The San Francisco call., 1897-09-19
NELSON DINGLEY SO
DECLARES.
Conditions of the Country That
Knock Out the Free-SilVer
FallaCy.
CONTINUED IMPROVEMENT
PROMISED.
In Time the New Tariff Law VIII
Cause Disappearance of the
Financial Deficiency.

LEWISTON, NE, Sept. IS. - There
seems to be a concession on all sides that
genuine revival of business has set in dur
ing the past two months, which promises
gradual but solid improvement until the
country reaches the great prosperity OF the
period from 1879 to 1898.
The fact that this country has again
started on the road to prosperity, from
which it was so disastrously thrown in
1898, can no longer be denied. While it is
undoubtedly true, as has been so well said
by Speaker Reed, in his letter last Sunday,
that the primary cause of the business
swing from activity and boom to
Iethargy and depression are to be found
in alternating tendencies of human ma
ture, from the height of confidence to the
extreme of distrust, yet, as justly recog-
nized by that eminent statesman, on one
hand these tendencies IRE FASTENED and
intensified, or on the other hand deferred
and modified, by many influences, some of
which, like currency and tariff, are under
the control of legislation.
1t is more than coincidence that the be-
ginning of the industrial and business de-
preston was Immediately after it became
known the Presidential and Congressional
elections of 1892 had resulted in COM
plete triumph of men pledged to over
throw the policy of protection. 1t Is inev-
liable that change from such policy to
the policy of encouraging home produc-
tion and manufacture determined upon at
the recent session OF Congress would tend
-, 4 70 hlicb
and these results are quickened and
strengthened by the conviction among
business men that the scheme TO depress
the currency was given fatal blow by the
result Of the elections last November, and
also by the concurrent rise in the price OF
wheat and other farm products.
1t is probable that dollar wheat is not
to be expected in the future when the
wheat crop is abundant, for the reason
that reducing the cost of handling wheat
by machinery and the petition of
Russia and Argentina Will make it possi-
bic in ordinary years TO protitably grow
wheat at q lower price. But wheat and
other farm products will not be as low as
they have in the past four years of de-
preston, for the simple reason the res
ioration of the purchasing power of the
people means an increase OF consumption
and consequent maintenance of better
prices. And with this demonstration that
the prices of farm products as well as of
every thing else are made by the cost OF
production and supply on hand, and
the demand on the other hand, and
not by the price of silver, the 16 to l free
silver fallacv will be dealt so serious a
blow that it must eventually give way to
the teachings of experience, just as the
Eaf fol 10 x-txy in I OIL fn
the object lesson OF the vivifying effects of
a return 10 sound money.
1t is too much TO expect the 10 to l sill
yer fallacy will not be an issue in the Con-
gressional elections of next year, especially
if as is probable, wheat is lower next year
than now and free-silver leaders are able
to maintain their hold on the Democratic
party. But the Importance OF making a n
end to this source of distrust and mischief
is so great that business men of the country
will be found in solid opposition to this
fallacy, as they were last year.
There is no good reason to believe that
we shall have another tariff agitation to
disturb the business OF the country for
many years. In the first place the pro-
tective tariff just passed has been enacted
so early in President McKinIey's admins
tration that any attempt to repeal it
would be useless for four years to come.
In the st c0nd place, the industrial and
business interests of the country, after the
experiences OF tariff agitation which they
have had in the past four years, will
demand a tariff repose. And in the second
place before any active steDs could be
taken 10 revolutionize our tariff, our In
dustries and business will be so thoroughly
adjus ed by the new tariff, and will have
before them so complete demonstration
of its beneicence in comparison with the
results of the tariff of 1894, that any
attemp pit to carry an election against pro-
lection would be futile.
There can be no doubt that the protec- |
tive tariff is stronger to-day than 1t ever
has been before in the history OF the
country. Ii any one doubts this, let him
interview the average citizen as he meets
him, and be will find an abundance of
evidence that protection has come to stay.
What took place during the four months
the tariff bill was being considered in the
Senate IS well known. Not far from one
hundred million dollars worth of mer-
cbandise in excess of the amount im-
ported in the same period of the previous
year was i'm ported In advance of any |
demand for consumption, simply for the
purpose OF avoiding the payment of new
or increased duties provided by the pend |
ing bill.
II the new bill had not been pending,
not one dollar of this would have been
imported after July "a and the S32 900, coo
paid in duties az the rates of the old law
prior 20 July would have all appeared
as revenue for the present fiscal year.
instead of the last fiscal year. and the
deficiency for the last fiscal year would
have exceeded $50. 900. 600 instead of being
only about $16, 000, 600.
But there mas been a large loss OF
revenue by the importation of merchan-
disc like wool, free OF duty under the
tariff OF 1894, and dutiable under the new
tariff. ana of merch andise like sugar, on
which the duty is increased by the new
tariff. This loss is absolute, and is esti-
mated at nearly 10000, ,000
There will De no revenue from sugar and
wool and many other articles imported
before The new tariff became law. 1t is
estimated the loss of revenue from an
tlcipatory importations under wool and
woolens, sugar, silk. manufactures of fax
and TO bacco for several months will reach