The World. [volume] (Martinsburg, W. Va.) 1891-1896, 1892-06-11
TARIFF REFORM.
CONGRESSMAN Brxux, or INDIANA,
MAKES GREAT SPEECH OK THE
EvIIs or PROTECTION.

KvILs or PROTECTION
Congressman W. d. Bynum, Of In
diana. speaking to an enthusiastic gather
ing Of Democrats, at Atlanta, Ca. on
the political questions of the day, had
this TO say concerning the evils Of high
tariff:
alt is not the importation Of products
that reduces the wages. Products do
not compete with labor, they compete
with products and keep down prices to a
fair profit. Labor completes with labor.
II . manufacturer in this country hss in
his employ a thousand skilled workmen,
who have no competition in their line.
he Is forced to pay the most liberal
wages, and if be completes in the open
markets be must do so at fair prices
the labor thus employed receives the
highest wages--not only the highest
wages, which is to their advantage a.
producers, but as consumers they pur-
chase the results OF their toll at the low
est price.
..This may not suit the manufacturer;
it would be 10 his interest to pay the
lowest wages and sell at the highest
price. He approaches his workmen and
says: My interest is your interest. You
are competing with the products Of cheap
foreign labor; let Us get prohibitory
tax ON the foreign article. They will
| then be excluded from the home market,
and can then get better prices and af-
ford to pay you better wages The
workmen readily assent, they join their
employer, they secure the enactment of
q law fixing prohibitory duty; the for
eign goods are excluded, the domestic
manufacturers form combine and put
! up prices, but wages remain the same.
It now takes more to buy than formerly,
but that is not all. The laborer Of
Europe is no longer able to exchange the
products of his toll with our producers
of cotton, of wheat and of provisions.
They emigrate 70 America and apply to
our manufacturers for work at less wages
than our operatives are receiving. Com
petition in labor now becomes active, a
reduction instead of an increase is the re-
suit; as producers they get less, as con-
sumers they pay more, but the profits of
the manufacturer have been largely in
creased.
s.Here is the great evil of restriction
4 Upon trade: it rebounds upon the pre-
ducing classes with disastrous effects, it
cripples the domestic market instead of
developing it, and concentrates all the
wealth produced into the hands of
the capitalist. Wages being reduced,
the consumption of the necessaries Of life
must inevitably be reduced. No labor
er consumes more than his earnings.
Give to wage-worker 81 a day and he
lives upon the is compelled to, it is
the extent of his income. Give to him
81 per day and he lives just twice as
we'll; he consumes that much more.
Give to him So a day and he lives still
better, his children go to school better
clothed, his wife to church in better
gown, he resides in better house, fur
nished with more comforts, and supplies
his table with better food; but at the
end of the year he has saved very little,
if anything. Consumption is limited
only by the ability of the consumer, and,
therefore, you can restrict trade without
reducing consumption and thus, in a
twofold sense, increase the surplus oil
the domestic supply and force down
prices.
..Bastiat, in his .sophisms of Protec-
ton, says:
".Since the increase and reduction OF
| duty have been accompanied by results SO
different from what had been expected, a
| fall of prices frequently succeeding the in
crease of the tariff, and rise sometimes
following reduction of duty, it has become
necessary for political economy to attempt
the explanation of q phenomenon which SO
overthrows received ideas, for, whatever
may be said, science is simply faithful ex-
position and true explanation OF facts
tsThis phenomenon may be explained
by one circumstance which should never
be lost sight of. It is that there are
two causes for high prices, and not one
merely. The same is true of low prices.
One of the best established principles of
political economy is that the price is de-
termined by the law of supply and de-
mand. The price is then affected by
two conditions-the demand and the
supply. These conditions are necessarily
subject to variations. The relations Of
demand to supply may be exactly coun-
terbalanced, or may be greatly dispro-
portionate, and the variations OF price
are almost interminable.
stPrices rise either on account of aug
mented demand or diminished supply.
They fall by reason of an augmentation
of the supply or a diminution of the de-
mand. Consequently there. are two
kinds of dearness and two kinds OF
cheapness. There is bad DEAFNESS,
which results from a diminution of the
supply, as this implies scarcity and
privation. There is good dearncss,
that which results from an increase Of
demand; for this indicates the augmen-
tation of the general wealth. There is
also good cheapness, resulting from
abundance. And there is baneful
cheapneas, such as results from the cessa.
ton of demand, the inability of con-
sumers to purchase.
"And observe this: Prohibition cause,