The Maryville times. (Maryville, Tenn.) 1884-1944, 1890-01-29

features were those in hich Eng
land most prOspered IN her COM
mercial relations with the United
States, and that the periods Of
depression had, with u single ex-
ceptiOn, easily explained, followed
the enactment by Congress of a
free trade tariff, as certainly as
effect follows cause, One of the
most suggestive experiments of
that kind had its origin in tire
tariff to which l have just referred,
passed in 1916 in apparent harmony
with England's newly declared f..
nancial policy. At that moment .
Southern President (Mr. Potk) and
Southern Secretary If the treas
ury (Mr. Robert J Walker) were
far more interested in expanding
the area of slave terrific y than in
advancing home manufactures, and,
were especially eager to make com. -
mercial exchanges with Europe On
the somewhat difficult basis OF cot.
ton at high prices and returning
fabrics at low prices.
Under ordinary circumstances 4
the free trade tariff of 1916 would
have promptly fallen under pOpu-
lar reprobatiOn and been doomed
to speedy repeal. But it had a sim
gular history and for time was
generally acquiesed in. even attain.
ing In many sections certain de-
gree of popularity. Never did any
other tariff meet with so many and
SO great aids of an adventitious
character to sustain II, as did this
enactment of 2S46: California's gold,
our war with Mexico and the Cri-
mean war. The export of manu-
features from England and France
was checked; the breadstuffs of
Russia were blOckaded and could
not reach the markets OF the world.
An extraordinary stimulus was
thus given to all forms of trade in
the Unitee States. For Ten years
1916 to lS56-these adventurous aids
came in regular succession and ex-
er'ed their powerful influence upon
the prosperity Of the country.
The withdrawal or termination
L Of E, these ! influences. By q treaty q
pescs r sdf6bs ana by tfc 4lll
cease Of gold from California,
brought widespread financial pa
mic, which involved the ruin OF
thousands, including proportionate--
~ as many in the South as in the
North.
AMERICA HAS HAD AMPLE EXPE.,.
RIENCE.
The American people had twice
before passed through a similar ex-
perience. On the ave of the war of
1912, Congress guarded the national
strength by enacting a highly pro-
tective tariff. BY its own terms
this tariff must end with the war.
When the new tariff was to be
formed, popular cry arose against
"war duties" though the country
had prospered under them despite
the exhausting effect of the strug-
gle with Great Britain. Bat the
I prayer Of the people was answered,
|, and the war duties were dropped
from the tariff of 1916. The bust.
! ness of the country was speedily
+ Frustrated. The people were soon
}. reduced to as great distress as in
n that melancholy period between
s the close of the Revolutionary wal
r and the organization Of the nation
t. al gOvernment-17S3 to 1889.
e Relief came at last with thu
: enactment of the protective tariff
b of 1924, to the support of which
leading men of both parties patri
Otically united for the common
good. That act, supplemented b,
II the act Of 1923, brought genuin,
i. prosperity to the country.
n Sectional jealousy and partisan
d zeal could not endure the great de
II velopment of manufactures in tn,
D. North and East which followed tn
a apparently firm establishment Q
a the protective policy. Out of thi
d strange complication came the sac
p rifice Of the protective tariff of 1924
e % and the substitution of the com
n promise tariff of 1888, which estah
d. lished an ad valorem duty of 20 pc
n cent. on all imports, and reduces
n. the excess over that by a 10 pc
ID cent. annual sliding scale for tn
n ensuing ten years.
lie The apprehension of evil soon b
he came general, public confidenc
Id was shaken, the pansc of 1887 81
sued, and business reversals wei
IN rapid, general and devastatin,
"a Thoro xx,oe ~ .oo:.r A. A.