Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1888-07-12
IN A NUTSHELL.
Concise History of Tariff Legislation IN
the Ur'ted States.

| the Ur:ted States.
| 17S9-A boltion of all interstate tar
ifs and reduction of State tariffs on
foreign goods, followed by rapid in
crease of prosperity.
| 1S0S-A bsolute prohibition of all i'm
portations, followed by universal dis
aster.
1SO9-Repeal of prohibition, followed
by renewal of prosperity.
| 1S12-The tariff doubled and all inn
portations stopped by the war. Result,
hard times over the whole country;
general suspension of banks, and such
suffering i'm New England that seces-
sion was threatened.
| 1S16-A protective tariff adopted-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 pro-
lection. The protectionisls themselves
always say that 1t was followed by
depression of trade.
| lS1S-The tariff made still more pro-
tective; and the protectionists always
refer to the year 1919 as one of great
| disasters.
great depression in the protected man.
|
of increase of wages.
1S2S-A very high protective tariff,
Immediately followed by hard times i'll
1929, and low wages so long as this tar
i lift existed.
1S32-No Stree trade" at all; but a
slight reduction in the tariff, followed
by improvement in business.
| 1S33-A gradual reduction in the tar
if, leaving it still SO high that an enor-
nous surplus accumulated in the treas
ury which was distributed among the
states in 1887. This distribution was
Immediately followed by the famous
panic of 1887, which was the direct re-
suit of wild land speculation all over
the country, brought about largely by
the surplus.
1912 Protective tariff restored, fol-
lowed by one year QS43) of the greatest
stagnation 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, cot
| ton and woollen mill owners; bad times
| for every one else.
| 1S46-The tariff cut down by almost
one-third to one-half. Result, an inn
| mense increase in commerce and ship
ping, rapid prosperity in agriculture,
and the most rapid advance in wages
| ever known in the history of the coun-
try before or since.
1S57-Even under the low tariff of
| 1S47 the revenue had become excessive
and surplus accumulated. In order
| to get rid of this surplus the tariff was
reduced i'm July; but in September,
before the new tariff could have the
least effect, the short panic Of 1857 oc-
Cured as the result of another wild
land speculation, combined partially
with the failure of crops. 4,y 1858,
however, almost the whole effect of the
panic had passed away, and in 1859 and
1860 agriculture. commerce and manu-
features were all more prosperous than
they ever had been before.
1S61-A protective tariff constantly
increasing until 1867. According to
protectionist logic, the re"ult was our
terrible civil war, because this, as a
matter of fact, Immediately followed
the new tariff. For more than year
after the adoption of this protective
tariff the business of the country was
in p fearfully depressed ,pdition.
1861 Tariff raised so per cent. Man
ufacturers made fortunes for three
years. Wages, in gold, lower than ever.
1S67-Great in tariff on wool.
Result, immediate slaughter of zoo, 900
sheep; reduction of wool product and
ruin of many woollen fact )ries. The
years 1867, 1868 and 1869 were periods
of great depression in business, and es-
peciallv in manufactures. In 1868 the
protectionists themselves declared that
there were more unemployed work linen
than had ever been known before.
1S70-Slight reduction in the tariff
and considerable reduction in taxation
generally. AS result business i'm
proved considerably. But, the tariff
being still maintained in all its protec-
tive features. the great panic of 1878
ensued, which was far worse than the
panic of 1857, and which lasted for more
than five times as long period. From
September, 1878, until January, 1879,
the business of the country was more
depressed, and more laborers were
previous period of the country,s histo- |
ry. 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 marked
by falling wages, and the wholesale |
discharge oflaborers from employment. |
This was especially the case in 1861, |
1867, 1868, 1869, 1878, 1874, 1876, 1876, |
1877 and 1878.
.SS3-Pretended reduction. but real
increase in tariff. Wages cut down |
everywhere in factories aud mines. |
Great panic in May. 1884, leaving de-
preston for two years.
The most extraordinary fact about /
this whole story is, that men of sense
who have lived through the fearful