St. Paul daily globe., 1893-08-27
THE TARIFF NOT IN 1T.

The New York Tribune cartoons 4
crowd of workingmen waving hats and
shouting in 1892 to a speech by WAT
TERsoN proclaiming free trade and de-
nauncing protection, anu, as compan-
ion piece, represents the same crowd in
1898 detected, leaving the yards of the
closed mills. "fhey wanted a change"
They got it," This is but variation
of a story that we are hearing much of
i'll these days of financial stringency.
DemagogueS are trying to extract FROM
the common miSfortunes what of cap
ital for their party they can; wreeKerS
lining the storm-beaten beach, gather
ing the flotsam.
A year ago the Boston Herald re =
ported the remark OF one of the most eX-
tensive manufacturers OF the state, who
said: 1--WE will elect HARRISON, but
we are going to have serious trouble.
We are manufacturing too much" In
other words, the manufacturers had
caught the speculative spirit or rad
been caught by it, and were discounting
the markets.
THOMAS DOLAN Is a manufacturer of
wOolens, largely OF plushes, in Phila
delplia. He is also president of the
Manufacturers club of that city, which
claimed 20 have furnished the means
which elected HARRISON in 'SS. His
club publishes the Manufacturer.
journal devoted to maintaining the
theory that nation gets rich by taxing
its citizens. Mr.. DoLAN. in an inter-
view in the Inquirer, SAYS: Il believe
that the depression is almost wholly due
to the silver policy Ii the alarm was
due to the victory of the Democrats. why
was it not manifested last November?
The people knew then, as we'll as they
know now, that it was within the power
of the new administration to repeal the
tariff laws, yet no uneasineSs was felt.
In fact, the woolen business went along
swimmingly until the lst of July"
The Boston Herald supplements this
positive statement of tnan who is in
position 20 know what he talks OLA
staunch Republican pr0tectiOnist-wit
the gentler process Of persuasive rea-
soning. What would have been the re-
suit had there come no financial de-
preston but with radical changes in
the tariff Impending? Naturally, manu-
facturers in the lines affected would
| have begun to diminish product. This
! would have brought about a discharge
| of wOrkmen by either a stoppage of the
works or decreased output. Jobbers
| and wholesalers would have bought
| only for present needs, and retailers
would have sought to decrease stocks,
all preparing for cheaper prices. The
same motive would have impelled con-
sumerS to make their wants wait for the
| expected reduction.
But what would have been the none
tary effect of this? The unused money
would have accumulated in the savings
| and other banks. Manufacturers, job
! berS, wholesalers and retailers would
have needed less money to transact their
diminished business. The consumers
of the nation would have increased
their holdings of money by their saw
ings. There would have been glut of
money. Bankers and brokers would
have been hunting investments. Stocks
would have risen; enterprises needing
more capital could have had it; railroad
schemes would have met with encour-
agement. No industry not dependent
on til g tariff for it's profits would have
been injured; on the contrary. such
would have been benefited by the in
creased financial facilities at their COM
mand. There would be now no question
of money to move the crops; business
would not be checked for want of means
to carry 1t on; money would be rushing
from the centers to the eXtremities,
hunting investments.
Thus. by the assurance of business
man who talks from his standpoint and
from the point OF irrefutable reason, i
is clear that the tariff has nothing TO dt
with the monetary situation, sundry
statesmen" TO the contrary, notwith
| standing