Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1899-02-24
PROJECTIONS WORK.
ALREADY DONE AND. YET TO &c
ACCOMPLISHED.
Important Result. Of an Economic
System by Which a Country Encour.
ages the Development of Its Nat
= ural Resources.

= ural Resources.
At the annual meeting of the Ameri.
can Protective Tariff League First Vice
President Cannon read the following
address. which was listened to with
profound attention, and called forth
many expressions of approval:
In determining on the future policy Of
our League, it may not be improbable to
briefly review the past, and in that con-
nection to consider the duties of our
League as well as It's accomplishments.
The war with Spain, hostilities COM
mencing on April 10, and terminating on
Aug. 20 "a period Of about one hundred
days.. resulting in a practical destruction
OF the Spanish navy, possession of Cuba,
Porto Rico and Manila by our army and
navy, and armisticc and the terms of
peace practically settled, constitutes n ma
tional record of success which has no
parallel in history, and is so recognized by
the dominant nations of Europe. But
there appear to be other achievements in
a commercial revolution which are signiti-
can't, important and %profitable-a conquest
by our industries. AS proof of our COM
mercial supremacy the eminent %statisti-
clan Mulhall says:
statistics Of our production and trade
prove that the United States leads with
agricultural products greater than the
United Kingdom and Russia combined; in
manufactures with u product greater than
the aggregate output of the factories of
the United Kingdom, France, Austria
Hungary and Belgium combined; in ma
chinery with a steam power greater than
the United Kingdom, Austria Hungary
and Italy combined; in mining with a pro-
duct greater thar the United Kingdom
and France combined; in railway trans
portation with u milcagcAO per cent great
or than all Europe; in forestry greater
than all Europe and nearly onc-half of
the total product of the world; in fisheries
with a greater product than the United
Kingdom, Russia and Germany COM
bincd."
From the same authority we learn that
the United States is twenty thousand mill
ions of dollars richer than Great Britain.
The total exports per capita have grown
from $11.37 in 1895 to $12.11 in 1896, to
$14.17 in 1897, and to $1G.68 in 1898, an
increase of nearly so per cent in three
years. The exports of MANUFACTURED pro-
ducts have been even more striking in
their growth in proportion to the per cap
ita of total exports, showing an increase
of about IS per cent in five years.
Our conspicuous weakness Is in our
commercial marine. Our strength in this
direction would be speedily increased if a
protective policy to Offset the unequal
competition of the subsidized ships of Eu-
ropean nations was adopted by this coun-
try. 1t is to be hoped that a measure
having in view the adequate protection
of our merchant marine will be adopted by
Congress.
Brilliant as has been our success in war,
which inevitably immensely increased ma
tional taxation, it is to commercial sue
cess that we must look for the permanent
enrichment of our people.
In considering the causes which have
effected this wonderful increase of X
ports, and especially our exports Of man.
periods of progress and wealth have been
during the existence of protective tariffs,
and that these conditions have been in
variably reversed under low tariffs in the
direction Of free trade. At no time in our
history has this fact been more conspic-
uous than at present. Under the Dingley
tariff, in strong contrast with the period
of depression, diminished production and
insufficient employment of labor under the
Wilson tariff, the increase of exports has
made US a creditor nation, and the de-
crease in imports simply indicates that
our wants have been supplied by domestic
industries.
With abundant crops,o our manufactures
and mechanical industries taxed to their
| f..11 ,~.Al,oks-4 nonnnfkvv md Nth n kick
scale of wages, and yet with money so
abundant and cheap that the rate Of in
terest is less than in Europe, we have be-
come a creditor nation. We must con-
time, with our great natural resources,
aided by our enterprise and skill, to hold
this supreme position. But perhaps no
one agency has been so potent in obtain
ing this result as that which has wrought
the wonderful development of our metal
industry under protection.
Political economists recognize that the
commercial supremacy of England was
based on the possession of the useful met
ais and fuel; but these essential products
are now more extensively developed and
possessed by us than by any other nation,
and I think it may be claimed that this
rapid success of q great industry has no
precedent.
Thirty years ago a large part Of our iron
and steel was imported. No Bessemer
steel was made in this country. To-day
we mine coal and make iron and steel tt
less cost than any other nation, thus re-
versing the course of trade by exporting
to the markets from which we formerly
imported.
The cost Of steel rails in 1872 laid down
in this country, duty paid, was $3.50 per
ton, to-day steel rails made here are mar
keted at SIS per ton; thus in twenty-five
years this infant in the nursery has de-
veloped into an industrial Hercules.
As the direct result of protection, cap
ital has been encouraged to develop mines,
and to construct plants which are admit
ted to be the most perfect in machinery.
appliances and economies. For the calen.
dar year 1898 there stands to the credit of
the United States, as the result of an
enormous excess of exports over imports,
a favorable merchandise balance amount.
ing to over $G21, 100000.
We have thus under this wise national