The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-08-29

| TUT ABOUT year tuetoottef, tue avcroSe
price Of wool at different seasons Of the
year remained about the same; but 1t fell
In 1892, owing to the disturbance In the
market due to the unprecedented yield OF
wool In Australia in 1891. The same de-
cline was greatest in fine wool, which fell
| In January, 1S97. to 30 cents, and in July
| to 2s cents, per pound. but rose to % cents
| in October.
The Mckinley tariff, however, had the
effect to check the decline in the price of
wool in the United States, as compared
with the decline elsewhere. 1t did this by
checking the Importation of wooden goods
manufactured abroad. The importations
of woolen goods in the fiscal year 1890
into the United States were valued at $5i,-
| 1855, AZ; In 1891 they were valued at &3.
235. 400 dininution In a single year to
were valued at s35, 1925 9O5-a further dimi-
mutton In two years in the valuation of
imported wooden goods of Sl7,4s7,5li.
For this double blessing the American
wool-grawer had the Mckinley tariff TO
thank. The intelligent well informed
wool-grower of the United States under
stands 1t. But In the fiscal year 1898, af-
DER the election Of Grover Cleveland.
when the threats of anti-protectionists
were beginning to take practical form, the
tide of reduction of imports was reversed.
The valuation of imported woolen goods
in 1893 was $50, ,ss7 9OI; in 1894 1t was only
Sd9. .2l9. .Oai; and In the first nine months OF
the fiscal year 1896 lending March 81. 1886.
1t was Si2. 2.9sS,i72.
The fiscal year 1894 was one of general
wreckage of business, under the malign
influence of the prospective industrial rev.
oiution foreshadowed by the advent OF
the Democratic party TO power in all de-
partments OF the government. Importers
held aloof as much as possible from the
foreign markets. in order to get the bene-
lit of a reduction of duties under the ap-
preaching era of so-called tariff REFORM
American manufacturers greatly abated
production In anticipation of overwhelm-
ing foreign competition, and the conse-
uqence was decline in the price of woolen
goods. Under the circumstances, impor-
tations suffered a sudden and heavy col
lapse.
In 1895, however, after the passage of The
Wilson -Gorman tariff bill, the importation
of wooen goods suddenly bounded up
ward, nearly doubling In amount In sim
gle year During the first nine months
of the present fiscal year, importations Of
wooden goods increased at such rapid
rate that in the twelve months ending
June 80, 1896, they must lat the same rate)
have reached the sum OF S57,y1,9sO In
value. If this latter figure Is compared.
first with the corresponding figure for 1882
and then with that for 1880. the WOOL
grower can judge for himself how far he
was benefited by the Mckinley tariff, and
to what extent he has been injured by the
Wilson-Gorman tariff.
Under protective tariff, as already
stated, the foreign competition with the
native wool-grower was reduced In two
years, to the (estimated) amount Of 81 ,llS.-
6G7 pounds, valued at S17,4s7,5l4.
In the four years following, from 1892
to 1896, the increase in the valuation of
imported woolen goods was 81, 525, ,055. This
Is equivalent on the basis of three pounds
of wool for every dollar Of valuation, to the
displacement of 64,575,l6j pounds Of home-
grown by an equivalent amount of for
eign-grown wool. he Importation Of for
eign wOolen goods Is already in excess CT
what 1t was in 1890, with tendency to
increase, under the operation of the Will
son-Gorman act, to an amount which 1t
is impossible to estimate. Importations
were declining under the Mckinley law,
but all that the American wool-grower
and manufacturer had gained. and more.
has already been lost. with the prospect
of even greater loss in future.
The Democratic party had in 1893 OBJ
tained control of the government in all its
branches. The price Of fine wool, which
in October, 1892, was 70 cents, fell by Oc-
tober, lS93 to 20 cents; by October, 1894, 1t
had fallen to 10 cents, and in January.
1895, to 17la cents per pound. The price of
medium wool fell from SO cents in October,
1892, to 20 cents in January, 1895. During
the same interval Of time the price CT
coarse wool fell from 20 cents to IS cents.
The threefold influences at work
through importation to carry down the
prices of American wool may be stated
thus:
"a Excess of imports Of raw wool
for year ended Aug. 81, 1895, the
first full years of the free wool
law. over the year ended Aug.
81. 1884, the last year of the Nc
kinley law .......................19 .19O, 0OO, 900
(O Excess In the imports OF shod-
dy, waste, rags, ETC., for the
year ended Aug. 81, 1895, over
the year ended Aug. 81 1894.
on the basis Of three pounds of
unwashed wool to each pound
of shoddy, waste, etc minimum. $1,000, 900
(3 Excess In the importations Of
manufactured wool, exclusive Of
shoddy, waste. rags, ETC., i'm
ported IN the first year Of the
Wilson-Gorman law over the
imports of the last year Of the
Mckinley law, on the basis Of
three pounds Of unwashed wool
to each dollar in value........... 90,00O, 600
$4,000, 900
1t thus appears that the excess Of i'm
ports of raw wool. and Of wool represent
ed in its manufacture. comparing the last
year under the Mckinley act and the first
year under the Wilson-Gorman tariff,
amounted in round numbers to the enor-
nous quantity of 330. .O00. 600 pounds. Amer
lean wool-growers were deprived of a mar
ket e'Au to that excess of importations.
Our iOckmasters could not endure the
pressure of such overmastering competi-
tion, and American prices gave way per-
force, even while European prices Of wool
were rising, from the effect of scarcity in
foreign countries. The wholesale slaught-
er of Improbable sheep followed as q ne
cessity imposed upon fiockmasters, by the
logic of inexOrable events growing out
of the Wilson-Gorman tariff.
Reverting to the law of supply and de-
mard to which reference has already been
made, 1t appears from the facts stated in
the present review of the contrasted effect,
upon the wool-growing in this country,
Of the Mckinley and the Wilson-Gorman
tariff, that the question Is between the
home supply and the foreign supply Of the
home demand for woolen goods. The sup
ply of this demand by homegrown wool
tends to raise the price Of native wool.
Its supply by foreign wool tends to lower
the price Of native wool. Without con-
tending that a protective tariff can over
ride the universal law of supply and de-
mand. we do contend, and it must be ad-
mitted, that 1t has power to change the
conditions of supply and demand in such
a way as to encourage home production,
both of raw material and of the manufac-
tured product. Under a protective tariff
home production is encouraged, and Amer
lean farmers and manufacturers reap the
benpft which of herwise accrueS to the for.
eigner.
1t only remains to remark again upon
the absurdity Of attributing the decline
in the price of wool, or any other agricul-
tural product. to 1.-THE crime of 1873" The
crime of 1894 has been far more potent
in this direction than the fictitious and
fanciful assassination of silver"