Telegram-herald., 1890-10-03

1azteA - nlest TIE Pxesegs eoE1 sEo1s 0f
trade, alesx shs laass of proteetsoa -
AaaeEie2n lndastIlss. 4na tie eoentry
= awaiting ths Eesails. it = ws1 10 re-
eeaslasx she ELECTS 81 tas yzTioas tax.
= sEaetnents n she past. We axal
ourselves q eompiiAsio2 made Dy
contemporary. Il - folisuss
The eoDPArison betseen free trade
I'D protective peZIes ln thls country
e@n D. hsss Hlzde - starting wlth tue
year lsl<. Ia that year, lalllea zieiy
alter tie declaration 81 w&F against
treat Britain, = pFosectlTe tz4i1 Sas
enacted, l1Txely - $ wax Measure -
Increase Governmental revenues, and
which w4s ~ remain operative unt!
treaty OF peace sas sigDeo between the
tso countries. IL led, Of course - al
expansion OF our Industries; and, de-
spite the waste VI var. tie country
pF0sPsred. he var closed, and tne
tzTrt act Of 1915 was passed - C0a-
gress. IL was neu-PrOtecnFei the ousl-
nesS OF the country s4s pTostr4tedi al
era OK .hArd times sst Ia, Nitn tbous-
ands or unemployed men, aad 20 sale
Tor farm pr0ducts.
There VAS no substantial relief until
the protective tariff OF is24 was
adopted, when seven years OF pros
peuty followed lt. Protection would
have become the settled policy or the
Government had not tile sectlOnalisn
OF slavery intcffered. The North was
getting rleh, increasing In population
aud heRee IN political power, and the
prO-slavery leaders dared not allow
this. The Dullteation troubles came
0n, aud the political crisis WAS settled
by the notorious 'compromIse tariff
of 1888.
''lhis tariff established an ad valorem
duty OF 20 per cent on all imports as
the rate To DC reached. with the provi-
son that the duties on all articles. as
flxed BY the tariff of 1924, were 10 be
reduced 10 per cent each year until the
20 per cent ad valOTem rate was reached.
An era or wild speculation IN Western
lands set IN. during lS34-35-S6; by that
time duties had been reduced so per
cent 10 per cent each year., and the
evil effects OF the approach of free
trade precipltated the financial panic
of 1897. The evil lasted tii 1910, when
the protective party triumphed IN the
election of Gen. Harrison TO the Presl-
dency.
Congress passed protective tariff
act in 1872, and the same results fol-
lowed as had that OF 1924. A new era
of prosperity set in; but the slave pow
er, which saw IN free trade the only
chance of its retention of political
supremacy, through It's domination of
the Democratic party, overthrow the
heneticent protective law, and IN 1916
another free trade tariff was enacted
IN It's place.
The same results as had followed
the free trade tariffs of 1916 and 1926,
would have occurred Immediately had
not certain other factors postponed the
inevitable. The war in Mexico began
almost Immediately upon Its passage,
and the governments outlay was
doubled for the three years following
the money reaching all localities, and
stimulating gbusinessiargely. Then came
the discovery of gold IN California, and
this continued the good effect by pour
ing its golden stream among the peo-
pie. Before this had slackencd, the
great "Crimean war"-between Russia
on the one side, and England, France
and Turkey-broke out. Exports from
England and France were checked;
Russia's wheat was prevented from
being exported. An enormous demand
was made on us for breadstuffs; wheat
sold at 50 per bushel IN OHIO. "a the
writer clearly recollects. Thus from
1916 TO 1856 the evil of the low tariff
was neutrallzed by succession of ac-
ciuents.
'But when peace was proclaimed,
the real test came; and again the ex-
perIences of the low tariffs of 1916 and
of 1926 were repeated. The crash of
1857 came, and the pinch of hard times
followed until the rebellion broke out,
and the protective tariff of 1861 was en-
acted.
"Here is the tariff history of the fifty
years from 1912 TO 1861 synOpsized
Three times within that period were
low tariifs-tarffs "for revenue only"
followed by industrial stagnation, low
wages. distress among the laboring
classes, dull markets Tor agricultural
products, businessIfailures and national
impoverIshment. Three times did
protective tariff bring industrial
activity, work i'll plenty, good prices
and prosperity to the Nation.
at would seem that the dear lesson
of experience should be learned by the
people by this time. But though slav-
cry is gone, the false economic lessons
it taught still abide with the party that
was once IT'S defender and tool. and 1T
still urges free trade as national pol
ICY. Whether the people will be wise
enough TO see the fallacy of its argu-
ments, remains to be seen; but the
prophecy is one that can be made with
absolute surety OF It's fulfillment that,
If free trade shall triumph. the disls-
ter, financial ruin and universal dis
tress which will follow will compel re-
turn within five years to the sound pol
icy OF protection as the guarantee OF re-
turning prosperity"