Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1892-02-04

Al IO" TMu1EOc
purposes never intended by their
authors.
For example, it is incredible that an
enlightened statesman like John Nor
| ley, the able lieutenant of Mr.. Glad
stone, and the biographer of Richard
| Golden, should ever have said that in
Great Britain, with all her resources,
| wealth and power, s'45 per cent" or
| NEARLY one-half of the persons who
| reach the age of go are or have been
paupers." According to the official
Government reports, the number OF
paupers in Great Britain in 1890 was
500, 900 out of population of nearly
33, 3,o00,0 900, or little over p per cent,
| whereas twenty years previously the
number of paupers was 1,165, 900 in a
population less than 26,000,000, or
about AZ per cent, These figures in
clude all who received assistance,
whether much or little, from the pub
lie authorities. and for any fair use
ought also to be accompanied by the
statement that while England has free
exchange in products she still has
land monopoly of the worst kind, and
that but small part of her population
have access to land for making live
| lihood.
To prove the evil results of our own
tariff of 1916, the Economist relies
solely upon the following extract from
President Buchanan's memorable mes
sage to Congress in 1857"
With UNSURPASSED plenty in all the
elements of national wealth, our man
factures have suspended, our public
works are retarded, our private enter
prises of different kinds abandoned and
thousands of useful laborers are thrown
out of employment and reduced to want.
This extract is not in Mr.. Buchanan's
Message of 1857, but is found in his
Message of 1858, and is Immediately
preceded by the following sentence:
When Congress met in December
last the business of the Country had
just been crushed by one of those peri
odical revulsions which are the newt
able consequence of oar ansOund and er
traragant system of bank credits ind
inflated currency.
| To give Mr.. Buchanan's statement of
the condition of the country in 1858.
wrested from the preceding sentence
to which he states the causes of that
condition, is garbling of the worst
kind. But even that is not all. The
President explicitly and carefully, in
the same connection in his Message,
guards against the Interpretation the
Economist puts upon his testimony.
He says that for years the whole COM
mercial world seemed to have been
rushing to this catastrophe and uses
these emphatic words:
The same ruinous consequences
would have followed in the United
States, whether the duties on foreign
imports had remained as they were
under the Tariff of 1846, or had been
| raised to much higher standard.
The tariff Of 1857 had no agency in the
result.
The Economist is thus guilty of cit
ing Mr.. Buchanan to prove exactly the
reverse of what he took particular
pains to say, by tearing single sem
tence from it's immediate connections
and suppressing all the rest.
Moreover, the fact that the panic OF
1857 was financial and not Industrial is
one of the most clearly ascertained in
our history.
In the Report of the Department of
Labor for 1886, which is devoted to
Industrial Depressions, Commissioner
Wright says: 1.-The Industrial depres-
sion of 1888 was incidental to the
financial panic. Wages were not af-
fected to any great extent nor was the
volume of business. Speculation, ex-
tension of credit, and all the usual ac-
compartments of financial disturbances
ushered in the PERIOD" This conclu-
sion is confirmed in the report made at
the time by a committee of the Boston
Board of Trade.
Hon. Hugh McCulloch, Secretary of
the Treasury, in his report Of 1865,
says: The financial crisis of 1857 was
the result of similar cause to that of
1887, namely, the unhealthy extension
of the various forms of credit" and in
an interview published in 1890, in re-
ply to Mr.. Blaine, he further declared:
..In 1857 was believer in the tariff,
and it never entered my head to attrib-
ute the financial troubles that year to
the changes to which it had been SUBJ
jected."
How impossible it is to argue with
people who pervert the plainest and
best ascertained teachings of history,
and deceive the people with bogus
facts, whose manufacture seems to be
one of the chief industries stimulated
by the Tariff. w. l.. w.
FQEE A Sample Copy of
I'LL ST. LOUIS LIFE, a
n