The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-05-20

| tha6 the result of the passage OF TIL
tariff acts of 1916 and 1857 was to re
dues the country to absolute bank
ruptcy and so affect the credit of thu
government that it was compelled tt
borrow money in times of peace, at 6
discount OF from IL to 30 per cent. Tht
financial depression that occurred in
1857 was an insignificant incident oil
| history, compared with the great com.
mercial and industrial disaster which
occurred IN 1873 and which de-
vastated the country for FIVE long
years, running the banking and mer-
camille houses, extingGishing the fires
in the furnaces, paralyZing the indus
tries of the people and bringing down
the prices of all our products of every
kind. Under the low rates of duty, the
country recovered from the depression
OF 1857 in comparatively few months,
and, like al awakened giant, marched
on its path of greatness and power.
After the panic of 1873, it struggled on
for five long weary years. From the
passage of the tariff act of 1876 down to
the last ten days of Buchanan's ad-
minietration, when the civil war was
imminent in this country, not bond,
not Treasury note, not a
government Obligation in any form
sold for less than per 10
at a very considerable premium in gold
during the last nine days of That ad
ministrsiion, When the clouds of the
great civil commotiou were overshad-
owing the land $1,000 00G Of bonds were
sold, December 49, 1860, at 90H per
cent, or discount of 81 per cent. as
or hn hn
gan. After the Democratic admiuistra-
ton had gone out and the Republican
administration had come in, sitter the
low tariff OF 1916 aud 1857 had been re-
pealed aud the Morrill, tariff bill of 1861
had been passed, the Republican ad.
ministration sold bonds at Is per cent.
discount. Would it be fair to say that
the bonds were sold at a
discount because the ratio of duty
on Imported goods had been increasedS
The truth is the credit of the govern
ment was always good in peace and
war until the civil connection came in
1860, and no administration, Demo
cratic or Republican, no system of
taxation, free trade or protection.
could have prevented the sacrifice CT
government obligations under such
circumstances. So far, the main OPP
position to this bill has been against
that part which proposes to reduce the
tariff taxes, and we are told that its
passage will ruin many valuable indus
tries now hourishing; that it will throw
many workmen out of employment and
diminish the wages of those who still
manage to fndaWork to do. II l be-
lleyed that the passage of tuls bill
would work any material injury TO
any honest industry in this country, L
would hesitate long, Notwithstanding
the emergency now on us, before cast
ing my vote for it; but | am satisfied
that instead CT that, it will
greatly benefit them and at the
same time greatly relieve the people.
In 1876, $i27 ,000, 100 was collected by the
government from the manufacturers
and their products. Every vestige of
that enormous burden has been re-
moved, and properly removed, and now
| submit that the time has come when
the great masses of the consumers have
the right to demand relief. There
never was time when this internal
tax remained on the manufacturers and
their products, that they would not
have been glad to surrender a large
part of the duties on imported goods to
remove that charge from their indus
tries.
Carlisle then quoted from a speech
delivered by John Sherman IN 1867
to the effect that the manufacturer
had an advantage equal to the duty
imposed, and he asked how
the gentlemen on tie other side could
reconcile this statement with their
contention that the consumer did not
pay an 1ncrs ased price on account of
duty. The statements that protection
ena oled the manufacturer to sell his
goods cheaper and enabled the laborer
to get better wages were utterly incon
sistent with the each other. He did no.
eny that there had been tendency to-
ward increased wages in this country,
but it was true OF all other countries.
free trade or protection. There were
other causes than protection for this,
and the principal one was the increased
use of ma chinery. There is not we'll
informed man who does not know
that it is not the tariff, not the
rates of duty upon imported goods,
that have brought down prices
of manufactured articles or increased
wages, but The inventions which nave
characterized this age as no other age
before has been characterized. The
gentleman from Maine talked about
The home market. We all know, he
says, that this protective system is
beneficial to the farmer, because: First.
it protects his products against COM
petition from the agricultural products
of other countries, and, second, the
gentleman says, because it diVersities
industry and by increasing the num-
Der of people engaged in other than
agricultural pursuits, increases the
market for his product. is scarcely
necessary for me 10 make an argument
to show that as to AL
those agricultural products which the
farmers of this country are compelled
to send abroad to sell at foreign prices,
the duty cannot be of any possible ben
eft. The American farmer under
stands this surely aId the fallacy of
CHS argument has been so often ex-
posed that it will be waste of time to
iwell upon it. Ofcourse, the domestic
market, the home market, is improving
and will continue to improve under any
system of taxation, along with the in
crease of population, of wealth, i'm
proved facilities for production and
distribution in this country. But bow
long are our farmers to sit down and