The Indianapolis journal., 1902-09-09
REVIVAL OF AN ANCIENT FALLACY.

The following quotation might have been
now advocating tariff for revenue only:
The present position of the great manu-
featuring interests OF the United States Is
highly encouraging. The necessity for pro-
tecting these branches of industry has
disappeared. They have become so
firmly established that they can maintain
themselves under any commercial system
that Will sustain the government
AS a matter of fact, this particular ex-
tract was taken years ago from the New
York Herald, the date being Sept 10, 1S47.
In sentiment, however. 1t is the same as
has appeared from time to time whenever
the advocates of free trade were assailing
a protective tariff or advocating a tariff for
revenue only. The Walker tariff for reve-
nue. only had been enacted a year be-
fore, but there were not so many manu-
to affect, and its effect upon those in ex-
istence was not so disastrous, because
Europe was a month away at the beginning
Of steamships and years before an ocean
cable. There Is evidence, however, that
manufacturers realized the disastrous in
lection of home industry. In 1853 the full
effect of the Walker tariff was realized
and is stated in the following extract from
the New York Tribune under date of Oct.
4, 1853:
Furnaces and mills were everywhere
| closed. and with each step in this direc-
| ton We became more dependent on the
| foreigner, who raised his prices; and the
| higher they rose the greater became his
power to accept bonds In payment The
more bonds We sold the higher rose the
prices and the duties; and the more rapid
| the accumulation of the debt the greater
! became the revenue. which iS now surplus
| and precisely, for the same reason that
caused the existence of the surplus I'm 1S36
the destruction of the domestic conIpeti-
tion for the sale of cloth and iron
The poor In the large cities were or the
verge OF starvation and soup kitchens were
scnal inspection Of the relief work in New
| York city. which showed that 1t was abso-
lutely necessary, because there was no
employment for mechanics. For a time
the United States treasury was filled with
money collected from the revenue duties
but when James Buchanan became Presi.
dent in 1857 the receipts had begun tc
| uWinule because OF the INABILITY or the
| people to purchase foreign goods. the price.
of many of which had been advanced wher
there were no competing manufacturer:
in this country. and during every yeal
Of the Buchanan administration there wa.
deficit. which increased after the tarif
of 1857 went into effect Late in the Bu
chanan administration an issue of bend.
was voted TO meet current expenses, bu
only a few of them could be sold
In 1892 the country was prosperous un
der the Mckinley tariff law. Opposition
to that law became the leading issue Th
free-traders declared that American in
dustries no longer needed protection an,
the Democrats announced the enactmen
OF a tariff for revenue only should tn
Democrats carry the country. They dl
carry the country. For the first time sine
1851 President and both houses of Con
gress were Democratic. Before II wa
presented I'm Congress the details OF tn
Wilson tariff bill were announced as tn
measure which would become a law. TIL
Wilson bill did not pass the Senate. be
cause Mr.. Gorman and a few others resist
| ed and amended some OF its features. par