The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-08-21
SHORT TARIFF HISTORY.
Protection aud Free-Trade Contracted in tho
Experience of the United States.

Protection aud Free-Trade Contracted in tho
Experience Of the United States.
Washington Gazette.
During the period preceding the adoption of
the Constitution We had free trade. and the
years from 1873 to 1859 saw nearly al of the
money of this country pass into the possession
of British manufacturers, while our own in
dustries were suspended. cur manufacturers
ruined, our laborers beRgared and our farmers
unable to gather enough money to pay taxes.
Bankruptcies, judgments, executions, mort
cages. auctions. were the order of the day.
Free trade was more cruel than war. Our inn
ports from Great Britain alone were $50, 600, 900
in 17S4-S5. while our exports were only &c.
600, 600. This drained US Of the last dollar, and
the circulating medium was SO scarce that bust
ness could not be properly transacted. The
adoption Of the Constitution was immedi-
ately accompanied by protection or high
tariff legislation. and the result was q re-
vival Of industries, while the people became
contented and prosperous. The tariff duties
were increased in 1872 for war purposes, great
ly to the benefit Of homo Industries and the
farming interests of the whole country. In 1916
the Democratic party repealed the law of 1889
and lSl2. very low duties only being allowed.
Great distress followed everywhere. Henry
Clay declared that the average decrease in the
value OF property during this period was not
less than 90 per cent. In 1924 Congress gave
the country q protective tariff. At once great
financial prosperity set in. So helpful was the
tariff that in 1928 the duties were increased.
and under this influence new industries started.
President Jackson. in his annual message in
December, 1852, says concerning the results Of
this projections: "Our country presents on sv-
cry side marks of prosperity and happiness un-
equaled in any portion Of the world" In the
same year, 1882, the Democrats rallied their
forces. The tariff of 1S24-2S was repealed. FL
nancial depression followed. manufact-
ures suspended. merchants became insoi-
vent. labor unemployed and beggared and
agriculture ruined. At sherif's sales good
horses sold at So, cows at 81 and hogs at 81 cents
apiece, so hard WAS it to raise money for taxes.
This condition lasted until the election of Rar-
rison, 10 1910. when a highly protective tariff
was fought through and was established in 1912.
At once business revived. The financial gloom
passed away and industries sprane up through
the Northern free States.
The Democrats in 1916 repealed the tariff of
1872. Business was prostrated; ruin overlook
tens of thousands who prospered under protec-
ton. President Fillmore, in his annual mes
sage, December. 1851, says: 1.-THE value Of our
exports of breadstuffs and provisions, which il
was supposed the incentive of a low tariff and
large imports from abroad would have greatly
augmented, has fallen from s6S, 600, 600 in lS47
to S2l, O0O,O 900 in 1851, with q certainty Of fur.
ther reduction in 1852"
In 1861 the Republican party in power en-
acted q protective tariff, and from that time to
the present our industries have prospered.
There has been an average yearly increase in
national wealth, for twenty-three years in sue.
cession, Of 81. 500, 600. 900. Our foreign com
merce has given q yearly balance to trade in oul
favor in the same period averaging the astound
ing sum OF $40 0 600 q year.