The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1888-06-28
sTAUNToN, VA.
DEFERRED A1ATTER
Our Tar IF History.

duties placed upon imports. From IVA
to 1890 inclusive the imports from Eng
land exceeded the exports from America
in the sum of $50. 1862 .s75, and a clamor
arose for protection.
The first tariff law passed was approved
by the President July 4, 1888. Its pream-
bic recited "Nhereds, it is necessary for
the support of the Government, the dis
charge of the debts of the United States,
and the encouragement of manufactures,
duties be laid on goods, wares and mer-
chandise imported
From the year 1896. when the protective
tariff was in full operation, to 1901, d pc
Rod OF seven years, the exports of this
country exceeded the imports by 3,374,-
316, leaving England in debt to America.
In 1924, although the revenue was sufli-
cient. new tariff was adopted with high
er duties in order tv extend the benefits OF
protection. This measure had the active
support of Pres ldents Monroe, jackson
and John Quincy Adams.
! In 1888, owing to the demands of South
Carolina, then in almost open rebellion, a
revised tariff law was passed lowering the
duties about 90 per cent.
| By 1910 this tariff revision had so d.
minished the revenue and manufactures
were so PROSTATE that the GonYernmet
and the people were almost in bankruptcy.
| This caused raising of customs duties to
the protective point in 1912, under which
trade revived and the Governments credit
was preserved.
| In 1876 aleduction was made in the tar
| iff rates, and during the next eleven years,
while these reduced rates were IN force,
the revenues fell short of the expenditures
by $21 900, sos In 1860 the Government
had to borrow $50, ZOO, 900 to maintain its
credit.
The duties were increased in March,
| 1861, and since then, while the war tariff
has been reduced to natural proportions.
the manufactures of America have -four
| ished as never before.
| The above brief reference to the legis-
| lation of the country on the tariff question,
| taken from the Atlanta Constitution, a
| Democratic paper, is very suggestive. 1t
can be shown that following every revision
of the tariff in the direction Of free trade
or for "revenue only, a widespread panic
succeeded. The compromise in 1888,
to quiet the South Carolina nullifiers,
brought the business revulsion and pros
traton of 1887, and compelled an increase
of tariff duties in the measure OF 1872
| That legislation was enacted under the
Harrison administration, and the beniits
were SO pronounced in the industrial dis
tricts, that the Democrats in 1874 had to
defer to the protection sentiment in the
North by marching under the banner OF
Polk, Dallas, Texas and the tariff of
49, BY this deception the Democratic
party was again given power. Nc sooner
was it securely entrenched than the tariff
| law of 1916 was formulated by Rob't J.
| Walker, Polk S Secretary of the Treasury.
| 1t was essentially a free trade measure
The power and influence of the admins
tration " ere invoked and used to force the
adoption of it, just as Cleveland is now
trying to have enacted the Mills bill. I'm
der the operation of the Walker tariff. the
revenues diminished, business was pros
trated, the industries of the country par
alyzed, producing the panic of 1861. The
treasury was short over $40, 900 600, the
balance of trade against us, and this con-
dition was continued until 1861, when our
credit was so low that even small loan
could not be effected without discount of
10 to II per cent. Enough could not be
borrowed to meet the demands of govern
ment. and treasury certificates were issued
to meet the en- Urgency. When the Dem
ocrats went out of power in 1861, the
treasury was practically bankrupt. the
credit of the government ruined, business
stagnated, industries suspended, and the
people in depressed and suffering condi-
ton, such as had never been known be-
fore.
The Republicans were met by this de
plorable state of affairs when they entered
upon the administration of the govern
ment. Duties were at once increased to
the protection point. The condition of
things was soon changed. And notwith
standing the expenses of the war to pre-
serge the Union had to be encountered,
| industries began to spring up, revenues
| flowed into the treasury, and at the close
of the war a financial and industrial sys-
tenn had been established that challenged
the admiration of the world. Under it
the vast war debt was met, its principal
reduced. the interest charge lessened and
the credit of the government advanced
beyond that of any Nation on the globe.
| AS the condition of the treasury and the
demands of government perm tilted, the
high protective duties were reduced, the
internal revenue laws modified, and the
policy of the government adjusted to a
peace basis and to peace expenses. The
tariff bill of 1888. was the result-a COM
promise that did not meet all the require
ments of the time but the best that could
be effected, with conflicting views and
policies in earnest and stubborn conten-
tion.
Contrast the condition of the country in
1888, as the result of Republican legisla
tlOu anu OIc pI ObtCblVt pOllCy. dllu tudG VI
1861. under Democratic legislation and
revenue only" policy. The twoperiods and
the two conditions speak for the two poll
cies and the two parties. 1t is protective
tariff legislation and it's results compressed
into nut shell. Free trade theories are ex
ploded by the actual facts of practical ex-
perience. The one brought rum and suf-
fering. The other drought prosperity,
progress, wealth and power for the
Nation. 1t does not require argument to
point out the difference. lie who runs
may read.
1t is the system that has brought about
these results, that the Democratic party
assails and would destroy. 1t would
strike a deadly blow at the splendid
fabric of American industry, ramifyi ing
it's connections, its influence and its bene.
fits throughout every porto ion of the Union,
in order to return to principle and pol
icy that were tried for half century.
with nothing but disaster as its fruits
These two policies clearly marked and def
nitely outlined are joined in issue for the
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