The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1899-01-14
WOOL AND THE TARIFF.
some Commercial Facts ~ to Pro-
tection's Dement'S 10 the
Farmers.

Farmers.
II is n quite common thing for per-
sons who find themselves puzzled over
some problem relating to tariff and
prices TO formulate inquiries based
upon a misapprehension OF facts. First
they presuppose condition which does
not exist, and then ask questions as TO
why things are thus and so. Such
seems TO have been the case with DEM
ocratic inquirer out in California, as set
forth by Mr.. t. II. Weaver, of San Jose.
in the following letter TO the secretary
OF the American Protective Tariff
league:
I have n young democratic friend who
asked me to-day TO explain TO him the rea-
son why wool having been worth is cents q
pound under the Wilson bill IL now only
worth IL cents under the Dingley bill.
which advances the duty considerably over
that levied by the Wilson bill.
The matter was referred 20 Mr.. Theo-
dore Justice, of the wool commission
house OF Justice, Bateman O. Co.. of
Philadelphia, and a reliable authority
upon wool values, whose reply is so
clear and conclusive as TO deserve re-
printing in full, as follows:
Philadelphia, November 20, 1sss.-Mr. VIII
bur II. Wakeman. Secretary American Pro-
tcctive Tariff league. New York City
Dear Sir: You say your democratic friend
asked you why wool which was worth IL
cents per pound under the Wilson law Is
only worth IL cents. We do not believe any
such condition exists. Shropshire wool Is
to-day worth 21 TO % cents here, while the
same Is worth only IL or IL cents In London
to-day. This Is as much as the tariff OF IL
cents per pound can lift the American price
above the London value. Under the VIII
son law Shropshire unwashed wool from
Indiana and Ohio was worth IA cents. while
to-day Il Is worth q TO 22 cents. The for
eign market is lower to-day than IL was
under the free wool Wilson law. But for
the Dingley tariff act the London pricc
would be the American price That In TO
say but for the Dingley tariff act wool
which Is now worth II or IL cents I'm London
would be worth only IL or IL cents here in
stead OF 81 TO % cents, the price OF to-day.
We inclose some OF our wool circulars
which show how much the tariff act has
lifted the price OF domestic wool during the
verlous periods since the passage OF the
act. At present there is a downward ten
dency to wool prices all over the world.
There has been much talk OF famine In
fine merinos In the markets OF the world.
but In spite OF the expected famine prices
for this class OF wool have dropped 10 per
cent. within 60 days in the London market.
There has been a similar decline In Amer
lean markets, probably in sympathy with
the decline In foreign markets.
To recur TO the question OF Shropshire
woods. the price In London to-day for the
latter Is % per cent. lower than Il was In
1922. while the price for the same wool In
the United States is only 10 per cent. lower
than 1t was in 1892 But for the Dingley tarifr
act prices here would be 20 per cent. lower
than they were In 1892 as they are I'm Eng
land. JUSTICE, BATEMAN a co.
The statements in the above letter
are fully borne out by the wool quota
tons current for the past year and a
half, or since the enactment of the
DIngley law. Existing conditions and
their causes are succinctly summarized
in a circular letter of Justice, Bateman
g. Co. TO their customers, date Of No
vember IL. 1898, as follows:
The enormous quantity OF wool (nearly
COO. 900, 900 pounds) on hand at the beginning
of the present year was not wholly due TO
the free wool imports OF 1897. but was part
ly owing 10 the large amount carried over
from 1896. as the result OF both the large
imports and the decreased consumption OF
that year. (See table below) During 1896
American machinery was running scarcely
more than half time. and IL Is evident that
whatever dissatisfaction there may now
be- must be attributed wholly to the Wilson
tariff law, which encouraged the importa-
ton OF two years supply OF wool far In
excess OF manufacturers needs, while at
the same time diminishing his natural mar
ket by lowing the duty on textiles which
had previously been found necessary
fence to keep out goods made by cheap for
eign labor.
Independently confirmatory Of the
above is the following paragraph In the
New York Daily Commercial of Deem
Der 2:
The lowest quotation for Xxx Ohio wool.
In April. 1895. was is to 1874 cents per pound.
To-day the same wool sells ut Is to 20 cents.
In 1895 Michigan X wool was quoted at II
to lfh cents; to-day the Michigan X and
above grades are quoted ut q to % cents.
This II simply sign OF the times
In view Of these authentic facts the
young democrat In California and all
others who would like to discover in the
present wool situation the ground for n
contention unfavorable TO the Dingley
tariff may safely consider themselves
better informed than they were before.