The comet. (Johnson City, Tenn.) 1884-1916, 1894-08-16
aabIIoan chuokaluek

arrays ponderous columns Of figures.
and brushes tie intellect with null
-itude OF details, which, while they
may be wholly irrelevant, are expected
10 be very imposing.
The New York Tribune has an art.
Gle on this question In which it quotes
at length the prices of iron and steel
manufactures for a series of years We
are somewhat confused by the 1rib-
mes figures for the reason that we
can not exactly collect from its re-
marks whether it regards the declire
of prices as a good thing or an evil.
Perhaps we would do better to assume
that it thinks a decline of prices is all
right when caused by Republican leg
islation, but a great disaster when it
occurs under Democratic Admins
tration.
Taking the first item in one OF the
Tribune's tables, which is one grade Of
pig iron, we find that it brought the
following prices at the times named
July, 1886, 1926; October, 1890,
$780, October, 1892, SIS; July, 1893,
$1450; April 1894, $12 so; July, 1894,
$3.50. This is interpreted by the
Tribune his showing that there was no
general reduction OF prices until the
passage of the Mckinley Bill, which
was in October, 1890. From this it
would appear that the Tribune thinks
the fall of prices vas good thing.
Let us look at it on hat idea. From
1890 to 1892 under the Mckinley bill,
the price declined SEA ton. From 1892
to 1894, under the Democratic Admin
istration, it declined ~ 80. Nov a
Democratic Administration is sup,
posed by the Tribune to have a ma.igu
influence on business, in some mystic.
rious way, whether there is any change
OF the law or not. But as the McKin
ley Bill was, according to the Tribune
'the wisest and brayest tariff bill evel
passed." its operation in reducing
prices 81 in two years must have beer
benefcent. We are bound to believe
that, for the Mckinley law was spe
officially warranted "to scatter plenty
over smiling land" by the simple
process Of increasing the taxes. Ii
the case Of pig iron, to be sure, it di(
this without any change in the duty
but this only illustrates more forcibl,
the magic effect of Republican legisla
ton, which is just as efficacious il
putting down prces, or putting then
up, whether any change is made il
the existing law or not,
This is all clear enough, but beyon
this we get into difficulties. 1t
plain that the reduction OF the pric
! of pig non from $3.50 in October
e 1890, to $15 in October, 1892, was
| blessing, because the Mckinley Bl
did it, The figures show it. Fror
July, 1886, to October; 1890, four year
and three months, most of which wa
under a Democratic Administration
> pig iron declined only rs cects. The
e the Mckinley Bill was passed, anC
| notwithstanding that no change ws
e made i'll the duty, prices were cheaI
i ened so in two years. Then Grove
i, Cleveland was reelected, and in 8 yea
and a hall prices went down $2,5
This must have been a disaster, for
: appeared under a Democratic Admir-
G istration, or, at least, after the electio
# of Democratic President. But if I'll
Y Mckinley Bill started the decline, an
the cheapening of iron was goo
7 thing, how was it a disaster when
!. declined trife faster under a demo
cratic Administration?
While the McKinleyites general
contend that it is high protection thi
It causes everything to get dirt chea
!, under Republican Administration
here comes Senator Sherman and SAY
it was the reduction of duties on iro
and steel in the Mckinley Bill whic
5 caused the trouble. A few weeks ag
: he made a speech attributing th
G Homestead trouble to the reductio
: made by the Mckinley Bill in iro
s and steel duties From these view
taken together we must infer th'
! high duties make protected commod
ties cheap, and when they do it is
bless ng that the reduction OF dutit
j also makes commodities cheap, an
y when it does it is curse.
n 1t isa pity that we can not find OF
from the Republicans whether price
should be high or low. II they woul
: Just take the responsibility for chea
wheat and cheap wool as cheerful
. as they claim the credit for chea
s iron and steel, 1t would simplify tn
!. problem amazingly. Until they CON
: to some understanding about it, or
n can not tell how the figures shown
if changes Of prices ought to be int