New-York tribune., 1888-08-29

ury laid up 1886 600 900 each yoaf-a sum oHua w '
annual accumulstons Of England, France anu ''r""9
ohncd What then IS tho trouble with present con-
d,onf why should the country change from ,'e pro-
tectIve system under which we have enloyea s'h se''
prosperity 10 tarl1 for revenue oniyl Ids u "o' .o
orst time ve have asked 20 make revenue t'h'
40 he command q, the South tho country has repeatedly
tried the experiment Of revenue tarh ana ocic'e IL
nav be truhfuly affirmed that In every instance Such
c,nerlnent has been followed by financial disaster In
isaa an ac, was passed providing that duties should be
gradually reduced until they reached 20 per cent Tho
nr, reduction was not be reached until 1872 Under
the diminishing duties mportations largely increased
factories wcro closed business came to sancs aDorcrs
were Idle and the nnnna panic Of 1887 precpitated
unon the country. THIS was undoubtedly the most DIS
,srous commercial rcylson the country has ever ex-
nerienccd Bankruptcy was well-nIeh universal.
In 1s4O the whig party nominated for President WILLIAM
Henry Harrison tho grandfather OF our next President
He was trumphany elected, as tho grandson viii be tF-
umphantly elected November and the protective
tariff OF 1912 the result OF that election At once the
condition Of the country began to improve. in 1874
the Democrats nominated james X Polk OF Tennessee iOf
the Presidency Notwithstanding the fact that no was
declared proeetonls whgs believed and charged that
u was the the Democratic party in case OF sue
rcss 10 repeal protective tariff OF 1912. So strongly
was this charge pressed home upon tho Democratic party
that it was compelled in the State OF Pennsylvania to In
scribe upon it's Polk, Dallas and the Tarh OF
1897 And Northern Democrats everywhere souty az
nrmed that the Of the Democratic party
the Of 1912 would he maintained Polk was elected
and the Why's had predicted on coming Into power tho
marty repealed the protective arn OF 1912 and substituted
in It's place tariff for only This act IS known
as the tariff OF 1855.
PANIC WAS DELAYED, BUT NOT AYEITED
Fortunately for the Democratic party, there were
several intervening which served 70 postpone the
natural legitimate effects OF this tair upon the
business Of the country. The Mexican War compelled
the Government put out large OF money, which
stimulated trade increased markets. and additional!
employment to labor The famine Of 1si7 1913 and
isio In Europe gave market to extent hitherto
unknown for agricultural products. and finally canc
the discovery gold In California, followed by the pro-
ducton OF $50 100000 gold per annum. This Inflated
all classes Of business and whlc II postponed, IL did
not aycrt the disastrous effects legislation Of
1910. The balance OF trade largely against the
country all the gold obtained from California sent
Europe pay for goods imported, and tho financial
condition OF the country most unsatisfactory fcSi
dent Fillmore. December @ 1881, in his message to
Congress, speaking OF tho condition o. the county,
said
"The value OF exports OF breadsurs and pro-
visions, which It was supposed the Incentive OF low
and large importations from abroad would have
greatly augmented, has fallen from sos, 92l In lS4I
10 500 O5l 1913 In 1880 and s2 ,Gj3 In 1851 with
strong probability, amounting almost to certainty.
