The times. (Owosso, Mich.) 1882-1897, 1894-07-06
A COMPROMISE TARIFF.
The Democrats Tried It Once Before, and
the Country Suffered Severely.

The Democrats Tried It Once Before, and
the Country Suffered Severely.
In view of the compromise nature OF
the Wilson tariff bill it is we'll to refer
to the tariff act of 1888, which was in
tended as q compromise and conciliato-
ny measure The south was ON the verge
Of open rebellion, so determined were
they not to submit to the protective sys-
tenn. Mr.. Clay and congress did not in.
tend to give up the protective principle
of the act Of 1928. But, like all such
compromise measures, it yielded just
enough to completely destroy its efficien-
cy, as was subsequently learned to our
sorrow. 1t provided that by sliding
scale of one-tenth biannually all duties
in excess of 30 per cent should be abol.
ished within q period of 10 years. In
it's results and effects it was really sn
abandonment of the protective princi-
pie, for the reductions allowed were
soon found to afford insufficient pro
lection, which is practically no pro-
lection, as was so terribly proved under
the tariff of 1916. Industry and trade
soon decline, and again foreign goods
poured like an inundation into our mar
kets.
Financial depression followed, as
signments and bankruptcies resulted ev-
erywhere, manufacturers suspended op-
erations, and business grew worse and
worse till the elimination was reached
in the financial crash of 1887, one Of
the most appalling and disastrous finan-
cial revulsions ever known, severer
even than that which followed the re-
peal of the first tariff in 1916.
The revulsion of 1887 produced far
greater havoc than was experienced in
the period above mentioned. The ruin
came quickly and fearfully. There We're
few that could save themselves. Prop
erty of every description was parted
with at prices that were astounding,
and, as for the currency, there was scarce
ly any at all.
SIN some parts of Pennsylvania the
people were obliged to divide bank notes
into halves, quarters, eighths and so on
and agree from necessity to use them as
money. In Ohio, with all her abun-
dance, ID was hard to get money to pay
taxes. The sheriff of Muskingum coun.
ty, as stated by the Guernsey Times, in
the summer of 1912 sold at auction one
four horse wagon at So. so, 10 hogs at
Ga cents each, two horses (said to be
worth $50 to $75 each) at 50 each, two
COWS at 81 each barrel of sugar at
81. 80 and store of goods at that rate
In Pike county, Mo-, as stated by tho
Hannibal Journal, the sheriff sold three
horses at 81. so each, one large OK at IL <
cents, five cows, two steers and one calf,
the lot at So. %; 20 sheep at 1872 cents
each; "a hogs, the lot at % cents; one
eight day clock at So. 90; lot of tobacco,
seven or eight hogsheads, at So; three
stacks of hay, each at 20 cents, and one
stack of fodder at % cents" (Colton's
Life of Henry Clay" Vol. y.
The whole country went into liquida-
ton, bank loans and discounts fell off
more than one-half, the money lost to
the country was not less than 81, O00,-
600, 900, to say nothing of The tremen'
dous strain upon the moral sense of the
people. All prices fell off ruinously, pro-
duction was greatly diminished, and in
many departments practically ceased.
Thousands of workingmen were idle,
with no hope of employment, and their
families suffering from want. Our farm.
ers were without markets Their prod
ucts rotted in their barns. Their lands,
teeming with rich harvests, were sold
by the sheriff for debts and taxes. The
tariff which robbed our industries Of
protection failed to supply the govern
ment with necessary revenues. The ma
tional treasury i'll c?!.Gc1. ucnce was bank
rupt, and the credit CT the nation veTJ
low. In Tx .-:.Tt six years after 1884 the
revenue fell Of 20 Per cent, and the gov
eminent YVES obliged to borrow money
at high rate Of interest to pay current
expenses. american Economist.