Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1888-06-19
HISTORY OF THE TARIFF.

l1Sg-Aboltion of all Interstate tariff
and reduction of state tariffs on for
,ign goods, followed by rapid in.
crease of prosperity.
1SOS-Absolute. prohibition OF all impor
talions, followed by universal dsas
ter.
1sO9-Repeal of prohibition followed b,
renewal OF prosperity.
lSl2-Thc tariff doubled and all importa
tons stopped 10y the war. Result
hard times over the whole country
general suspension of banks ant
such suffering in New England tina
secession was threatened.
1Sl6--A protective tarlf adopted-ir
some things higher than that OF 1912
although in some lhings lower. This
was the first tariff which WAS framed
all through upon the principle OF
protection. The protectionists them
selves always say that it Was followed
by great depression of trade.
1SlS-Ihis tariff made still more prOtec
tive; and the pTotectiouists always
refer to the year 1919 as one of great
disaster.
1S94--A high tariff. followed. by great
depression in the protected manufac>
lures and certainly without one cent
of increase in wages.
1S2S-A very high protective tarlif, inn
mediatcly followed by hard times in
500 and low wages so long as this
tariff existed.
1S33-No free trade" at all, but slight
reduction Of the tariff, followed by
improvement in business,
S33-A gradual reduction of the tariff,
leaving it still so high that an enor-
nous surplus accumulated in the
which distributed
among the states in 1897. This dss
tribulion was Immediately followed
10y 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.
1912 Protective tariff restored. followed
by one wear (lSi2) of the greatest
stagnaton of business ever known,
while during the whole existence of
this taIitf farm wages were cut down
about one half from what they had
been even after the panic of 1867.
and wheat, corn and cotton sold at
prices disastrous to farmers and
planters Good times and fat profits
for iron, cotton aud wooden mill
owners; bad times Tor every one
else.
1S46-The tariff cut down by about one
third to one-half. Result an i'm
mense increase in commerce and
shipping, rapid increase in manu-
features, unprecedented prosperity
in agriculture, and the most rapid
advance in wages ever known in the
history of the country. before or
since.
1S5I-Eyen under the low tariff OF 1876 |
the revenue had become excessive |
and surplus accumulated. In or
der 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 us the result
of another wild land speculation,
combined partially with the failure
of crops. BY 1853, however almost
the whole effect of the panic had
passed away, and in 1859 and 1860
agriculture, commerce and manufac>
turers were all more prosperous than
they ever had been before.
1S61-A protective tariff, constantly in
creasing until 1867. According to
protectionist logic, the result was our
terrible civil war, because this, as a
matter of fact. Immediately followed
the new tariff. For more than IL
year after the adoption of this pro-
tective tariff the business of the {
country was in fearfully depressed :
condition. i
1864 Tariff raised so per cent. Manu- 5
facturers make fortunes for three
years, Wages, in gold, lower than
ever. \
1S67-Great increase in tariff on wool. I
Result, immediate slaughter of 400 = y
600 sheep, reduction of wool product q
and ruin of many wooden factories +
The years 1867, 1868 and 1869 were e
periods of great depression in bust. a
ness, and especially in manufactures s
In 1868 the protectionists themselves n
declared that there were more unem. a
plOyed workmen than had ever before
been known.
1STO-Slight reduction in the tariff and T.
considerable reduction in taxation n
generally As result business inns r,
proved considerable. But, the tariff "
being still maintained in all its pro- a,
iectiVe features, the great panic OF q,
1873 ensued, which was far worse NJ
than the panic of 1857, and which s
lasted for more than five times as ii
long period. From September, II
1873, until January, 1879 the busl> :
ness of the country was more de-
pressed and more laborers were
driven out OF employment than in
any previous period of the countrvsj
history. so far from there being Z
twenty seven years of prosperity"
under the last protective tariff fully e
half of that time has been a period .
of extraordinary business depression,
especially marked by falling wages
and the wholesale discharge of labor 4
ers from employment, This was
especially the case ia 1861, 1867,
1868, 1869. 1878, 1874 1875, 1876,
1877 and 1878.
1883 -Pretended reduction but real in> .
crease IN tariff. Wages cut down
everywhere in factories and mines.
Great panic of May, 1884, leaving D
depression for two years.
The most extraordinary fact about this q
whole story is that men of sense who
have lived through the fearful period of
depression extending from 1878 to 1879, -
when, for the first time, legislation against
''tramps' was needed, should listen grave
" to the assertion of protectionists that
nothing is needed to secure prosperity ex
'ept just such a high tariff as we have
low and had then. -
LOCAL NOTICES.