Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-08-09
Published by roqueetl
History OF the Tariff.


prosperity.
lScs-Absolute prohibition OF all i'm
portations, followed by universal dis
aster.
ls09-Repeal of prohibition. followed
by renewal OF prosperity.
lSl2-1he tariff double and all nm
portation stopped by the war. Result.
hard times over the whole country, gen
eral suspension of banks, and such
suffering in New England that secession
WAS threatened.
1S1G-A protective tariff adopted-in
some things higher than that OF 1912,
although in some things lower. This
was the first tariff which was framed ali
through upon the principle of protection.
The PrOtectionists themselves always say
that it was followed by great depression
of trade.
1SlS-This tariff made still more pro-
tective; and the ProtectioDists always
refer to the year 1919 as one of great dis
aster.
lS24-A higher tariff, followed by
great depression in the protected manu-
features, and certainly without one cent
of increase in wages.
I lS2S-A very high protective tariff,
Immediately followed 10y hard times in
1928, and low wages so long as this tariff
existed,
1S32-No "free trade" at oil, but a
slight reduction of the tariff, followed by
improvement in business.
1894 gradual reduction of the
tariff, leaving il still so high that an
enormous surplus accumulated in the
Treasury, which was distributed among
the States il 1897. This distribution
was immediately followed by the famous
panic of S37, which was the direct re-
suit Of wild land speculation all over the
country, brought about largely by the
surplus.
Protective tariff restored. fol-
lowed by one year (lSf31 Of the greatest
stagnation Of business ever known,
while during the whole existence Of this
tariff farm wages were cut GQEn about
one hall from what they had been even
after the panic Of 1897, and wheat, corn.
and cotton sold at prices disastrous to
farmers and planters. Good times and
fat profits for iron, cotton, and woOllen
luill-ovuers bad times for every one
else.
lS46-The tariff cut down by about
one third to one half Result: An i'm
mcnse increase in commerce and ship
ping, a rapid increase in manufactures,
unprecedented prosperity in agriculture,
and the most rapid advance in wages
ever known in the history Of the country,
before or since.
lSJ7-EYcn under the low tariff or
1916 the revenue had become excessive
and a surplus accumulated. In order TO
Get rid OF this surplus the tariff was re-
duced in July, but in September, before
the new tariff could have the least effect
the short panic Of 1857 occurred as tho
result Of another wild laud speculation,
combined partially with the failure of
crops. BY 1853, however. almost the
Whole effect OF the panic had passed
away, AMI in 1859 and 1860 agriculture.
commerce, and manufactures were all
more prosperous than they had ever been
before
lsGl-A protective tariff, constantly
increasing until 1861. According to Pro-
tectionist logic the result was our terri
bic civil war, because this. as matter OF
fact, Immediately followed the new tariff.
For more than year after the adoption
Of this protective tariff the business Of
the country was in foariully depressed
condition.
1S64-TariE raised 80 per cent Manu-
facturers make fortunes for three years.
Wages, III gold, lower than ever.
lSG7--Great increase in tariff on wool.
Result immediate slaughter OF 100, 900
sheep, reduction cf wool product, and
ruin Of many woOllen-factorics. The
years Of 1867, 1868, and 1859 we're pc
RODS OF great depression in business,
and especially IN manufactures. In 1868
the Protoctionis:s themselves declared
that there were more unemployed work
men than had eyor before been known.
1S70-Sllght reduction in the tariff and
considerable reduction in taxation gene
rally. As a result business improved con
siderably. But. the tariff being still
maintained III all its protective features,
the great panic of 1873 ensued, which
was far worse than the panic of 1857, and
which lasted for more than five times as
long q period. From September, 1873.
until January, 1879, the business Of the
country was more depressed, and more
labOrers were driven ont of employment
than in any previous period Of the coun-
try's history. So far from there being
twenty-seyen years of prosperity
under the last protective tariff. fully half
Of that time has been a period Of extra
ordinary business depression, especially
marked by falling wages and the
wholesale discharge Of laborers from en-
pioyment. This was especially the case
in 1861, 1867, 1868, 1869, 1873, 1874,
1875. 1876, 1877. and 1873.
1SS3-Protended reduction, but real
increase in tariff. Wages cut down
everywhere in factories and mines.
Great panic of May, 1884, leaving de-
preston for two years.
The most extraordinary fact about this
whole story is that men of sense who
have lived through the fearful period of
depression, extending from 1873 TO 1879,
when for the first time legislation against
"tramps was needed, should vet listen
grsvely to the assertion of Protectionists
that nothing is needed to secure pros
perity except inst such high tariff as
We have now and had then.