The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1888-10-18
Free Trade and Commercial Crises.

YFrm Frank Leslis's illustrated Nswspapsr.1
The relation Of free trade to CONNER.
cial crisis is one about which there
should be no dispute. II is an economic
fact, or series Of facts, open to abundant
historical proof, and part Of the expert
ence Of many persons now living. The
repeal Of protection to farmers In Eng
land in 1S48 was the sole cause OF the
English crisis of lS47. To deny II is like
denying that the battle OF Waterloo led
10 the capture and exile of Napoleon.
Free trade, in the degree that It exist.
cd in 1915 in the United States, pro-
|duced the crisis OF 1919, costing the
Icountry more in losses and destruction Of
Industries than the War'of 1872 to 1915
had cost IL. Indeed, the period OF the
war and its preceding period of inter-
rupted foreign trade was one OF growth,
compared with which the subsequent
period Of peace was one Of stagnation
and decline. Fa
The period OF free foreign trade from
1888 to 1880 in the United States cost
the country far more, in destruction Of
wealth and industries, than 1t would
then have cost to have coerced South
Carolina by armed measures into obe-
dience to the protective tariff OF 1928,
instead OF permitting her to intimidate
Congress into its repeal.
The period Of free trade from 1s47 to
1851 cost the country, in the destruction
OF its industries, far more than the war
with Mexico. Although the influx OF
gold from California begun in 1S49-50,
and was at its height in 1888, yet as
early as the fall Of 1858 general dearth
Unemployment prevailed among artisans,
manufacturing establishments Of many
kinds were closing, and in the spring OF
1854 hard times came, and came to stay.
+ In the New York Tribune Of Wednes.
day, December 2lst, 1858, Is an account
of respectable North Of Ireland Protest
ant widow, whose two daughters, one
fourteen and the othex sixteen years
old, the latter OF whom had been a
skilled silk.weaver in Ireland, were
working day and night, earning by their
joint labors only 81 week BY sewing
shirts by hand for five cents apiece.
The article complains that the family
had better remained in Ireland, as their
silk.weaving might still earn them some
thing, but here free trade had utterly
destroyed our industries. On Novem'
ber Goth, 1854, the Tribune thus editori.
slly described the situation:
"From day 70 day We hear Of stoppages Of
banks and bankers in almost every part OF thu
country, unable 70 redeem the circulation that
In the present prostrstion Of trade. Il 70 rapid
u thrown back upon them. They have securi
lies in abundance. but no money. From day
10 day ws hear Of failures Of merchants, and
manufacturers everywhere stopping for want
Of money. One thonsand men are just dis
charged from one establishment in Maryland,
.ptc.
~ Again, three days after, the Iribun
4 said:
~ "Money IL now a. one, two and three POI
Z can't. per month, and our merchants are beini
ruined by the general withdrawal from th'
interior Of oil means Of circulating the pro
ducts Of land and laber. We are now on th'
brink Of ruin," etc.
Again, on November Gath, 1854, the
Tribune, after descanting on the abun
dant resources In mines, lands, labor ant
capital Of the country, said:
"And vet we all know that the times sr
smphstically hard. Mechanics and msnufao
turers are contracting their operations. Man!
farmers also are unable TO keep 20 many hire,
lsborers at work - they have hitherto done
Banks arc from necessity reducing their did
counts. Many buildings are stopped hslf-ws!
70 completion, their owners being bankrupt
Rsai estate. especially II requiring further ont
lay TO render II fully productive, 10 unsalabl
except ct ruinous prices. Bankers have stop
ped, or all but wound up. Unfinished railroad
are cut short, awaiting times when perfectl
good bonds can be sold a 20 per cent. dil
count, or whom money can be procured o.
ample security At 10 or ~ per cent AT lSas
Two hundred thousand men, the discarde
ssrvitors Of many gallant but luckless enter
prise, who have been driven into cities an
villages by the failure Of their accustomed ON
ployment, are now anxiously seeking work 70
the winter, and seeking In vain. The citie
cannot hire and pay them. The country doe
not call for them, or they lack travel-money
enable them to respond TO the call. 6tagnatio
and dismAy are general, and Thousands VII
have property enough. II II could be sold
anything like cost, to pay all they owe, ar
n hopelessly, dumbly swaising the shook q
actual bankruptcy"
Under the head f"why Will Ye Die? :?
the same journal on the same date said
'Let the word be onos passed that the Tari
Tin substance) Of 1s42 would speedily supplar
that OF ls4s, and there IL not square mile q
the whole country Which would mot feel th
impulse Of returning prosperity. Stocks an
bonds would rise. Loans on good securit
would once more be negotiable. Real estat
would have . cash value once more. Mill