The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-02-17
1.-THE AMERICAN
PLAN IS BEST
Concluded from Page 8.

II industry were carried on by industry,
that ia to say, if commercial exchanges
were the direct barter OF goods, then the
problem to be solved would, indeed, be
directly au industrial question.
On the contrary, industry is carried on
by currency and wages are paid IN money.
Consequently the questlon under consld-
GRAFTON is u financial one.
Thatsthe principles involved IN Protec-
tion and Free Trade are certainly Imam
cial principles and are based on tho laws
of the expansion and contraction OF the
currency circulation, is plainly evident
from the economic history OF our country
this whole history OF these two economic
systems in the United States fully justify
ing the theory respecting their tundamen-
tai principles have sot forth.
A hit OF HISTORY.
will, therefore, pass IN review the his
tory Of Protection and Free Trade in our
country, that each one OF you may Judge
the historical facts for himself.
AT the close Of the revolution" says
Carey, "the trade of the United Stat eS
was free and unrestrained IN tho fullest
sense of the term, according to the theory
OF Adam Smith, Ricardo Say, the Edin-
burgh reviewers aud the authors the Eu-
clopedia. The American ports were freely
open with scarcely any duties whatever, 10
the merchandise and vessels OF all ma
tons
This certainly an ideal Free Trade epoch,
Now il the theory Do true as Free Traders
affirm ought we not expects 20 eucounter
great natural prosperity during this re-
markaols Free Trade era,
But listen 70 what Webster says OF this
period Of our history.
AT the close Of the revolutionary war
says WebSter-there came period Of de-
preston and distress such as our people
had not felt during the worst crisis or the
war itself FTom the snip owner 10 the
day laborsr all were destitute OF employ
meut and many were destitute OF bread.
British ships came freely and British ships
came plentitully. The cheap labor OF
England supplied us with everything all
OF which passed through our ports free OF
duty Nevertheless farmers, mechanics,
manufacturers, artisans, day laoorers-all
in fine We're submerged il the general
Free Trade calamity.
Now Bancroft Is still more explicit con-
cerning this Free Trade epoch. The
British--says he--had the the trade Of the
states wholly in their hands, aud the con-
stant drain OF money going abroad pro
duced great scarcity Of money &C home.
From forty to fifty tbousand.pOunds sterl-
lug in coin were shipped monthly to Eng
lsud. And this scarcity OF money made
the produce Of the country cheap and
worthless to the absolute ruin Of the far
mer and the beggary OF ALL Another au.
thor, Mason, believe, says Of these evl
days, that depreciation seized on every
species Of property And that the direct
cause Of all this national disaster was
Free Trade, is evident from the assertion
OF John Stewart Mil, the great English
authority on Free Trade who openly
avowes that lit was-says hP-the dsUGs
tations Of cur English Free Trade system
upon American Industries that prevented
the rapid recuperatiOn Of the Cuitet
States after the peace OF 1888
But at last the people themselves began
to understand the true cause OF al thei
woes. They loudly petit!oued congress tO
the Protection tariff Of l1s9 Of which
have already spoken and the happiesg re
suits Immediately followed for the Who'll,
nation. Agricultural said Hartman
under the Protective tariff OF lISS becom
Immediately more extended aud pros
porous; commerce increased with wonder
Eul rapidity. all branches Of domestic trad
Urospered; our revenues exceeded tn
wants Of our government; the people be
came contented and industrious; and th
whole country was on the high road I
prosperity"
FhOl EG Nv y AAAAft a bLE9SANts
This Protective policy-so unlike tn
rulnous Free Trade system that preceede
it-proved 50 highly beneficial to the coun
try that for over twenty years this sam
policy was followed by all our president
Irrespective Of party, when in ls09lO tn
embargo and non-intercourse acts wer
passed, which virtually suspended almos
all foreign trade with the United States
and the effects on our home trade an
commerce were highly beneficial. So muc
so that the high Protective tariff OF lSl
was the result. The south itself for th
first time in our national history wa
drawn into tie Protective movement, an
this Democratic tariff OF 1872 was ia
highest and most beneficial tariff eve
reached since the foundation Of the govern
ment up lS42.
In lsi6, however, Free Trade reactio
set in and by 1919 duties were finally low
cred to the Free Trade schedules, wher
as under the preceding Free Trade policy
ruin, bankruptcy and disaster lnevitsol
followed. Indeed, the panic became gen
eral and the devastation complete.
Thomas Benton graphically describe
this second Free Trade era as follows: IN
price, says he. "for property, no sales e2
cept those OF the sheriff and marshal; Il
purchasers at execution sales but th
creditors and some money hoarders; Il
employment for industry; no sales for tt
products Of the farm; no sound OF I'll
hammer. save that Of the auctioneer kuocI
ing down property. Distress was the un
yersal cry OF the people; relief, the unive
sal demand, was Numbered at the doors
our leaislatures-state and federal" "
This sad condition of affairs continue
until 1924, when, as after the previous FRI
Trade epoch, Protection again came tJ ii
rescue, and its saiutory effects were IA in
mediate and profound and no less remarl
able than ia 1859. THE relief was gener
and profound says Webster; and Cla
makes of this period the following r
markable statement: "If, says Clay, "w
the term Of seven years were selected
measure the greatest prosperity Of tn
people since the establishment Of u
constitution IL would be exactly that perit
which Immediately followed the passal
Of the protective tariff OF 1924
In its wake followed the protective tai
ifs Of 1928 and 1889 But ia 30 th
cry OF Free Trade arose clamorously fro
the slave states and South Carolina rails,
the flag OF secession, as ! have alreac
stated, and the Clay compromise Of lS
followed when Protection was forev
abandoned by the Democrats to salts
the slave holding oligarchy OF the south.
But the same as In former Free Trat
periods, business Immediately set In; Of
markets were flooded by foreign good
prices fell; thousands OF workingmen b
came idle and were reduced to starv
tion, no market for farm products; t
public crevenues decreased over 25 per cen
the government was obliged to borro
money even for its current expenses--t
same as at the present hOur--goyernme
securities was also at ruinous dtscou
when finally came the terrible crash
1887, tho like Of which our country b
never before seen.
Under tho pressure OF these hard tim
the Free Trade horde OF the south VIZ
beaten back aud the Wings triumphed
proteotivs tariff platform. But the NJ
president, Harrison, died shortly after
Inauguration and Vice President Ty
took the presidential chair. Tyler ho
ever, was Free Trader, and his treach6
and Inconsistencies prevented the VIII
from raising the tariff until lS42, WI
business depression began to be dil
pated. Prosperity began to return. j
A. A IA