Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1888-07-05
THE.NORTHWEST
History ofthe Tanf:

Htstory ofthe Iar1H.
17se-Aboiition of an interstate tafifs and
reduction of the State tariffs onF nFforeign
goods, followed BY rapid increase sof pros
perity. @ z h
180S-Absolute prohibition of all importa-
lions, followed by universal disaster.
18O9-Repeal of prohibition followed by
renewal of prosperity. T.
1912-The tariff doubled and all importa-
lions stopped by the war. Result hard times
ever the whole country, general supension OF
banks and such suffering in New England
that secession was threatened .s@
1S16--A protective tariff adopted- in Some
things higher than that of ISL, although
apon the principle of protection. The pro
sectionists themselves always say that it was
followed by great depression of trade.
1S1S-This tariff made still more protec-
tive; and the protectionists always refer to
the year 1919 as one of great disaster. xy ~
1S24&A highertarif followed by great de-
preston Id the protected nlantlfactures and
certainly without one cent .of Increase in
wages.
1s2S-A very high protective tariff, immedi-
ately followed by hard times in 1929, and
low wages so long as this tariff existed.
1S32-No "free trade' at all, but slight
reduction of the tariff, followed by improve
ment in business. ~ e., g~TwE ~ !
1S38AA gradual reduction of the tariff
leaving it{still so high that an enormous
surplus Accumulated in the Treasury, which
was adistributed enong the States in 1887.
The 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 (1843) of the greatest stagnation
of business ever known, while during the
existance 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 times and fat profits for
iron, cotton and woolen mill-owners; bad
times for every one else.
1S46-The tariff cut down by about one
shird to one-haf. Result, an immense in
crease in Scommerce and ,shipping,sa rapid
increase in manufacturers, unprecedented
prosperity in agriculture, and the most rapid
advance in wages ever known in the history
of the country before or since.
tS57-Even under the low tariff of 1876 the
revenue had become excessive and a.surpus
accumulated. In order 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 1867 oe-.
cured as the result of another wild land
speculationA combined partially With ethe
failure Of crepe. BY 1858, however. almost
the wholea effect Of gthe panic hadspassed
away, and In 1869 and 1860 agriculture, COM
nerce and manufactures were all more pros
porous than they had ever been before.
1S61-A protective, tariff, constantly in
creasing until 1867. According to protec-
ZIONIST logic the result was our terrible civil
war, because this, as matter of fact, i'm
mediately followed the new tariff. For more
than year after the adoption of this pro-
bective tariff the business of the country was
in fearfuny depressed condition. a fsej
1S64-Tariff raised 30 per- cent. Manuffc.
turers make fortunes cor thres Years. Wages,
5p gold. lower than ever.
B67-Great increase in tariff on wool.
Result, immediate slaughter of 100000 sheep,
reduction Of wool product, and ruin Of many
woolen factories. The years 1867, 1868 and
1859 were periods of great depression in bust
ness. and especially in manufactures. In,
1868 the pgoteetionists, themselves declared
that there were more unemployed 1wogkmsn
than had ever before been known.
t870-Slight reduction in the tariff and con-
siderable reduction in taxation generally. As
D result business improved still maintained
IN all its protective featutes, the great panic
of 1878 ensued, which was far worse than
the panic of 1867, and which lasted for
nearly five times as long period. From
September, 1868, until January, 1879, the
business of the country was more depressed,
and more labprers we're drivenout Of employ
ment than in any previous period of thel
country's history. So far from there being
"twenty-seven years of prosperity under the
last protective tariff, fully half of that time
has been period Of extraordinary business
depression, . especially y&maFked.s by ysfaliihal
wages and the wholesale discharge of laborers
from employment This was especially the
case in 1861, 1867, 1868, 1869, 1873, 1874, 1875,
1876, 1877 and 1873. n
fSSS-Pretended reduction, But real IN |
crease in tariff. Wages CIT down eyeryRhers1
IN factories and mines. Great ranfc of M4y. |
1884, leaving depression for two years.
The most extraordiparg,rfact 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, for
Ae first time, legislation agafhst "trampsn
was needed, should yet listen gravely to the
asserlonsof Sprctectlonists that nothing is
high tariff as we have now and had then.