OF still further reduction in tho current year The
policy which dictated low rates of duties on foreign
merchandise thought by those who promoted and
abshcd H. would tend to benefit the farming popua-
ton Of this country Ivy Increasing the demand and raising
price OF agricultural pEotucts In foreign markets
Tho foregoing facts however, seem 10 snow IhcoutcrI
ably result has followed the adoption OF this
policy"
Again he said in his message Of December g. 1So2i
without repeating the arguments contained In my former
message I'm favor Of discriminating protective duties,
deem my duty call your attention to ono or two Oher
considerations affecting this subject. The first Is the
effect mportations OF foreign goods upon our
currency Most OF the gold of California as fast as u
is coined directly to Europe In payment for
goods purchased In the second place as our monufac
ung Establishments broken down by competition with
foreigners capital invested In them is lost thouSahu
OF honest and Industrious citizens are thrown out OF
employment and the farmer 10 that extent Is deprived OF
a hume market for the sole OF his surplus products In
the third place. the destruction OF our manufactures leaves
the foreigner without competition in our market ana ne
raises tho price OF the Article sent here for
sale is now seen In the increased cost oi loh III"
ported from England
In December. s57, President Buchanan In his annual
message 10 Congress- said: The earth has yielded her
fruit. ahundsnty AMI has bowGfuily forwarded the toll
oi the husbandman We have possessed AL the elements
Of material wealth In rich Abundance, and yet nowith
standing advantages country In lts monetary
Interests Is at present moment In dcporaole cond
ton In ,he midst passed plenty In all the pro
ductions all the elements Of natural wealth. we
nnd our manufactures ended our public works re-
,arded our private enterprises OF different kinds aban
doned thousands Of useful aborcrs thrown out OF
emp,oyuient and reduced 10 want"
DISASTER hND RUIN IN 1857
The evil day although postponed by the causes have
referred TO- finally in 1881. still further reduction
Of duties ye1r precpltated financial reVuiSio.
The panic 0: 1857 wrought disaster AMI ruin 70 nearly
every financial Interest the country. And this conn-
uei up the election OF Mr Lincoln in 1860 Thus II
Will be that every great financial panic when mas
occurred tho country since revenue farms were hfHt
adopted has with the single exception OF the panic OF o2
occurred under revenue tarir And that relief came
to the country the financial depression following tcc
panics the tariff had been repealed ana
protective tsriH substituted In It's place The revenue
arI 0, 1872 result ot the excessive Imitation OF
bv
hoses OF WAY. Commercial prosperity under protective
tariff and financial diversity and disaster under leve-
nue tanr arc It seems TO he, but the legitimate re-
suits OF the systems.
Let us examine briefly the principles upon which the
different proceed ana II this Is not true First
then what S projection Tor revenue onlyf Tho late
Robert Walker OF Mississippi Secretary OF the Treas
ury under President Polk and the author OF the revenue
tariff OF le4s say Tho only true maxim Is that which
experience dcmons bring IN each the larger
revenue at OF duty and tina, no duty be
imposed upon any article above the lowest rate "hlch WI"
ved the largest amount revenue The Cob len school
noltlc, science puts thus Tht moment 1t Is mite clear
bat TAX IL benefit to producers then the free
aie dogma condemns it, The test is simple and easy OF
application.
duties being Imposed such articles lihowisc pro
iueed at home Under revenue tariff The duy would
be imposed on tea coffee spices and all articles
which supply az all or supply IN adequately for
IA. demand OF the home uaIke'. II these should fl to
Weld the largest Of revenue The Golden school o.
the Ike Of which produced at home, then in the lam
u,ae II the late secretary Walker, the duty imposed
should be that which experience has demonstrated VIII
hiring in each case largest with the lowest
a,e Of duty aud according u the Golden school, In no
ce should be to benefit in any degree the
come producer. This tariff tor revenue only. pro.
ec,iy tarin Is exactly the OF revenue tariff
General Bachelor spoke as follows;
Gentlemen " the Repub!l, Convention: 1 thank
vou for the distinction your choice PRESIDE
your deliberations
In the discharge OF my duties. l invoke your forbcar
anc and cooperation he harmony which has sgnalied
YOUR temporary proceedings gives assurance that
ahors will be quickly and satisfactorily accon ish,d
The Republican party may well rejoice In the auspicous
conditions which greet the opening OF the pres
pagn IL Is a campaign OF Ideas; It is campaign OF
u,incipe Its foundations laid In the welfare OF the
nation; its arguments dawn from the interests OF
the people addressed to the consideration Of
thoughtful men IT. touches the most precious relations