The times. [volume] (Richmond, Va.) 1890-1903, 1892-03-13

II is very singular how exactly opposite to
what its advocates claimed would be the case
have been the operations OF the Mckinley
law. While that measure vas being discuss
ed in the Congress OF the United States We
were constantly being told that if it became
law il would stimulate all manner of home
industries. and that it would especially raise
the pay Of the wage-worker and laborer. who
depended on his daily earnings for his daily
bread This was confidently predicted for
all industries, prominent among which was
that of iron.
Now. after the lapse of over year since the
law went into effect. wha. is the situation?
The Iron Age is a journal which deyotes
itself TO keeping up with iron matters, and
surely ought TO be looked upon as the highest
authority when it speaks on that subject
Does it tell us Of the realization Of the won
derful blessings which the friends OF Mchln-
levjsm claimed would follow the adoption OF
high protective policy? By no means. 10
the contrary. in its issue Of Wednesday last
il prints a gloomy article on the outlook, and
predicts the necessity for a decided reduction
of wages of iron workers.
The causes upon which ii bases this I'M
happy representation are the distress and
decentralization which exist in financial affairs
in foreign countries. and the reconstruction
Of business in this on q soft steel basis. 1t
was generally believed that the extraordna-
rily fine crops produced in the United States,
together with the poor crops abroad, would
cause such demand for the transportation of
cereals that the railroad extensions and bet
terments thereby rendered necessary would
operate to keep the demand for iron and steel
BEAUTIFULLY active. This. however, does not
seem to be the case, but. on the contrary.
there has been such long season Of dizziness
and low prices in the iron trade as to fully
justify the apprehension felt by the Iron Age.
The Philadelphia Record is one Of the most
conservative journals in the country, and is
specially reliable when it discusses the lion
and coal situation since these two articles
are subjects of vital interest TO the prosperity
Of its State 1t republishes in full this article
from the Iron Age. and commenting thereon
writes as follows
"In looking about for the means of helping
themselves the iron masters should consider
reduction of wages only as last resort.
when final choice must be made between
relrenchTnent and stoppage. 1T would relieve
the situation to some extent if the duties on
imported iron ore and coal should be aban-
doned The duty on coal brings IN no revenue.
but serves its purpose in cripplng New Eng
land manufacturing industries and in enabling
combinations to occasionally give a more
vicious pinch TO the market. The duty on
iron ore is an odious interference with the
trade Of Eastern manufacturers. whose proper
source of supply is by water transportation
from foreign countries. Whether the iron
manufacturers, crippled by their protective
notions shall ask for the repeal OF the duties
on iron ore and coal or not. Congress should
not adjourn without putting both Of these
raw materials of industry on the free list"
Altogether the present condition of the
iron industry is not calculated 10 impress
those interested therein with the beauties of
McKinleyism. and the prevailing low prices.
dulness OF trade and outlook for reduction
in the wages of iron-makers afford poor en-
couragement for the Republican party in the
approaching national election.