The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1888-09-22

try. lhlS was unQOuOteQlY tne most
disastrous commercial revulsion the
country has ever experienced. Bank
ruptcy was well nigh universal.
In 1910 the Wing party nominated
for President William Henry Harrison,
the grandfather OF our next President.
He was triumphantly elected, as the
grandson will be triumphantly elected
next November, and the protective
tariff of 1912 was the result of that
election. At once the condition of the
country began to improve. In 1874
the Democrats nominated James K.
Polk, OF Tennessee, for the Presidency.
Notwithstanding the fact that he was
declared protectionlst, the Wings be-
lieved and charged that it was the
intent of the Democratic party in case
of success to repeal the protective tariff
of I842. So strongly was this charge
pressed home upon the Democratic
party that 1t was compelled in the State
of Pennsylvania to inscribe upon its
banners "Polk, Dallas and the Tariff
of 1S42," and Northern Democrats
everywhere stoutly affirmed that in case
of the success of the Democratic party
the tariff of 1912 would be maintained.
Polk was elected, and, as the Wings
had predicted, on coming into power
the party repealed the protective tariff
of 1912 and substituted in its place
tariff for revenue only. This act is
known as the tariff of 1S45.
Fortunately for the Democratic party,
there were several intervening causes
which served to postpone the naturally
legitimate effects OF this tariff upon the
business of the country. The Mexican
War compelled the Government to put
out large sums OF money, which stimu-
lated trade, increased markets, and gave
additional employment to labor. The
fannie of IS47, IS4S and IS49 in
Europe gave market to an extent
hitherto unknown for our agricultural
products. and finally came the discovery
of gold in California, followed by the
production of 500, 900 gold per
annum. This inflated all classes of
business, and while it postponed, it did
not avert, the disastrous effects of the
legislation of 1916. The balance of
trade was largely against the country;
all the gold obtained from California
was sent to Europe to pay for goods
imported, and the financial condition
of the country was most unsatisfactory.
President Fillmore, on December 2,
1851, in his message to Congress,
speaking of the condition of the coun-
try SAID:
"The value of our exports OF bread
stuffs and provisions, which 1t was sup
posed the incentive law of a tariff and
large importations from abroad would
have greatly augmented, has fallen from
sos, 7oI,92I, in IS47 to S26,o5I,373 in
1850, and to s21,S4S,653 in 1851,
with strong probability, amounting
almost to a certainty, of still further
reduction in the current year. The
policy which dictated low rates of du-
ties on foreign merchandise, it was
thought by those who promoted and
established it, would tend to benefit
the farming population Of this country
by increasing the demand and raising
the price of agricultural products in
foreign markets. The foregoing facts,
however, seem to show incontestably
that no such result has followed the
adoption of this policy"
Again he said in his message of De-
cember 6, 1852, "Without repeating
the arguments contained in my former
message in favor of discriminating pro-
tective duties, l deem it my duty to
call your attention to one or two other
considerations efectlng this subject.
The first is the effect of large importa-
ton of foreign goods upon our cur
rency. Most of the gold of California,
as fast as it is coined, finds its way di-
rectly to Europe IN payment for goods
purchased. In the second place, as
our manufacturing establishments are
broken down by competition with for
eigners, the capital invested in them is
lost, thousands of honest and industrious
citizens are thrown out OF employment
and the farmer to that extent is de-
prived of home market for the sale of
his surplus products. In the third
place the destruction of our manufac-
lures leaves the foreigner without COM
petition in our market, and he conse-
quently raises the price of the article
sent here or for sale, as is now seen IN
the increased cost of iron imported
from England"
In December, 1857, President Buch-
anan, in his annual message to Con-
gress SAID: "The earth has yielded
her fruits abundantly and has bounti-
fully forwarded the toll of the husband
man. We have possessed all the ele-
ments of material wealth in rich abund-
ance, and yet Notwithstanding all these
advantages our country in its monetary
interests is at the present moment in a
deplorable condition. In the midst of
unsurpassed plenty in all the produc-
tons and in all the elements of natural
wealth, we find our manufactures sus-
pended, our public works retarded, our
private enterprises of different kinds
abandoned, and thousands of useful
laborers thrown out of employment and
reduced to want"
The evil day, although postponed by
the causes referred to, came finally in
1857. A still further reduction of du-