Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1890-12-05


abroad, more constant employment and
better wages for our working people, and
an increased supply of "A safe currency for
the transaction of business the President
has no doubt The general trade and in.
dustrial conditions throughout the country
during the year have shown marked i'm
/ provement. For many years prior to 1888
the merchandise balances of foreign trade
had been largely in our favor, but during
that year aud the year following they
turned against us. II is very gratifying to
know that the last fiscal year again shows
balance in our favor of over S6S 900 600.
The figures show that an increase in the
volume of business was very general
throughout the country That this larger
business was being conducted upon a safe
and profitable basis is shown by the fact
that there we're 300 less failures reported
in October, 1890, than in the same month
Of the preceding year, with liabilities dimin-
ished by about $1,000, 600. The value of
exports Of domestic merchan iis4 during
the last year was over 81 -. 600, 900 greater
than the preceding year aud was only ex-
ceeded once in our history. About 800,
600 600 Of this excess was in agricultural
products. The production of pig iron-al-
ways good gauge Of general prosperity
is shown bv recent census bulletin to have
been 3j3 per cent greater in 1890 than in
1880, and the production Of steel 2gO per
cent greater
The New Tariff Law.
From this point the President proceeds
to the discussion of the new tariff law and
its probable effect upon the business of the
country. This is the essential part Of the
message and we quote IN full
The apprehension that our tariff may
again and at once be subjected 10 import
J aut general changes would undoubtedly
| add u depressing influence Of the most Sc
/ rlOus character. The general tariff act
/ has only partially gone into operation
some Of its important provisions being
limited to take effect at dates vet in the
/ futured. The general provisions Of the law
| have been in force less than 80 DAYS Its
permanent effects upon trade and prices
are still largely conjecture 1t is curious
to note that the advance in the prices of
/ at cl s wholly unaffected hy the tariff act
was by many hastily ascrlbed to that act
/ Notice was not taken Of the fact that the
/ general tendency Of the markets was up
ward from influences wholly apart from
the recent tariff legislation The enlarge
ment Of our currency by the silver bill un-
/ doubtedly gave an upward tendency u
] q
/ bat this natural effect Of the silver legisa
ton was by many enormously attributed
/ to the tariff act
There Is neither wisdom nor Justice ia
/ the suggestion that the subject Of tariff re
vision shall be again opened before this
/ law has had fair trial. 1t is quite true
that every tariff schedule is subject TO Oh
| jections No bill was ever framed, | sup
pose, that in all Of its rates aud classihca
tions had the full approval even Of party
caucus Such legislation Is always AMI
necessarily the product ot compromise a.
u details and the present law Is no eXcep
ton But in its general scope and effect |
think it wlll Justify the support Of those
who believe that American leg,lati jn
/ should conserve aud defend American
trade and the wage, Of American work
men The msinformation As 10 the terms
Of the act which has beeu So widely Dis
seminated at home aud abroad will be cor
rected 10y experience and the evil auguries
as to its results coniOunded 10y the market
reports, the savings banks, international
trade balances. aud the general prosperity
Of our people Already we begin to hear
from abroad and from our custom houses
that the prOhibltory effect upon impOrta-
tions imputed to the act is not justified
The imports at the port Of New York for
the first three, weeks of November were
nearly per cent greater than for the same
period in 1881. aud % per cent greater
than in the same period Of 1888 Aud so
far from being an act to limit exports |
confidently believe that under It we shall
secure a larger and more profitable partici-
patton in foreign trade than we have ever
enjoyed, and that we shall recover a pro
! pOrtIOnate participation IN the ocean carry
ing trad. of th. world.
The criticisms of the bill that have come
To us from foreign sources NAV be well re
iected for rcpugnancv. If these critics
really believe that the adoption by US of
free trade or of tariff rates having refer
euce solely to revenue would diminish the
uarticipation Of their own countries IN the
commerce of the world, their advocacy aud
urnmution bv sueech and other forms of
orgauiled effort of this movement among
our people is A rare exhibition Of uuselish-
ness, and on the other hand, it they sin
cerely believe that the adoption Of a pro
tective tariff policy bv this country inures
tn their profit and our hurt. it is noticeably
strange that they should lead the outcry
against the authors of a policy so h.lpTul
| TO their countrymen. and crown with their
/ favor those who would snatch from them a
I substantial share of a trade with other land
already iuad.uuate To their necessities
There is no disposition among any of our
| people to prnmote prohlbitory or retaliatorv
. Legislation Our uolicies are adJpted not
10 the hurt of others but To secure for our
selves those advantages that fairly grow
out of our favored position AS a nation.
our form of government. with its incident
of universal suffrage. makes it imperative
that we shall save our working beople
from the agitations and distresses which
scant work and wages that have no margin
for comfort always beget But after ALI
this is done it will he found that our mar
kets are open to friendly commercial ex
changes of enormous value to the Other