New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-09
Tile ADVANCE N WOOL

Wool again averages above 20 cents for all
oualitics Of domestic. Ii fell below that aver
aee for the first time within three and half
months after Clcycland's Inauguration In lNT'
and has been restored 10 il within seven months
after NfcEInloy's Inauguration. The authority
for these statements IS the series Of circulars
issuod by Coates Brothers, Of Philadelphia,
which extends back further, covers much
wider range OF qualities and forms more com
,lcte and accurate record Of the course Of the
market FOR domestic wool than any other The
average OF hundred quotations given in these
circulars fell to H. 90 cents Scptcmbc: !. 1896,
and has since risen over cents. So ii fell
from a3.5i cents March |, 1899, 10 1888 cents
Aprl !. 1894 more than cents, and after
ward declined over . cents further under the
orcrotion of the policy which President Clcvc-
land advocated.
|, wa, for many years The favorirc prccncc
of the free traders that the price OF wool was
always loves; under high duties. which could
mot possibly add anything To the return OBJ
"talncd by the growers" II was argued that
taxed wool destroyed The manufacture. ana
"eo prcycu;td wool consumption, even while
"siimulatng suicidal Increase In its pro
"duction" Also il Was claimed that the manu-
facturc conld thrive only under low duties or
no duties on the material, because Win lrc'
wool Il com.l succeed Infinitely better through
having freq choice OF foreign Kinds TO be used IN
mixture and that nothing but prosperity OF III"
manufacture thus secured by Tree raw matr-
rails could give To the wool grower "A good
price for his product. Livery one remembers
how similar statements in various forms ~
]aueuagc made the body of President Clcvc-
londs wool message, the first annual message
ever devoted 10y any President 10 Il single topic.
which forced upon his party In" tariff issue ami
his own denomination. But such statements
hayc been the essence Of frcc-tradc arguments
for more l!ian forty years.
At last the truth OF these assertions has been
tested by costly experiment When President
Cleveland. after having taken the lead in pro-
pn,jug free wool was elected in 1s92. with n
Congress expected 10 carry out his policy. wool
naturally began TO decline just rs II had
reached the lowest point then on record In
the summer OF 1855, when his reelection WAS
by many thought possible. Other Influences in
trryencd 50 that the renl ;cs, did not come until
after the inauguration in 1893. From that time
Coates's circulars show that the average de-
cljncd every month or haf-mOnth until NOyem.
, Der and still further until the tariff of 1891
was enacted. md after It's enactment > cents
more urdcr It's operation the depressing Of
feet proving greater than the markets had cx-
pcctcd over II cents out Of 23ia cents was
taken from the average price. and much more.
of course, on some qualities over II cents on
combing averaging all grades, and nearly -
cents on Chic fleece. Such was the actual ef-
feet Of removal Of duties which free traders
have always argued must raise the price by
stimulating the manufacture. 1t is also Of rec
ard that the manufacture has never been more
soreIy depressed than under this same policy.
70 the demonstration that the free-trade
theories were false there is now added practical
demonstration that protection does stimulate
the manufacture and secure higher prices for
wool TO growers The advance of more than
: cents since last fall began gradually In Dc
tober, as soon rs there was general confidence