The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-01-04

In 1856 furnished the Democratic thanier
ne hear today. for BE argued that ne
shOzid be able By abandoning orr horas
rnzrxe. for dsrnesfis manufactured pred
Gets 30 food the market. Of the world
With agricultural products a. cheaper rates
than they could pro3aes them for theta
selves. OF course II We were al farmers
aad ali produced snrplas Of agricultural
products We would gss cheap prices sor
lack Of 5uyers-
This argument" Of Walker was ridised
BY Alexander Hamilton when be Was
secretary of tie treasury under Washing
ton. and It's fsliaey WAS exposed By Jack
son In lis Coleman letter, when be said
that home markets wers sbsolrteiy nsces-
cary 20 keep as from becoming subject 10
tbs policy Of the British merchants"
vas TO dras from agriculture its super
abundant labor. employ il in mechanism
and Manufactures and you create home
market for your breadsEaffs." Concern
ing the vastly greater importance OF our
home market, created and maintained by
could capture. Jackson said that the with
drawag from agriculture of its super
abundant labor woeli give us . home
market for more bresdstufs than al
Europe nox furnishes as with"
The views Of President Jackson are
maintained TO this day by protection
Democrats, and we're always defended oy
such eminent Democrats as Samuel j.
Randall and Samuel J. TiIden. The Polk
and Walker philosophy OF revenue tariff
and their vindictive sectional desire to
tear Up protection root and branch Is
enuneiated By all the leading Democrats
OF ths South. like Wilson of West Virgins.
Mills of Texas and wat,erson of Ken
tucky. The sectional Southern tariff
men today believe in The capture Of for
eign rather than in the creation of home
markets. The sectional Southern tariff
leaders in 1876 and those of 1898 desired the
same thing. viz, 10 destroy Northern man.
ufactures. which would compel Us TO take
English goods az English prices for the
benefit of English labor and capital.
President Folks administration sue
ceeded IN passing the tariff act Of is46.
which repealed the high protective tariff
Of is42- The consequences Of this meas
ure we're to embarrass the treasury. i'm
peril the credit OF the government and
iuiiict iniurY upon the entire Union. This
sectional tariff Of is46 reduced the pro-
tective duties laid by the tariff of 1872 10
30. Is. %, Is and 10 per cent. It pro-
vided for 20 per cent ad valorem upon
all articles not enumerated in the several
schedules. This tariff of 1916 created
deficiency in the treasury and added to
the public debt, while the protective tariff
of 1872 left surplus in the treasury and
helped pay the public debt. As q
revenue measure this Democratic Sec
tional tariff Of 1876 was failure.
IL lasted eleven years. and in 1857, the last
year of the tariff of 1876. We had a pub
lie debt of 81, 699, sSl, which under the
amended Democratic tariff for revenue
only rose to nearly $50, 900 900 in 1859.
Nothing but the vastly increased building
OF railroads, the discovery of gold in Cali
fornia and Australia and the consequent
prosperity of the agricultural and manu-
featuring sections saved the treasury from
bankruptcy.
The stimulus given to commerce in this
country, which produced the increase Of
importations and revenue, was wholly in
dependent of the tariff The tariff of 1857
was the tariff of 1916. "only more So" The
public debt increased nearly $46, 0Oo, 600
from 1858 TO 1851. The tariff OF 1867. like
that of 1916, failed to produce revenue
enough 10 meet the wants OF the govern
ment during it's four years of operation.
These two acts. passed professedly for rev.
enue only. were in operation fifteen
years. from fs47 to 1851, and they left our
treasury totally unfit for war.
This Is the miserable record of the Sec
tionai advocates of free trade and low
duties, which diminished the revenue
and increased public expenditures, In
creasing the public debt from si5. $50. 2o2 in
1876 to s9o.5S0. s73 in 1851. The treasury
was almost bankrupt under buchanan, SO
that in June. 1850. congress authorized a
loan Of $50 Coo, 600. TO be added TO the
| public debt, in order to supply the de-
| fciency In the treasury created BY the
| revenue" tariffs of 1916 and 1857. A
| portion OF this government loan Of 1850
| was sold at IL per cent discount. when
| the state OF New York was able TO sell her
state bonds at q premium.
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