The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-08-16
Protection and Business.

Protection and Business.
Midsummer conditions throughout
the business centers of the country as
reflected by the records of the treasury
department, says the American Econo-
mist, are well calculated to crafty all
friends of the cause of protection, who
predicted that the restoration of ade-
tries would be followed not only by
restored confidence but by a general
revival of industry and trade. There
are several points to which attention
should be directed as furnishing proof
of the fultillment of the prophecy. We
are at the beginning Of the third year
of the operation of the Dingley tariff,
and the receipts of the treasury from
customs duties continue to increase at
a ratio which furnishes proof that a
revenue law which affords protection
TO the industries Of the country is the
best kind of revenue measure to
bring cash into the treasury.
Not only are the conditions of the
treasury gratifying, but the conditions
of the people as indicated by their
holdings Of cash in the banks Of the
country, show that the full measure
of prosperity is not only enjoyed by
the general government but by the
people N all the states.
Protectionists will be justified in talk
ing for some time about the remark
able achievements in trade and COM
merce under the first full fiscal years
operations of the Dingley tariff AL
though the exports of agricultural pro-
ducts declined slightly during the last
year, it being impossible to keep up
with the record of the previous fiscal
year in our shipments of agricultural
products because of the fact that the
fiscal year of 1898 showed a tremend-
Gus expectation of these commodities
by reason of the scarcity in many
foreign markets, the decline in agricul-
tural exports was not heavy, however,
the round figures showing for 1898 eX-
porte of 1858, 100000 worth, against
$7S4,OOO,O00 worth for the fiscal year
just tloSeu' Anu yet tile lndINelOuS
aggregate export business done by the
manufacturing establishments of the
country almost made up for the loss
in agricultural exports. There We're
sent out of the country during the last
fiscal year 1889 100000 worth of manu-
factured commodities, against an ex-
porc Of like commodities during the
previous fiscal year aggregating $29l,-
900 900 worth. Our exports of the mines
and forests also showed marked in
Creases, and the comparative figures
for the two fiscal years on these classes
of products show an Improvement in
exports aggregating about $t4,OOO,OOO
1t is worthy of note that although
the new policy of protection established
by the Dingley law imposed protec-
tive duties on raw wool, one of the
chief articles of production entering
into manufactures, of which a large
proportion is imported, the fiscal years
business in imports of articles in crude
| condition for domestic industry, not
subject to duty, increased about 1923,
| 100000 worth, showing that the aggre-
| gate business on imports of raw COM
| mOdities for use in domestic manu-
| faCtures increased under the new tar
| iff law. On the other hand, the meas
| ure of increased protection afforded
| on general lines of so-called "raw ma
| terials" made itself felt in the importa,
| tion Of dutiable articles of this class
and there was decline in such i'm
! ports Of about $3OOO,C0O worth.
| The opening of the new fiscal year
with the returns for receipts at the
! treasury during July. shows that in
! respect to customs duties the Dingley
| law is making a splendid record. The
customs receipts for July aggregated
about SIG 100000 and the first week ir
August shows an increase of nearly
two-fold in customs receipts over the
corresponding period Of year ago,
The fact should not be lost sight oI
that the volume of money in the hands
of the people, as registered by the re,
turns of national banks to the comp
troller Of the currency, shows a marvel
Gus increase over the returns of yea
ago. In July of 1898 the nationa
banks reported having in their vault!
individual deposits subject to check tC
the amount of $2,O32, 900, 900. Consid
cradle comment was created by thi
remarkable showing Of last year, be
cause the figures demonstrated that
compared with the period of depres
sion in 1896, the bank deposits of tn,
people had increased about $4O0 900, 900
| Marvellous as were these figures, tn,
second year of restored protection wit
nesses a record even more noteworthy
In a single year from July, 1898, to July
1899, the increase i'm individual deposits
aggregated a half a billion dollars, tn
figures being approximately Sass 800, OOC
All advices that come to the treasur,
from the Industrial and commercial
centers indicate that the fall bushes
of this year will be the largest in tn
history of the country One OF the. in
dications of this promising outlook /
the pressure upon the treasury 70
small notes with which to transact re
tail business and to move the fall crops
Evarv effort L beinG made nv IN