The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1888-07-28
ls42.--protective tariff restored. fol.

ls42.--Protective tariff restored, fol-
lowed by one year, (is43) ofthe
greatest stagnation Of business
ever known; while during the
whole existence ofthis tariff
farm wages were cut down
about one-half from what they
had been even nfter the panic
Of 1887, and wheat, corn and
cotton sold ut prices disastrous
to farmers and planters. Good
times and fat profits for iron,
cotton and woolen mill owners;
bad times for every one else.
ls48.--The tariff cut down by about
one-third to one-half. Result,
an immense increase in COM
merce and shipping, II rapid In
crease in manufactures, unpre-
cedented prosperity in agricul.
ture, and the most rapid adj
vance I'm wages ever known in
the histors of tho country, be-
fore or since.
ls57.-Even under the low tariff of
1915 the revenue had become
excessive, and a surplus ac-
cumulated. In order to get rid
Of this surplus the tariff was
reduced in July; but in Sep
tember, before the new tariff
could have the least effect, the
short panic Of 1857 occurred,
AS the result of another wild
land speculation, combined
partially with the failure of
crops. BY 1858, however, al
most the whole effect of this
panic had passed away; and in
1859 and 1860 agriculture, COM
merce and manufactures were
all more prosperous than they
ever naU Deen before.
1s61.-A protective tariff, constant
ly increasing until 1867. Ac-
cording to protectionists logic,
the result 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 count
ry was in q fearfully depress-
ed condition.
ls64.-Tariff raised 80 per cent,
Manufacturers made fortunes
for three years. Wages, in gold
lower than ever.
ls67.-Great increase in tariff on
wool. Result, immediate slaugh-
ter Of 100000 sheep, reduction
of wool product and ruin of
many wOolen factories. The
years 1867, 1868 and 1869 were
periods of great depression in
business, and especially in mani
ufactures. In 1868 the protec-
tionists themselves declared
that there were more unem-
ployed workmen than had
ever before been known.
1S70.-Slight reduction in the tariff
and considerable reduction in
taxation generally, AS result
business improved consider
ably. But, the tariff being still
maintained in in all its pro-
tective features, the great pam
ic of 1873 ensued, which was
far worse than the panic of
1857, and which lasted for
more than five times as long a
period. From September, 1873,
until January, 1879, the busi-
ness of the country was more
depressed, and more laborers
were driven out Unemployment
than in any previous period of
the 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 Il period
of extraordinary business de-
preston. especially marked by
falling wages and the whole
sale discharge of labOrers from
employment. This was especi-
ally she case in 1861, 1867, 1868
1869, 1873, 1874, 1875, 1876, 1877
and 1873.
l983.-Pretented reduction, but real
increase In tariff. Wages Gu.
dowu everywhere in factories
and mines. Great panic of May,
1884, leaving depression for
two years.
The most extraordinary fact
about this whole story is that men ol
sense who have lived through the
fearful period ofdepression, extend.
ing from 1873 to 1879, when, for the
first time, legislation against
"trampsn was needed, should vet