The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1888-10-11
The Two Policies,


policies. and seek to delude the people into
refining notions about abstract theories,
which time and again have proven false
and disastrous. The protective policy was
inaugurated 10y the fathers Of the Repub-
lie in 1889, and the Nation grew i'll wealth
and prosperity until 1915. when the reve-
nue. only policy was introduced 1t was
followed by depression in business, IN the
balance of trade against US and threatened
disaster to all the interests Of the Repub
lie. This was succeeded by the protective
tariff of 1924 and that of 1928, and de-
gree of prosperity which astonlsbed the
croakers and doctrinaireS. In 1882, Col
houu conceived the idea that Cotton was
King, and to get from the slave labor,
which produced it, the greatest amount OF
profit. the policy was projected to sell IN
the dearest market and buy in the Cheap
est To free themselves from the customs
duty on imported articles, The Legislature
of South Carolina passed the notification
ordinance. 1t reads
That the tariff law of 1898. and the amend
no law nor binding upon this state, It's oftlcers.
or citizens ,....
nent shall be paid Or permitted to be paid in
the State of south Carolina after the LIST day of
February, lo33 ,.-, o;,,;t Of ,ho
necfed multiplying act of The Legislature shall
An appeal TO the Supreme Court OF The United
states be permitted No caeg Of proceedings
shall be allowed to be taken Tor thap purpose.
| ANY attt mpt 10 appeal to the Supreme Court
| may be dealt with as Tor contempt OF Ine
| ,vyhi i'm
| 4 Every office hOlder OF The State, whether III
| the civil or military service, end every person
shall take an oath to obey this ordinance, and
all aets OF the Legislature IN accordance there
with or suggested thereby.
shall attempt TO entoIGs the tariff LAYS now eA-
isting by means Of lls Army or Navy, by closing
The ports of the State, or preventing bha egfess
or ingess of vessels Or shall in any way MAJ fhss
or oDslruct the foreign commerce OF the statti
theG South Carolina Will no longer consider
| herself a member OF the Federal Union. "Ihe
! neopte of this ete viii thenceforth hold them
| selves absolved from. 81 further obligation to
maintain or prese We TIL cir POLITICAL connect on
| with the people of The other states, aug WA
| forthwith proceed to organize separate gos
| ernmeut md do all other acts and things
which sovereign aud Independent States may
| OF right 60"
This was met by tie historic expression
Of Gen. } ,cA> son, mat by lite eteFHal"
the laws OF the United States must and
/
/ ID he pr, mists prevented the St cessl0n OF
Sou,Ii Carolina AT that time. But the az
ton OF that State resulted in humillat-
| ing ard disastrous, c0UpruAlSe on tne
tariff question. The measure known as
the Tariff act Of 1888 provided that from
and after ,te ;}lst day OF ID ceml'ei. 1888.
i'm all cases wheie dulie ale imposed on
foreign imports 10y The act OF the II II OF
July. 1882. or uy any other act, which shall
exceed 20 per cent, of the value thereof.
one tsi,ii pat Of such excess shall be de-
Quoted: from ani ,tit4r he 3lst day ut De-
ceul0er. $50 1897. aud 1853. respectively,
a further deduct OF of One-tenth vi said
eX..eS, shall he matie, and from and after
the 3lst da, OF litccmber, 1871. IA further
| reduction of oDe-haif of the remainder Of
such excess. aid fren and after the 3lst
day of December i !3. the residue of such
excess shall be deducted.
AS this legislation WAS carried ont, at
each rrducio The country felt il. and in
1887 five years before the law Was TO liaye
full force and effect the great panic was
precIpiia ted Imports OF foreign goods
increased and home manufacturing de-
CAY ed England avaiied herself OF this
OPT ming to giuf our markets. destroy our
manufactures and involve the people in
debt. There WAS 10 surplus. On the con-
f nv. during the term of Van Buren,. " no
ads eec ed il 1896, he was compelled 10
authorlz- the Issue of Treasury notes, upon
Tie fat Of the government. and without
any means iii the treasury to redeem them,
OF to carry Oh he ,yernment machin cry.
Foreign imports drained the country OF
its circulating medium. and p1ostratlon
and distress reigned supreme. The banks
suspended. ti.r factories closed, and vide
I'D want and Isl ress prevailed.
The cantaign of 1910 came on with
substantially the same issue that is now
before the people Harrison Was elected
as friend of protection over Van Buren,.
The protective tariff of 1912 was adopt ed.
and at once the cond ton If things
changed. Industries began 10 spring up,
ghe treasury was replenished. the credit
nf She 60. prnment restored and the na
tion WAS entering upon all era ct remark
able Prosperity. Then cam- the election
of 1874 Polk ID alas and tie Tariff Of y was
the d -mncratic shiiboleth in The North.
| Polk ii. lis leiler ~ Mi * nj, ;'f Pa. =,
deH ard himself fiierd ul prut;c ion,
hui suun iatiEr his l..s'aisnti:t into the
Presidency The sHalE-r tariff of 1916 for
| t,az "a .lH. q
| by The casting vu' e in tie Senate 81 Geo.
| NJ Dallas. Fora ui.ate!y for the business
of ;f:e Nation. lie M4 Xican Wal ciiub on,
and as ia al war ii hes, money waJ freely
| circulated .H the i3isrcnaSe of supplies;
then followed tie t3ii:tfah Mar. which
caused 4 demand for h'u-ileaii tr' DUCTS,
ard lhe discovery of gold III California.
| These events gave an il petus tn business
ard c0unteracted The effects of the law
of 1896 s54!S these abnormal conditions
could hot eol,i ite: ANA in 1857 another
great panic fe!. The ttf,cL OF that
was felt until 1851. Business Was pros
trated the people depres: ed. tie public
treasury empty. err dit destroyed and the
government unable To borrow even at s
and 10 per cent. elough money tor current
expenses. The protective tariff or 1861
was then enacted Oh The adyeilo OF the Re-
publican party to power. Under that pol
icy the Nation passed through Il gigantic
Wal. and notwithstanding its uhtnd cost.
and the withdrawal of millions OF men
from the avenues of trade and production,
al d the esiorlDouS deSt Tuctiuh OF values,
W. have advanced in Wealth and power at
sHci r. pisi strides as TO astonish the world.
| vast Industrial system, SURPRISING in its
Ill tgpilude any ether on lie glCDa, has been
estab i8ied: laLor has been employed at
remune rative prices, invention encour-
aged, and in all The attributes of civiliZa
ton. we have gone forward with such as
ton9shing progress as toexcite the wonder
as we'll as jealousy of every foreign power.
1t is now proposed by the Democratic
party to destroy this magnificent indus
trial systemic strike at and destroy the
basis Of its existence and return to the
''revenue only" policy which brought the
disasters Of 1916, 1887 and 1857.
II frav