The Teton peak., 1904-09-15

T~J 'oN ihS DSSH ouoPClluCuy >
the Government must have gold to
meet its payments of interest. 1t
was provided that the duties should
be paid in gold. By the effect of
suspension of specie payments gold
went at once to premium, and the
higher the premium the higher the
custom duties became. At one
time the premium on gold was
w. 50-that is, 81 in gold would
purchase as much as $3.50 in
paper currency. Yet it was during
the time there was a premium Oh
gold that some of the great indus
tries that have been a source of
wealth were started in the United
States.
One of the lesser industries, the
manufacture of spool cotton, is a
striking illustration of the result of
that high Tariff. The duty on
spool cotton was cents a dozen,
which, plus the premium on gold
in 1864 and 1865, was extremely
high. 1t was at this time that the
Clark Thread Works at Newark,
N. j., were started and the Coats
works at Providence, R. l., were
commenced. Both were brought
to this country to save their Amer
ican market. The result of indus
try has been remarkable. In 1884
the consumption of thread was said
to be $l1, 100000 annually, of
which 80 per cent. was made in
this country.
In that lesser industry we see
that $8, 800, 900 annually was kept
in the United States and added to
the wealth of the nation. In twenty
years that alone made $22O,OOO, :
600. The silk industry is another
instance of what the Tariff of 1861
accomplished in the manufacturing
of the country.
In the census of 1890, Mr.. Bryon
Rose, who prepared the report OF
the silk industry, brings out very
clearly the result of the Morrill,
Tariff on that branch. He says
the census Of 1850 showed that the
value of silk cloth made here was
$l7,0 ,05O. In 1860 no mention
whatever was made of that class OF
production. Mr.. Rose further says
During the war the production
was greatly stimulated owing in
part to the frequent deficiencies in
the foreign supply, and in part to
the excessive cost due to the high
premium on gold."
Mr.. w. c. Wycoff, special agent
of the tenth census (188O), in his
report of American silk manufac-
ture, prepared under the auspices
of the Silk Association published
in 1887, says:
But neither the close of the war
nor the Tariff proved SO effective a
lever for few years in raising up
American silk manufacture as did
the high prices of gold. Competi-
ton with various European fab
RIGS, especially ribbons, handker-
chiefs and lining silks, first became
practicable when gold rose to a
premium that confined imports to
the other classes of goods which
we were not yet ready to make.
The branches of manufacture
thus founded, being supported by
the Tariff, gained a permanent
place and have since developed
largely.
The following brief table shows
that the development of the silk
industry has added greatly to the
wealth of the country:
Made in
Imports. United States.
1860 $32, ,961,1 120 Sc, 1907, III
1870 24,219,9S1 12,21O, 66s
1880 81, ,348,948 4l,033, O4s
1890 81. 81 s6s,l45 sss a 81 7'2ss' 2ss a54 454
1900 26, ,803, 534 1O7, 256, 25s
What changel In 1860 there
was imported nearly FIVE times a:
much silk as was made at home
while in 1900 there was made II
the United States more than foul
times as much silk goods as wa:
imported.
| The one item of wages is suffic