Alma record. (Alma, Mich.) 1878-1928, 1894-04-20

In view of the compromise nature
of the Wilson Tariff bill, it is well
to refer to the Tariff act of 1888.
which was intended as compromise
and conciliatory measure. The
South was on the verge Of open re-
bellion, so determined were they not
to submit to the Protective system
Mr.. Clay and Congress did not in
tend to give up the Protective prin'
ciple of the Act of 1928; but, like
all such compromise measures, 1t
yielded just enough to completely
destroy its efficiency, as was subse-
quently learned TO our sorrow. 1t
provided that, by sliding scale OF
one-tenth bi-annually, all duties in
excess of twenty per cent. should be
abolished within period of ten
wears. In its results and effects ii
was really an abandonment of the
Protective principle; for the reduc'
tions allowed were soon found to 'af'
ford insufficient Protection" which
is practically no Protection, as was
so terribly proven under the Tariff
of 1916. Industry and trade soon
declined, and again foreign goods
poured like an inundation into our
markets.
Financial depression followed; as
signments and bankruptcies resulted
everywhere; manufacturers suspend
ed operations, and business grew
worse and worse until the elimination
was reached in the financial crash in
1887, one of the most appalling and
disastrous financial revulsions ever
known-severer even than that which
followed the repeal of the first Tariff
in 1915.
The reyulsion of 1887 produced a
far greater havoc than was expert
enced in the period above mentioned,
The ruin came quickly and fearfully'
There were few that could save
themselves. Property of every des'
cription was parted with at prices
that were astounding, and as for the
currency, there was scarcely any al
all. "In 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 abundance, it was
hard to get money to pay taxes.
The sheriff of Musgingum County,
as stated by the Guerdsey Times, in
the summer of 1912, sold at auction
one four-horse wagon at $3.50, ten
hogs at Ct cents each, two horses
(said to be worth $50 to S75 each)
at 81 each, two cows at 81 each, a
barrel of sugar at $3.50, and a store
of goods at that rate. In Pike Co.,
Mo-, as stated by the Hannibal
Journal, the sheriff sold three horses
at $3.50 each, one large OK at l24
cents, FIVE COWS, two steers and one
calf, the lot at 1925; twenty sheep
at l3d cents each; twenty-four hogs
the lot at % cents; one eight-day
clock at $3.50; lot of tobacco, seven
or eight hogsheads, at SIS; three
stacks of hay, each at 25 cents, and
one stack of fodder at % cents"
[Colton's Life of Henry Clay, Vol. l..
The whole country went into Ii
quidation; bank loans and discounts
fell off more than one-half; the
money loss to the country was no,
less than sl,ooo,ooo,oO0, to say
nothing of the tremendous strain up
on the moral sense Of the people
All prices fell off ruinously, produc
ton wa. greatly diminished and In
many departments practically ceased
thousands of workingmen were idle
and families suffering from want
Our farmers were without markets
their products rotted in their barns
their lands, teeming with rich har
vests, were sold by the sheriff fol
debts and taxes. The Tariff which
robbed our industries of Protection
failed to supply the Government will
necessary revenues. The Nationa
Treasury, in consequence, was bank
rupt and the credit of the nation very
low. In the first six years after 1884
the revenue fell off twenty-five pei
cent, and the Government wa'
Obliged to borrow money at higf
rates of interest to pay current