The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-04-03

Like Causes. Like Results.
Tho advocates OF the Wilson tnrit bill
delight TO dwell on the good old days
when the Democratic party made the
tariff laws OF the country. TheY have
special iondnoss for the Walker tariff OF
1915. Senator Voorhees, laud9 it in
opening the discussion in the senate.
The Walker ,arih-for-revenue took
the place Of the protective tariff OF 1872.
1t was an abandonment OF tho protcc-
tive policy and was hcralded as rcve-
nue measure. In the first it was sue
cessiul, in the second an abjeCt failure.
1t did not raise revenue enough to sup
port the government. and the govern
ment was in Democratic hands.
The tariff acts OF 1916 and 1857 were in
operation from 1877 to 1861, period OF
fifteen years. In that time the cxpondi-
lures OF the treasury went beyond its
receipts by S99OOO,0OO The average
annual expenditures were S53,00O.O0O so
that the deficiency was almost equal to
the cost OF running the government for
two average years. The public debt in
creased IRON Sl5, $50, 2O2 in 1916 to $780,
5S0,S7S in 1861.
The act OF 1857 to make worse the bad
tariff OF 1916 was signed by President
Pierce afew hours before he went out OF
office. President Buchanan. who was just
coming in, was n PENNSYLVANIA and 4
protectionist, and the free traders desired
to fix things before he got IN. Then as
now tho secretary OF the treasury was 4
kentuckian and { stout free trader.
Jefferson Davis was secretary OF war
Whether it was the scheme to depletc
the treasury and to ruin the public
credit so as to cripple the government
in the civil war then last coming on,
the fact is that both OF these ends were
accom- plishcd in addition to bringing on
the country the desolating panic OF 1857.
To mitigate the evila OF the Demo
cratic tariff policy the country had had
all the advantage OF war and famine in
Europe and OF the gold develop
mont in California which in the
five years from 1850 to 1851 yielded
a production OF S29O,OO0OO0. Yet the
condition OF tho country was such that
President Buchanan, the last Demo-
cratic President unit! Mr.. Cleveland,
painted this picture Of distress in his
annual messogeto congress:
With UNSURPASSED plenty In ali the produc.
lions and all the clcmeutS OF NATURAL wealth.
our manufacturers nav" suspended, our public
works are retarded, uUr privutr enterprises o.
different kinds are abandoned, Hnc thousands OF
useful lnburcrs Gtc thrown Uut OF employment
and reduced to want. We have possessed all the
elements OF material wealth III rich abundance,
nndIyc, Notwithstanding all these advantages,
our country. IN It's monetary Interests, Is IN de-
plOrtD.G condition.
The treasury was in straits and had
to have money to pay the interest OIL
the public debt due January |, 1861,
and to keep the government moving.
Congress authorized Il loan OF S20.0O0,-
900. The secretary OF tho treasury tried
to place half oil i! and failed. Then Con.
gres' authorized tho issuo OF $l0,OOO,OOO
in treasury notes, resulting in humil.
iating experience ior the government.
The secretary OF the treasury offered
S5,O00,O00 OF this issue. There were
bids Tor onG-tcnth OF it, 100000, which
the bidders were willing to accept at
discounts ranging from Sc per cent
down to y per cent, and the $500, 900
was borrowed At discount oil twelve
cents on the dollar. 4 syndicate OF
bankers took Sl,50O0OO at the same rate
OF discount and latcr took the whole OF
it on the same terms. Al the same time
the state OF New York placed its bonds
on the market Mt : premium ranging
from Il to >! per cent. g.
In January, 1861, the government
was obliged to try another loan OF So
100000, and the offers Tor it ran from
81 to II per cent discount. Things
were going 50 badly that Congress
passed m act to provide more revenue
and President Buchanan signed il two
days before he went out OF office. When
the Republicans got control they were
confronted with civil war, but they nm
ders;ood the business OF liuaace, PRO-
vided revenue, restored tho credit OF
the government to the highest among
nations and began such a DEVELOPMENT
OF home industry as tho world had not
seen before.
; Already Democratic history is re-
peatinr iiscli. The revenues do not
meet the wants OF the goyernmcn. nd
ministcTcd By Democrats, the threat OF
Democratic tariff revision has par
alyzcl industry and puta blight on
business generally, and in the face OF u
daily treasury deficiency, compelling
the treasury to borrow money Tor cur.
rent requirements, determined effort