New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-24
4 DANGEROUS MISTAKE.

The theory Of Mr.. Mills and other advocates
of tariff reduction is that the manufacturers
make too large profits. They give the working
men higher wages than were formerly paid, Mr.
Mills admits, but because labor has increased in
efficiency. Mr. Mills afirms that "nine-tenths
of all the manufactures consumed in the United
States could be produced more cheaply here
than in England" but that manufacturers, hav-
ing a duty Of 1 90 per cent or more, take all inc
benefit to themselves. On this theory the NILS
bill proposes to cut down duties generally for
the purpose of squeezing the water out OF prices
so to speak-forcing the manufacturers to be
content with moderate profits This he be-
lieves can be done without affecting at all the
quantities of goods produced, or the wages OF
labor while the reduction in the cost OF mate
rails will greatly cheaper production.
Let it be granted that Mr.. Mills and great
MANY of his friends are entirely sincere in this
belief. and will strive with all the earnestness
of conviction to lead American workingmen to
adopt it, All the old lines of attack on the pro-
tective system are practically abandoned. The
latest form of assault, it is hoped, Will turn
American worbingmen against the tariff, ana
until that can be done change of system can
not be expected Granting Mr.. Mills's sincerity,
is he not mistaken? 1t would be fearful
thing for the country to act upon such theory
as this, and then to find out by the destruction
of industries, and the suffering of millions OF
working people, that 1t was all a mistake. AS
Stunning that Mr.. Mills himself is anxious to be
right. and that those who act with him do not
want to curse the country by clinging to mis-
taken theory without taking all reasonable care
to assure themselves whether it is mistaken, let
the facts be considered.
Is it true that the manufacturers in this com-
try are realizing unreasonable profits? Deal
candidly, Mr.. Mills, and admit that If 1t were
So if in any branch of business profits much IN
excess of 6 per cent could be realized, an almost
unlimited capital would rush into that business.
Money is available here every hour, to the ex-
tent of many hundred millions, for any enter
prise in which per cent can be reasonably as
sured, and more, TO the extent of thousands OF
millions, waits in Europe for every invitation
of that Sort Mr. Atkinson, in the work which
Mr. Mills so extensively quotes, remarks of the
cotton manufacture distribution of Products
page 1929: "The business would extend with
great rapdity ifthere were positive assurance
cent per yardn 1t is so Of almost every other
industry as we'll
What is the situation which every candid in
quirer may discover? A considerable part Of
the cotton mills Of this country are now idle;
many others make no dividends Quite large
proportion Of the woollen factories have done
nothing for the past year, or are changing their
machinery to other uses. On the first OF Janu-
airy, when the iron output was unusually large
there were FAC furnaces idle, against BAL at
work; more than 80 per cent of the producing
capacity was even then unemployed and now
the proportion is greater OF the steel rail
mills, which Mr.. Mills supposes to be making
enormous products many are now idle because
they cannot afford to produce at current prices,
and the imports within the past year have vir-
finally shut out Of employment many thousand
worl,ingmen in that industry alone. What a
miraculous thing it is, Mr.. Mills that the pro-
tected manufacturers do not choose to work, and
IN realize the enormous profits you suppose they
can gain
When the honest and candid inquirer COM
mares the profits and dividends Of American
manufacturing establishments. he discovers that
n great many earn no profits at all that great
many others are only able to pay dividends less
than the current rate Of interest that the cases
in which large dividends are secured by excep-
tional advantages in location or exceptional
skill in management are but few indeed. A
list of sixty representative NewEngland con-
Germs, embracing most Of the long-established
and prosperous companies, for ten years
ending with 1884, actually paid on the
capital represented an average of So 83 yearly
on 500. while hundreds of less known estab-
lishments paid nothing.
TRUTH ABOUT RHODE ISLAND.
c.--aI.- CI.oo,n III dicni ION of Tho rnnrnlr IL