Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1888-08-01
In a Nutshell.
CONCISE HISTORY OF TARIFF LEGISLATION
IN THE UNITED STATES.

IN THE UNITED STATES.
17S9-Abolition of all Interstate tariffs
and reduction of State tariffs on foreign
goods, followed by rapid increase of pros
perity.
1s0S-Absolute prohibition of all importa-
tions, followed by universal disaster.
1S09-Repeal of prohibition, followed by
renewal of prosperity.
1S12-The tariff doubled and all importa-
tions stopped by war. Result, hard times
over the whole country: general suspension
of banks, and such suffering in New Eng
land that secession was threatened.
1S16-A protective tariff adop ed-in some
things higher than that of 1912, although
in some things lower. This was the first
tariff which was framed all through upon
the principles of protection. The protec-
tionists themselves always say that it was
followed by depression of trade.
1S19-The tariff made still more protec-
tive; and the protectionists always refer to
the year 1919 as one of great disasters,
1S24-A higher tariff, followed by great
depression in the protected manufactures,
and certainly without 1 cent of increase of
wages.
1S28-A very high protective tariff, inn
mediately followed by hard times in 1929,
and low wages SO long as this tariff existed.
1S32-No Stree trade" at all; but slight
reduction in the tariff, followed by improve
ment in business.
1884 gradual reduction in the tariff,
leaving it still so high that an enormous
surplus accumulated in the treasury which
ha t1fn in
This distribution 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 surplus.
1S42-Protective tariff restored, followed
by one year (1643) of the greatest stagna-
ton of business ever known; while during
the whole existence of this tariff farm wages
were cut down about one half from what
they had been even 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 aud
wcollen mill owners; bad times for every
one else.
1946-Ths tariff cut down by almost one
third to one-half. Result, an immense in
crease in commerce and shipping, a rapid
prosperity 10 agriculture, and the most
rapid advance in wages ever known in the
history of the country before or siuce.
1657-Eveu under the low tariff of 184r
the revenue had become excessive aud q
surplus accumulated. In order to get rio
of this surplus the tariff was reduced in
July; but in September, before the new
tariff could have the least effect, the shcr
panic of 1857 occurred as the result of an
other wild land speculation, combined par
TALLY with the failure of crops. By 1858
however, almost the whole effect Of the
panic had passed away, and in 1860 agricul
ture, commerce and manufactures we're al
more prosperous than they ever had beer
before.
1S61-A protective tariff constantly in
creasing until 1857. According to protec
zionist logic, the result was our terrible
civil war, because this, as matter of fact
Immediately followed the new tariff. Fol
more than year after the adoption of thi
protective tariff the business of the country
was in fearfully depressed condition.
1964-Tariff raised so per cent. Man
ufacturers made fortunes for three years
Wages, in gold, lower than ever.
1S67-Great increase in tariff on wool
Result, immediate slaughter of 10000
sheep, reduction of wool product and ruiz
of many woolen factories. The years
1868, 1869 were periods of great depression
in business, and especially in manufactures
In 1868 the protectionists themselves de
clared that there were more unemployed
workmen than had ever been known before
1S70-Slight reduction In the tariff an,
considerable reduction in taxation generally
AS result business improved considerably
But, the tariff being still maintained in al
its protective features, the great panic Of
1873 ensued, which was far worse than ths
panic of 1857, and which lasted for more
shan five times as long period. From
September, 1878, until January, 1879 tn,
business of the country was more depressed
and more laborers were driven out of en-
ployment than in any previous period O
the eountry's history. So far from Their,
being "twenty-seven years of prosperity
under the last protective tariff, fully hal
Of that time has been period of extraor
binary business depression, especially mark
ed by falling wages, and the wholesale dis
charge of laborers from employment. Thi
was especially the case in 1861. 1875, 1868
1863, 1878, 1874, 1875, 1876. 1877 and 1878
18S3-Pretended reduction, but real in
crease in tariff Wages cut down every
where in factories and Mines Great panic
in May, 1884, leaving depression for two
years.
The most extraordinary fact about this
whole story is, that men of sense who have
lived through the fearful period of depres
sion extending from 1873 to 1879, when, fol
the first time legislation against ''tramps''
was needed, should yet listen gravely to the
assertion of proteotionists that nothing is
needed to secure prosperity, except just
such high tariff as we have now and had
then.-Thos. G. Shearnaasa On the Standard
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