The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1888-08-30


received his sanction, and it is fact, not
without significance, that his approval
was given 10 it on a day memorable in
American history, July 4, 1889 1t had the
approval of James Madison, Rufus King,
Roger Sherman, Trumbull, Lee, and a part
OF other leading men from all parts of the
Union.
ADDITIONAL TARIFF LEGISLATION
was had in 1890. Some duties were in
creased. The journal of the House of Rep-
resentatives discloses the fact that of 80
votes given in favor of the bill, q were
from the Southern States. 10 from the
Middle States, and five from the New Eng
land States. OF the 10 votes against it,
nine were from the New England States,
three from the Southern States, and one
from the Middle States. 1t will thus be
seen that we are largely indebted to the
South for the Inauguration and establish
ment OF the protective system in the
United States, which has for the most part
governed our legislation since the forma-
ton OF the government. For nearly 60
years OF our national life this principle in
its tullness has been recognized In our
| laws, and whenever recognized il has been
accompanied by commercial and indus.
| trial development, stimulating new enter
prises, and securing prosperity to the
masses without parallel in the worlds an
nails.
The revenue tariff periods of our history
have been periods of greatest financial
revulslops and industrial decadence, want
and poverty among the people, private en-
terprlses checked and public works re-
tarded From 1888 to 1912, under the low
tariff legislation then prevailing, business
was at standstill and our merchants and
| traders were bankrupted; our industries
were paralyzed, our labor remained idle
and our capital was unemployed. Foreign
products crowded our markets, DESTROYED
domestic competition, and, as invariably
follows, that the price of commodities to
consumers was appreciably raised 1t is
an instructive fact that every panic this
country has ever experienced has been
preceded by enormous importstiops
From 1916 to 1861 similar situation was
presented under the low tariff of that per-
iod.
Contrast this period with the period
from 1860 to 1880, the former under a rev.
enue tariff. the latter under a protective
tariff In 1860 we had 169, 200, 600 acres of
improved Land, while in 1880 we had 2S7,-
OOO,OOO, an increase of 20 per cent. In 1860
our farms were valued at 1920, 100000
In 1850 the value had leaped to SlO,197,-
QOO, OOO, an increase of over 300 per cent.
In 1860 We raised 1I3,OO0OOO bushels of
wheat in 1850 49SOOO,OOO. In 1860 we
raised S3S 100000 bushels of corn; in 1880,
l,u1OOO,OOO bushels. In 1860 we produc-
ed OO,OuO bales Of cotton in 1880, 7,OOO,-
900 bales, an increase of 40 per cent. In
| 1850 we manufactured cotton goods to the
value of $ll5,6Sl, IA in 1880 the value
reached S2ll 600 900, an increase of upward
OF 50 per cent. In 1860 we manufactured
of woollen goods SOL, 900, 900; in 1850, S261,-
900 900, an increase OF 1888 per cent. In
| 1860
WE PRODUCED 6O,0OO,OOO POUNDS OF WOOL;
in 1880, 24OOOO,OOO pounds, an increase of
nearly 800 per cent. In 1860 we mined 49,
100000 tons of coal; in 1880, 79,OOO,OOO
tons, an increase OF over 400 per cent. In
1860 we made ISL, 600 tons of pig iron; in
1880, 3,S35,O00 tons. In 1860 we manu-
featured 235, 900 tons of railroad iron, and
in 1880, 1,20S, 900 tons. In 1860 our aggre-
gate of national wealth was SIG, 159 OOO,-
600; in 1880, twas S49OOO,OOO,OOO.
From lS4S TO 1860, during the low tariff
period, there was but a single year in
which we exported in excess of what we
imported. The balance of trade during
the IL of the 10 years was against us. Our
people were drained Of their money to nav
for foreign purchases. We sent abroad
over and above our sales 1896, PIG, 161. This
vast sum was drawn from the United
States, from its business, from the chan
nels of trade, which would have been bet
ter employed in productive enterprises
and thus supplied our wants for which
we were compelled to 90 abroad. During
the last 10 years, under protective tariff,
there was but one year that the balance Of
trade was against us. For IL years we
sold to our foreign customers in excess of
what we bought from them the sum of
81, 6l2, 659,75
This contrast makes an interesting ex.
hibt Of the work under the two systems.
You need not be told that the government
and the people are most prosperous whose
balance of trade is in their favor. The
government is like the citizen; indeed, it
is but an aggregation Of citizens; and
when the citizen buys more than he sells
he is soon conscious that his years bus-
ness has not been a success. Our wealth
increases $50 900, 900 every year, while the
increase of France is 1915 900, Great
Britain 1926, 100000 and Germany $780,
100000. The total carrying capacity ofall
the vessels entered and cleared from
American ports during the year 1SS6-S7 in
the foreign trade was 2S, 900 tons. The
amount of freight transported by the
railroads of the United States was alone
49,, 900, 900 tons during the same period.
The sum Of our industries exceeds that of
any other people or tribe or nationality.
Mulhall, the English statistician, places
the Industries of the United States at
81 ,405, 00O0 900 annually, which is $2,2O5-,
100000 more than those of the United
Kingdom Of Great Britain, nearly twice
that of France or Germany, nearly three
times that of Russia and almost equal to
the aggregated industries of Austria,
Italy, Spain, Belgium, Holland, Australia,
Canada and Sweden and Norway This
advancement is the worlds wonder The
nations Of the earth cannot furnish such
SPLENDID EXHIBITION OF PROGRESS.
in any age or period. We defy a revenue
tariff policy to present such an exhib On
of material prosperity and industrial de-
velopement. Arts, sciences, and literature
| have held their own In this Wonderful