The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1888-07-12
HISTORY OF THE TARIFF.
The Effect that the Protective Idea has had
on American Trade and Commerce.

| tariffs and reduction of State tariffs on
foreign goods, followed by rapid i'll
crease of prosperity.
lSOS-A bsolutc prohibition Of all inn
portations, followed by universal dis
aster.
lSO9-Repcal of prohibition, followed
by renewal Of prosperity.
1S12-The tariff doubled and all im-
portations stopped by the war. Result,
hard times over the whole country,
general supension Of banks and such
suffering in New England that seccs-
sion was threatened.
1Sl6-A protective tariff adopted-in
some things higher than that of 1872,
although in some things lower. This
was the first tariff which was framed
all through upon the principle of pro-
lection. The Protectionists themselves
always say that it was followed by
great depression Of trade.
lS1S-This tariff made still more pro-
tectivc and the Protcctionists always
refer to the year 1919 aS one of great
disaster.
1S24-A higher tariff, followed by
great depression in the protected man-
ufactures, and certainly without one
cent Of increase in wages.
lS2S-A very high protective tariff,
Immediately followed by hard times in
1929, and low wages SO long rs this
tariff existed.
lS32-No ''frce trade ut all, but
slight reduction of the tariff, followed
by Improvement in business.
lS33-A gradual reduction Of the
tariff, leaving it still so high that an
enormous surplus accumulated in the
treasury, which was distributed among
the States in 1887. This distribution
was Immediately followed by the ia
nous panic of 1887, which Was the di-
rect result of wild land speculation all
over the country, brought about large
lp by the surplus.
1912 Protective tariff restored, fol-
lowed by one year (lS43) Of the great
est 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 times and fat profits for iron,
cotton and woollen mill-owners
bad times for every one else.
lS4G-The tariff cut down by about
one-half. Result, al immense increase
in commerce and shipping, rapid in
crease in manufactures, unprecedented
prosperity in agriculture, and the most
rapid advance in wages ever known in
the history of the country, before or
since. |
1S57--Even under the low tariff of
1916 the revenue had become excessive
and surplus accumulated. In order
to get rid of this surplus the tariff was
reduced in July; butin September, be-
fore the new tariff could have the least
effect, the short panic of 1857 occurred
as the result Of another wild land spec
ulation, combined partially with the
failure of crops. BY 1858, however, al
most the whole effect ofthe panic had
passed away, and in 1889 and 1850 agri-
culture, commerce and manufactures
were all more prosperous than they
ever had been before.
1SGl-A protective tariff, constantly
increasing until until 1867. According
to Protectionist logic the result was our
terrible civil war, because this, as q
matter of fact, Immediately followed
the new tariff: For more than a year
after the adoption Of this protective
tariff the business of the country was
in fearfully depressed condition.
lSlj4-Tariff raised 50 per cent. Man-
uEacturers make fortunes for three
years. Wages, in gold, lower than
ever.
lSG7-Great increase in tariff on wool.
Result, immediate slaughter Of 100000
sheep, reduction of wool product, and
ruin of many woollen factories. The
years 1867, 1865 and 1863 were periods
of great depression in business, and es-
pecially in manufactures. In 1868 the
Protectionists themselves declared that
there were more unemployed workmen
than had ever before been known.
1S7O-Slight reduction in the tariff
and considerable reduction in taxa
ton generally. AS a result business inn
proved considerably. But, the tariff
being still maintained in all its protec-
tive features, the great panic of 1873 en-
sued, which was far worse than the
panic of 1857, and which lasted for
more than five lines as long period.
From September, 1873, until January,
1879, the business OF the country was
more depressed, and more laborers were
driven out Of employment than in.any
previous period of the country's history.
so far from there being ''twenty-seven
years of prosperity" under the last pro-
tcctive tariff, fully half Of that time has
been a period Of extraordinary busi-
ness depression, especially marked by
falling wages and the wholesale dis
charge of laborers from employment.
This was especially the case in 1861,
1867, 1865, 1869, 1873, 1874, 1878, 1876.
1877 and 1878.
SS3-Pretended reduction, but real
increase in tariff. Wages cut down
! o,-orvu hero i'm Factories and mines