Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1889-09-19
"a Pretty Baa showing >

hJNshOt VI tht pItStuA tACtSTlNt pibtrO>
tive tariff.
"a Pretty Baa showing"
ST. Louis Republic.
An Associated Press dispatch from
Providence. X. l., announces that The
report OF the committee OF creditors OF
the Phnnix Wooden company. whose
mills are at East Greenwich. gives pretty
bad showing. Its liabilities are $500. 900
and assets S40S.Sl6 An offer Of %
cents on the dollar is recommended bv
the committee for acceptance"
This Is, indeed, "a pretty bad show
ing" for an institution 10 benefit which
the people Of the United States are taxed
up TO ~ per cent. of the value OF the
woolen goods used by them, but bad as
n is, II is not the worst by any means.
Mr.. Harrison's election to the presidency
would. IL was promised. inaugurste an
era of great prosperity and high wages
Some idea of the real consequences may
be gained from the system in this single
industry since his election. viz:
November @. 1SSS-Election OF Benja-
min Harrison To the presidency on the
theory that high taxes create wealth and
insure prosperity.
January Strike of employees Of Hig-
gins New York carpet factory against
reduction.
March Failure of H. A Gould, of
Boston. dye stuffs for wooden manufac-
turing.
March 25-Assignment made by the
Glendale wooden mills. Glendale. Mass.
April 15-Assignment Of the Consho
hocken (Pa) Worsted company.
May lS--Failure of the Almy Manu-
featuring company, employing 400 hands
in the manufacture of lady's cloth in the
Philadelphia district.
July 16-Verssilles Wooden company
declared insolvent.
July 25-Failurr OF the Denis wooden
mills. Chester, Pa.
August G-Attachment Of the River
side and Oswego worsted mills. employ
ing over 1000 hands.
August Failure of Brown. Stese &
Clark, wool dealers. Boston.
August S-Failure of the Bohlman hat
mandatory. Reading. Pa.
August SIS. utting down of the Eben
Sutton wooden mills at North Andover,
Mass.
August S-SuspensiOn 81 Schepper
Brothers wooden mill at PHILADELPHIA
throwing nearly 500 persons out of EN-.
ployment
August S-HutchinsOn. Ogden & Co. .
worsted yarn spinners of Mauayunk, Pa,
assign.
August s-The Pioneer wooden factory
Of San Francisco offered for sale.
a
Of the Hollis Dressed Beef and Wool
company, makes an assignment.
August i5-David Crowther 81 Son,
WOODEN mills, Germantown, Pa, make an
assignment
August 2O-Assignment Of the Phoenix
Wooden company Of East Greenwich,
RI.
August 2i-AssigDment Of the Thorn
ton Worsted company Of New England 4.
II President Harrison is keeping a
complete diary OF the results Of his high
tariff policy, IL will show at least all Of
this in the woollen business. There may
be other failures in the business which
have escaped our notice, but tins gives
evidence enough for a correct opinion in
regard TO the effects of high taxes on
trade.
The woollen business ia the victim Of
The Mutual Rapine" device Of republic
canism. AS the people are taxed for the
benefit of the manufacturers, the manu-
facturers are taxed for the benefit Of re-
publican sheep in Ohio. These latter
taxes are closing the mills. 1t is true
that the republican party by law author
ICES the manufacturers TO collect from the
consumer (firsD II tax for protection of
finished goods, (secOnd) a tax for the raw
wool; and (third) tax to compensate
the mAnufaGtt{er for consenting to be
uhAeu Tor bnc WcpoNe 90 che renuhlio.r
sheep; but there is point beyond which
the delegated power To- collect taxes by
adding the tax TO price cannot be util.
lied. The manufacturers collect all they
can. but they cannot sell enough at very
high prices to enable them to rec0ut
themselves for the taxes imposed on theil
raw material. This is why they are
closing down ana going into bankruptcy
II Mr. Harrison will only look at 1t, be
can scarcely help acknowledging that !,
is pretty bad showing" for his policy
of making everybody rich by taxing
everybody else.