Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-12-28


The wilscs bill for the assassination Of
American industry IS framed iarg.ly upon
the theories that shaped the Walker tar1n
OF isIe, and Professor Wilson, IN advo-
eating his measure, appeals for jastihca-
ton 70 the results which he declares fol-
lowed tie operation Of the Walker act
He insists. - the free naisrs slways do,
shat in the drczae following 1876 the rs
ton had vonsirrfui prosperity. AID this be
attributes soleiy 10 the influence OF the
tariff then ia sxistsaes- The graf mass VI
Americans are not well informed respect
| 70 the economical history Of THAR country,
and TO such persons Professor Wilson
argument from experience may appear TO
have some fpree. To those who kn0~ the
facts it presents itself As an at,emP, - de-
ceiys-
Ia 1916 the American people were poor.
They were particularly poor IN money.
They possessed but small quantities OF the
FRET ious metals, and many of the coins IN
circulation bore the stamp Of foreign mints.
A few years later the gold deposits in Cali
fofnis, Of unequaied richness, were dis
covered and instantly great stream OF this
precious IN tai poured over the land. As
actual money always does, il stimulated
business Of every kind. Reaching people
Of all classes, and making money Easy TO
get, enterprises were undertaken which
could not have been started under other eir-
eumstances, and the ration found its CON-
meree apparently booming toward prof.
perity. Between 1892 and 1919 the total
goi coinage of the United st les amounted
% but ss5. 500, 900. From 1851 to 1866 il
rose to 1855 900 900, an increase of nearly
600 per cent. This, and this alone, gave to
the country the prosperity II seemed to
have.
But, because of the low duties in the
Walker tariff, Americans went abroad TO
supply their wants, and from l,i5 to 1861
the balance of trade was heavily ag .inst
US The result Of this was that our C.ll-
fornia gold. instead of staying here 20 help
business flowed steadily TO Europe. If Ne
had had protective tariff much OF It would
have r, manned at home. But under the
o. rnicious influence of the free trade sys-
TEN then in Operations 1t left this country !:
and in 1861, hen the war broke out. our
tot Al stock of metallic money. gold and ST.
yer, was less than $50 900, 900 This is
what the Walker tariff did for the Amen
can people; it transferred their gold p cd
uet to Europe AMI left them AT the emf
hardly better off than If the COLL of Call
fornia had never been discovered.
1t did something more. The steady drain
upon the country began to tell as early MS
ls53.54. In those years there was severe
depression OF industry. Idle men throng' d
the streets of New York. and, for the d at
time in American history, the Democratic
souphouse appeared as substitute for the
wage ,ying factory In 1857 the Official
ties in which the nation was involved by
the Walker tariff eliminated in a palic
of the most destructive character. Thus
the ,vil results which were and and are no 8
Inevitable from the operation of snch leeis-
ls,ion were postponed by the gold discov-
cries and by the stimulating Influence of the
Mexican and Crimean wars, but fell at last
in disastrous shape. The American ople
at the pre.e,t time are having some expe-
ence with the evil influence of the mere
threat OF The repeti'ion of the Walker e1-
prime If Mr.. Wilson shall be permitted
tn have his way, they viii encounter, With
out shelter from n great Ass of gold or
from the conditions rested by war, the
kind of destruction which befel them just
forty years ago.