Fort Worth weekly gazette. [volume] (Fort Worth, Tex.) 1882-1891, 1890-12-04
THE TARIFF,
The Beneficial Effects of the New Bill on
Commerce SOt Yet Felt.

THE TARIFF.
The Beneficial Effects of the New Bill on
Commerce Not Yet Felt.
l congratulate congress and the coun-
try upon the pass ge at the first session
of the Fifty first congress of an unusual
number of laws of very high i'm portance,
that the results Of this legislation will be
quickening and an enlargement OF our
manufacturing industries larger, and
better markets for our breadstuffs aud
provisions, both at home and abroad
more constant employment ard better
wages for working people and al in
creased supply OF n safe currency for the
transaction of business. l do not doubt
that some of these measures were en-
acted at 80 late period that the benz
fetal effects upon commerce, which were
in the contemplation of congress, have
as vet but partially manifested them
selves. The general trade and indus
trial conditions Throughout the country
during the year have shown q marked
improvement. For many years, prior 10
1888, the merchandise balances OF tor
eign trade had been largely in our favor,
but during that year, and the year fol-
lowing, they turned against US. 1t is
very & utifying to know that the last
fiscal year again shows a balance III our
favor OF over Sos. 600, 900. The
bank cleariugs, which furnish Il
good test OF the volume of
business transacted for the first ten
months of the year 1890, show, rs COM
pared with the same months of 1889, an
increase for the whole country of about
ga per cent. while the increase outside
of the city of New York was over IL per
cent. During the month of October the
clearngs of the whole country showed an
inrrense of 81 per cent. over October,
1883. while outside OF New York the in
crease was IL. 8 per cent. These figures
show that the increase in
THE VOLUME OF BUSINESS
was very general throughout the coun-
try. That this larger business was being
conducted upon safe and profitable
basis is shown by the fact that there were
800 less failures reported in October,
1889, than in the same month of the pre-
reding year, with liabilities diminished
10y about So, 900 900. The value of our
exports of domestic merchandise during
the last year was over Sis. 900, 900
grenter than the preceding year. and
About 500, 200. geo OF this excess was in
agricultural products.
The production of pig iron, ALWAYS a
good guage of general prosperity, is
shown by recent census bulletin to
have been 1873 per cent. greater in 1890
than in 1880, and the prod uctiou of steel
290 per cent greater.
Mining in coal has had no timidity
except that resulting from dehripn,
transportation. The genera! testimony
Is that labor is everywhere fully EN-
Iloyed. and the reports tor the lust year
show a smaller number of employees ef-
ferted by strikes and lock outs than auy
year since 1854.
THE DEPRESSION IN THE PRICES
of agricultural products has been greatly
relieved, and Il bouy ant and hopeful tone
WAS beginning to be telt oy all our peo-
pie. These promising influences have
been in some degree checked by the sur
prising and very unfavoruble monetary
events which have recently been taking
place in England. 1t is gratifying to
know that these did not grow III any de-
gree out OF he financial relation of Lon
don with our people, or out of any Dis
credit attached TO our securities held in
that market. The return of our s ocks
and bonds was caused by monetary
stringency in Eneland-not 10y any loss
of value of credit in the securities them
selves. We could not, however. wholly
escape the ill effects of u foreign mon
etary ng tation, accompanied 10y such ex-
truordinary incidents as characterized
this. II ia not believed. however,
tina: these evil incidents which have
for the time unfavorably affected values
in this country can long Withstand the
strong, safe and Wholesome influences
which are operating TO give to our peo-
pie profitable returns in all branches of
legitimate trade and industry.
The apprehensiOns that our tariff may
again and at once be subjected TO inn
portant general changes would undoubt-
edlv add q depressing influence of the
most serious character. The general
tariff act has onlv partially gone into
operation, some of its important pro-
visions being lini.ed to tuke effect at
dates
YET IN THE FUTURE.
The general provisions of the law have
been in force less than sixty days. Its
permanent effect on trade and prices still
largely stand in conjecture. 1t is curious
to note that the advance IN the prices of
articles wholly unaffected by the tariff
act, was bv many hastily ascribed 10
that act. Notice was not taken Of the
fact that the general tendency of the
markets was upward from influences
wholly apart from the recent tariff legis-
latiou.
The enlargement of our currency by
the silver bill undoubtedly gave an up-
ward tendency to trade, and had q
marked effect on prices, but this nat
ural and desired effect Of the silver leg
islauon was by many enormously at
tributed to the turiff act. There is
neither wisdom nor suggestion that
The subject of tariff revision shall be
opened before this law has had q far
trial. 1t Is quite true that every
tariff schedule 10 subject to objections.
No Till war ever framed l suppose.
that In all of its rates and elassitcations
had the full approval, even Of a party
caucus. Such legislation il always, land
necessarily the
PRODUCT OF COMPROMISE
as TO detaiis, and the present law ia no
exception, but Ill its general scope and
effect l think it will justify the sup
port of those who believe that Ameri.
eau legislation should conserve aud de-
fend American trade and the wages of
American workmen. The mission and
os low HhA 1f h..