New-York tribune., 1904-10-03
TARIFFS AND PROSPERITY
Protection the Principle Under
Wbich the C0sntyy Has THIRTEEN.

he Tribune
ne RepuH IoAR party Claims To be me party OF
T5sspS1ce :5sf fsepu5,ican Recommendations with
s.es protective tariffs, hsye elways besD accom-
E.-Iocra-I I- administrations have been uniformly
sec0npsIied by diversity Il IS OF c9eise, essen
-. - ~ the sixty years between 1901 and 1851 during
siieE Teracrtic rule and during which prosperity
sBS low tariffs went hand ia hand
- ne look III the period between 1901 and 1861
a see n during that time. prosperity and low
,.,iFs went hand In hand" claim that prosperity
- ,irh tariffs went hand ln hand, and the hand
= .sversity was held By low tariff in every in
s,ange hen the latter prevailed IS governmental
policy. 49,.
rbfre vas a moderste protective taT1h from the
s,,,sing ~ the government down 20 the War OF
$50 under which the country was prosperous and
,rsnufactures were constantly developing In lA-a.
= v-ar measure for raising revenue, the tariff
-. Increased 10 per cent. This large increase. TO-
.,sr with ihs war. completely stopped all im-
,-ta+ians TIE whole American market was left
- Americans ana manufactures prospered greatly.
v-ba vsr over revenue was reduced. but ell too
s,5Ssnlv by tile tariff u ISl6. with tho result of
vrnsr fuancfs depression and distress which lasted
-. che enactment OF the protective tariff OF lSe4.
bicb was amended in IS2S with stl higher duties.
,rs,-v t-lq- said ir public speech thar the Sc
,.rest depression ne had ever Witnessed was during
"a. seven wears preceding the tariff q 1924, and
AZ
,ssrs following that act. Then came a change IN
-. majority Of p-hlic sentiment and sweeping
sapson OF tariff rates by the acts OF lsSs and lSS
,hioh provided fer sliding scale OF reduction for
sen vears and in 1857 this eliminated in financial
rie ana period of distress which lasted until the
.,qrrDeut Of the tariff % lst2 Again prosperity
,,,nas 20 such an extent II had not known
sirce the repeal OF the tariff Of ls-i and $3.50
ou,b 50 tla- III The Polk 3od Clay contest Of 1874
both parties agreed in shouting for the tariff OF
,s2~ AL being in ,Hst campaign protecuonlsts
Frorn -Ss - 1876 several notifications oi the
.,-,e we're made The country was during this
-s-iod h q fairly prosperous condition until in
49, tariff was enacted with rates of duties
lower than they had been At any time after lsl2
The enactmen: OF this tariff was brought about by
me old Democratic cry that the revenues We're eN-
cessive and the government income should be re-
duced and In SIX rron-hs another tremendous panic
swept over The Lana. more general than any o. Its
predecessors and reaching all lines OF business
and this continued b large measure down 20 ls6o
This is brief resume of history for the sixty
years Of which M HornhBwer speaks, and. ask.
IS f. true that prosperity and low tariffs went
hand IN hand He says. and truly. that during
that sixty years oourt-y with TWO brief eNcep-
tions. under Democratic rule, and II prosperity
followed their rule should look for large
measure of il ~ che time they out of power
in 1850 We ought 70 expect 20 find money in the
Treasury and credit capable Of raising any rea-
sorable amount when called for as a loan loV do
dnd ite Let us look il Up. This again Is his
tory. In the closing winter o. Buchanar's admin
istrsrion. the Treasury being nearly empty II be-
came necessary . raise EQ@ocoi with which 10
meet Treasury notes outstanding Bids were called
for. and Tor this-n comparison with present gov
eminent rranss ctiols-sasH sum The average bids
made the rate of interest l0ss per cent govern
rleut, after sixty Years Of Democrat prosperous
rule. can borrow SeeasD At about II re~ cent a
year. This was tn Jsngarv. on February ~ the
ssne year sn issue of bonds was suthorizo3. bear
ing Per cent interest. ana payable within less
1han ten or mere than twenty years 10 the amount
of sS.e190n The Secretary Of the Treasury re-
r'ived bids for only lrtle fIsos go. al the
average rate Of $500 per cents cents for United
States government per cealt bonds Ioo par This
Was The grand iuale of Democratic prosperity in
lsSl after sixty years. in which il 'and low tariff
naa gone hand IN hand To-day, after forty years
ot republican rule. thirty year bonds of the ne
st 75 -, ~; DsI5hg per cent Interest are quoted
q 10 pa i11e asked Comment is unnecessary.
long va bs, - ~ Z 1.,se say years re went A
-ssS tsSA -"f soup. As the man said when ne
ana has fallen into H. and YET he Is an educated
ssr st.slah ana speaks as though he were really IN
after citing the sixty years away back test he
eGsm about he sia ee2ts s. i2f b of 5 qo
- 80. wen v were ali getting poorer and poorer
remarks that This was certainly singular ex-
nPs ~sP ot prosperity This is evidently the only
S e.T VISITED the United states All the sixty years
~ le rule were prosperous and likewise,
81 ne Republican years except these. Seriously.
believe the gentleman knows what everybody
viii The ia aiba8e @ G a NY rs lie iI5s g9anee9a
ssie oe-Ig taken of in very large sums. both IN
necsssariIy unsettled some what thereby Tss
.-slH cause. however was this. The Democratic
VA naG brought enormously Increased eKreDses
eng all values were greatly Inflated With gold at
heavy premium, values were reckoned not by
10 government paper. This expansion had gone
9Sla which had brought On The war were settled
49, is = i-ogal debt stopped growing. and values
e-lo 49, - decrease, or, n other words. the paper
t--sacy began 10 go toward The gold value and
irs-s ~ t-ilaliph Va immense until nEaNy- one
80 uanKlng house failed, this tOppled others and
oontnued until IN 1873 paper currency and gold met
s.,s common level q value and prosperity re-
ssseie PAYMENTS, This Is als5 history. The car Of
49, -. sLaFlec on me upgrade ana has con-
~ 80 exception Of The period between 1882 and
lgosperity going -'hand ii tans y-tf lou, ,arjff
E-hsea INTO an almost bottomless abyss. whence
Wy BY tbe enactment Of TIE DinrIey tSTia law
ubo - 10 5, thal there are many wise writer's
.le oi 1aTin agitation bat Il s al least a remark
Ssiela elail oL oiEeleences that without exception
Eth The rise or fan of tariff rates
people OF the Ted sfIe ne I1o1yy ~ yo, % soI ne
whea III reeds ye,ie5r, II Mn III -, 20 ~ ,h b,ds
y y me party which has fostered and nursed II.
- Ghich VIII retain its protective features, and
~ q he hands Of the party which declares that
-. Hfin protection Is robbery. and which would
-Se ~ with reference 20 cutting out every vestlge
-ttaf protection.
,-Ae other issues which the Democrats bring up
cn scare heads. The party T. simply out for
49, Goods and any old issue will do. The old
Iatic has dOnned the lions skin and
va you gently a sucking dove" but
~ - stick out and all know him for ass.
- he Will remain and his roar Is but bray.
Aorious Republic has passed through the
enc clouds % morning and II marching on
y lcvard the midday spiendor II al any time
80 pr0sIered under Democratic rule u was not
- of n. hot in spite OF II. Our purpose
~tphetns is 10 keep il as IL row Is; govern
49, Ior all. capable Of absorbing and asslnailat-
A ne various nationalities OF people who nock 70