Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1892-09-02


parted good ctr, therefore be II enacted |
etc. II was the passage of this tarih law (
that started this country on its marvellous
groe th to national prosperity and indepcn' /
,ienec of foreign powers. This fact Is
brought out in the various messages Of the |
different Presidents of this period.
in his seventh annual message Washing !
ton .ieclares: Our agriculture. commerce |
and manufactures prosper beyond example
Every part of the Union displays indications
Of rapid and various improvement, and with |
burdens 30 light as scarcely To be perceived |
4. il too much to say that our country tx
hbits . spectacle Of national happiness |
never SURPASSED IL ever before "qualled: |
adams. IN bis last annual message eonsrat- |
uiatei the country upon the great PROSPERITY |
thef. .,x!stlng ~ Il rrSrlt of our revenue sys- |
tenn. Jefferson wrote we should en- /
courage home manufactures. Madison de-
clarps There IL no subject that can enter
with greater force and merit into the deliber-
alton. of congress than a consideration of the
means 10 promote the manufactures which |
have sprung into existence throughout the
nted States This source of national
wealth, therefore, anxiously recommend TO
the prompt and constant guardianship of Con |
1ress" Following this period of partially !
protective tariff during the second term OF
President Madison, came the war of 1912
when the average tariff rate went mp from
10 to - per cent. At this time England |
would sell US nothing and with her big navy |
rnIcavore,l. with only partial success, to
prevent our importatons from other coun- |
tries. We were therefore compelled 10
erect factories and founderies of our own
in order to supply our necessities. IL Is |
significant fact thst, in spite of the heavy |
drain upon our rational resources occas- |
ionei by this war, the country made ire
mendous strides in the creation of wealth |
and in the Development of our great natural
resources. From 1916 to 1921 came what |
was known as Caihoun's cotton tariff"
Free traders have vehemcutly asserted that |
this was high tariff but the fact remains |
that it made an abrupt decrease of II per
cent in the tariff of the preceding period. |
Following closely npon this radi-
cal reduction IN the tariA rates came the
urcat financial panI' of 1919 England
seized the opportunity to flood this country
with her goods then on hand. many of them
od-fashioned at disastrously low prices
Lord Broagham declaring in the House of
Commons in lslG: IN il ,rcH 'corth rhHe
10 inrHr u loss upon the first importation
in order, hy giut, TO suite IN The crH{tc.
those inTuH manufactures Thich
the Warhds }Orrcd into e.risfdnce."
1t y needless to dwell upon the dark days
of hardship and gloom and business depres-
sion of this period. Bankruptcy became
general. and financial ruin was the
order of the day. Thomas
H. Benton pictured the evils of
those days in the following language: No
prize fer proPery,Ho sateS ercep' th"se
Of the sheriff, no employment fer industry,
,sn demand for labor, no sale for the pro-
ducts Of ths farm no sound Of the hdm-
,arr. ercea that Of tire 0"ctj0Reer knocking
iowH property Distress 'r"s me uHicer-
Sai cry ofth" peopis, rt'icf, he anirersn
iemaad. lras thgAtlered a. me doors ~ all
LEGISLATURES. State and tederdi." SO i'm
perative was this feeling of the people
that in 1924 Congress enacted high pro-
tective tariff. the average rate of duty on
fatal imports being increased from
- per cent to A. per cent, OF little more
than doubled.
oue of the strongest supporters of the
high tariff was Andrew Jackson. then a
ui,ed States Senator from Tennessee. at
]. time" he declared, that we should
become little more Americanised, and,
instead Of feeding the paupers and laborers
of England. feed our own; OF else, in a
short time by continuing our present policy
(the Calhoun tariff we shall all be rem
lered paupers ourselves. II is my opinion.
| therefore, that a careful and judicious
| tariff is much wantrd,' The result of
this legislation was felt immediately. The
panic was arrested. As Major Mckinley,
commenting upon this period, has well said,
THE nation was quieseac,i into new life"
Financial prosperity, confidence and
| business enterprise set in on every hand
| So marked was the change in national
| Affairs that in lsa2 Presi lent Jackson could
! sruthfulIy say. In his annual message 10
| Congress, "our country presents. on every
side. marks of prosperity and happiness,
unequalled. perhaps, in any other portion
OF the world.
| But southern sentiment was always opposed
TO the principle of protection and deter
, mined. in utter disregard of the general
| welfare of the country, to obtain if possible,
actual free trade. In 1888 these southern
leaders controlling and directing the Demo-
| cratic partv we're able TO secure majority
| in Congress The high protective tariff
| under which the country had been so pros
| peroas. was repealed and a low revenue
tariff was substituted. The immediate
result of this legislation was the great
financial panic of 1887 in which was re-
produced the same disastrous and dep!orable
condition of affair that prevailed in the
terrible panic Of 1919 prominent
writer. commenting upon this period says
1.-THE whole eountry went into lquida-
| tiou: bank loans and dis
counts fell of more than une-half:
the money loss TO the coantry was not less
than - ,ooo. eoe ooe 10 say nothing of the
trcmcrlcus strain upon the moral sense of
the people The result of this was the
complete overthrow of the Democratic
party at the polls.
/ William Henry Harrison, a Wing and a
strong protectionist was elected TO the pres
i idency and his party obtained control OF
.coaeress The iou revenue tariff was
SOFA succeeded BY = high protective
I nrie. The ressn was immsdiate- Copd-