Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-01-15
A PROTECTION PANIC.
Facts and Figures OF History showing the
FRisity of the High-Tarin Howl.

FaIsity of the High-Tarin Howl
7oths hdbor Of ne Register:
SIR: One would think, from the pro-
lOnged howl which the protectionists
have kept up over the panic OF 1898,
that the country had never experienced
panic before, under protection, and
that such a thing could not happen un
der that policy.
! propose 10 jog their memories slight.
" In regard 10 little affair Of that kind,
a clear cut protectionist specimen, not
alleviated in tho slightest degree by
tariff reform. but real representative.
heightened Republican, American-pol-
icy protection affair.
1t began In 1873 when everything was
bOOming-the protective policy in full
swaY-speculationr rampant The whole
country literally was on grand spree.
Railroad builSng for 1871, 1872 and
1873 averaged ., 500 miles per annum,
against less than $500 miles per annum
ia 1866, 1867 and 1865.
Pig iron was $40 per ton, bar iron
500, steel rails $50 per ton. No tariff
reduction in view TO scare protected
manufacturers into fits and relieve the
consumer Of his burdens.
Had the spectre Of tariff reform con-
fronted them then and threatened a re-
duction. of the tariff equivalent TO 10 per
cent. upon the wholesale price on an
average, every manufacturer would
have rushed before the Ways and
Means Committee and protested that IL
was the utter ruination of the country,
aud of his business especially.
The crash came, and within one year
pig iron fell $40 per ton, bar iron $50,
and steel rails $50, an average decline
Of about 40 per cent Compare this
with 1898 pig iron fell 81, bar iron 81,
steel rails ST, an average OF 10 per cent.
But il did not stop there; it kept on
for i've long years, aud In 1873 pig-iron
had fallen S3l, bar-iron S53 and steel
rails SIS per ton, al average decline Of
go per cent. in price during this Repub-
lican protection panic OF 1873.
Wool and the panic OF 1873: The
three varieties OF Ohio washed wool
January, 1873 averaged for fine 20 ccnts
medium IS cents aud 90 cents for coarse.
In April three months later) each had
fallen . cents per pound. by July the
decline had reached 20 cents per pound
but II did not stop there. for during the
last year OF the panic it averaged 30
cents per pound lower than az the be-
ginning.
But these same fellows who engin-
eered the panic OF 1873 are having con-
WILSON'S over decline OF cents per
pound In wool for 1898, which decline
was directly traceablc 10 the policy
which brought on the panic OF 1873
The decline OF 1898 10 iron aud wool
began 10 June with the Sherman silver
panic. not in March. with the inauRura-
ton OF Cleveland, rs some would like
90 prove, but cannot.
Cotton aud the panic OK 1873: Raw
cotton before the panic OF 1873 was 22c,
at its close in 1871 cents per pound, a
decline OF 80 per cent.
STANDARD calicos and cotton goods
kept step with this protective music ~
the extent OF decline averaging one
half
when you place the business of the
country on protective Suits. lis
collapse is only question Of time.
The panic OF 1898 would have come,
without regard 90 the party in control,
for previous legislation had created the
conditions, and the result is before us.
Let u. examine further into the com
merciai aspects OF this panic OF 1873.
2
ness failures had amounted 10 an aver
age OF 3.1sG, averaging eighty-seven
million dollars per 8nnum, which was
bad enough, when We take into account
the population and wealth Of the coun-
try.
Iu 1873 the storm burst and Isl
frms went down with "a loss Of two
hundred aud tweoty-nine millions OF
/ dollars.
/. Since this country is go per cent
greater Zoo numbers and wealth in 1885,
/ the Liabilities OF 1873 arc equivalent o.
1858. 600. 900 BOO 1898, while the actual
! amount for 1898 equals S287, 900, 600.
| InIsl4, 1892 failures. IN 1876. 7.74O
/ with q loss Of s2O1 900, OOO. Thissi-n 0,
/ equivalent % the commercial losses ol
/ 1885, 10 1876. 10000 failures, with
/ losses over $500, 600, 600. A
When you consider the - and
/ population from 1873 20 =,
age losses By commercial "a