Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1888-08-03
in A NUTSHELL.
Concise HrsTohY OF TARIFF LEoisti
TIoN IN TIE UNITED STATES.


180S-Absolute prohibition OF all
importationc, followed by universal
Disaster,
tSO9-Repeal Of prohibition, fol
lowed by renewal of prosperity.
1812-The tariff doubled and all
importations stopped by war. Result,
hard times over the whole country;
general suspension of banks, and
such sufferings i'll New England that
secession was threatened.
ls16-A protective tariff adopted
in some things higher than TINT OF
1912, although in some things lower.
This was the first tariff which was
framed all through upon the princi
pies OF protection. The protection,
lists themselves always say that 1t was
followed by depression Of trade.
1S18-The tariff made still more
protective; and the protectionists
always refer to the year 1918 rs one
of great disasters.
lS24--A higher tariff, followed by
great depression In the protected
manufactures, and certainly without
l cent of increase Of wages.
1924 very high protective tar.
if, Immediately followed by hard
times IN 1929, and low wages 80 long
as this tariff existed.
l832-No Stree trade" at all; but
slight reduction in the tariff, fol-
lowed by improvement in business.
1894 gradual reduction in tho
tariff, leaving it ntill so high that on
enormous surplus accumulated in the
treasury which was distributed
among the States in 1897. This dis
tribution was Immediately followed
by the famous panic of 1887, which
was the direct result of wild land
speculation all over the country,
brought about largely by the sur
plus.
1S12-Protcctive tariff restored,
followed by one year QS43) of the
greatest stagnation of business ever
known; while during the whole exist.
ence Of this Tariff farm wages were
cut down about one. half from what
they had been after the panic of
1887, and wheat, corn and cotton
sold at prices disastrous to farmers
and planters. Good time, and fat
profits for IRON, cotton and wooden
mill owners; bad times for every one
else.
1Sl6--The tariff cut down by al.
most one-third to one-half Result,
an immense increase in commerce
and shipping, rapid prosperity in
agriculture, and the most rapid ad-
vance i'll wages ever known in the
history of tho country before or
since.
1857-Even under the low tariff
OF 1877 the revenue had become ex.
cessive and surplus accumulated.
In order to get rid of this surplus
the tariff was reduced in July, but in
September, before the new tariff
could have the least effect, the short
panic of 1857 occurred rs the result
OF another wild land speculation, com.
bined partially with the failure of the
crops. BY 1858, however, almost the
whole effect of the panic had passed
away, and in 1859 and 1860 agrioul.
ture, commerce and manufactures
oil more prosperous than they had
ever been before.
1S61-A protective tariff constant
ly increasing until 1867. According
to protectionist logic, the result wac
our terrible civil war, because this
as matter of fact, Immediately fol
lowed the new tariff. For more thar
year after the adoption of this pro
tective tariff the business of the
country was in fearfully depressed
condition.
1964-Tariff raised so per cent
Manufacturers made fortunes TO,
three years. Wages, in gold, lowe,
than ever.
1667--Great increase in tariff or
wool. Result, immediate slaughte,
OF 100000 sheep; reduction of WOO
product and ruin of many wooler
factories. The years 1868, 1869 were
periods of great depression in bust
ness, and especially in manufactures
In 1868 the protectionists them
selves declared that there were moro
unemployed workmen than had ever