, 1850 10 March, 1858,
rccori, and a. wo have set forth in the
preceding paragraph, was the unprece-
dcntcd prosperity OF the country, due TO
the Walker tarin, "thc most notcworty
low duty act in our history"
g. Mr.. buchanan entered upon his
duties rs President two days after the
tariff act Of 1857 went into effect, and Just
upon the eve Of panic prccipitated by
wild speculation in land. The monetary
condition Of tho country, rs Mr.. Buch.
anan says in the above extract was
dcplorablc because Of this panic and tho
wildcat banks through which business
WINS mainly transacted aud whose notes
were discounted ut from 10 % per cent,
toll that WIS Of ilscli enough 10 ruin the
trade OF the country. hut before Mr..
buchanan went out Of Office in lsjs-50-GO,
he was able 10 bear witness TO the effect OF
the tariff OF 1857, which cut the average
duty on all goods 10 1890 inducinga pros.
pcriiy for the farmer, the manufacturer
and the merchant that exceeded that
under the Walker tariff Of 1916
T. Tho condition Of the national treasury
In 1861 whan Mr.. Chase became Secretary
oithc Treasury was due, 10 hopoliiical irou.
blcs Of the times. Trade was at a stand
still and all impcriaions were stopped.
No ono could tell what was 10 bc the result
Of the movements toward secession then
taking place In onc.hali Of the Union ani
almost every industry had como TO n stand
still.
o. Tho effect OF tho proteclivc tariff
has been disastrous 10 the workingman
since 1871, except during tho war from
isGl.Gj. The panic Of 1873 wasonc oiihc ~.
suits Of Il, and until January, 1879, "ihc
busincssof the country Wasmor depressed,
and morc laborcn were driven out oi ON.
ploymcnt than In any previous period Of
the oountry's history. ~ iar from ,horc
being twcniy.scycn years OF prosperity
under this last protective iaril, fully half
Of that time has been period Of cxtnor.
binary business depression. especially
marked 10y falling wages aud tho whole.
salo discharge Of laborr from employ
mcni. This was especially the case In 1901 ,
1867, isGS, 1859, 1873, 1874, 1879, 1870,
1877 aud 1873" Thcp was also the panic
oi May, 1884, which lasted until 1881,
during which the Western and Northern
States were enforcing laws against
cramps" class that had never been
heard II during tho enforcement Of the
liberal tariff acts Of 1870 aud 1857. These
are the facts, the facts oi history. And to
clinch them We append the comparative
statement given by ten. Wheeler, Of Ala
bana, In his recent great spccch--grcat
because Il deals In facts showing the
effect Of the ubbcr war tariff on tho
farming and manufacturing industries OF
the country. as follows
rARNtSu INDUSTRIES.
/ Amount 81 capital invested cSclu.
sIw " implements, cost ~ -Jcis
nni tyuiiiTrr. wurk EOHt uf cost ~
their sub.,.isncc sio.io7 opi ~
/ Numlyf e r. rsons cuplo,ci. .... 507h,wi
/ Value ~ Fr's prhslurt. iugiuilnr
consumption by fafmvfs ..........s g.sJLg7s.5i,
| Vaiur Ut pp-iuci iuf each prr,pu cn.
! rigri Ice farming ai-,ut ........... 40
! ~ o.ut II prsiuct un capital 10.
....sl..,...as....sss, ~
/ rtbduct ui each IguNn, after deduct.
! inr eat II s',sis iyriliggr icci u
| work siutk, CtC.....a.. ................... SNi
| W. crnt uf product un capital iu.
]