The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-17

United States was S5SSO00.000. in round
numbers. In 1860 it had gone up to ST.
Vs.O1O.oe0. an increase of SD per cent.
When we compare this growth in manu-
featuring with the ten years between 1872
and 1900. we find that in 1850 the capt.
tai employed in manufacturing was It,
SoOOO0OOO; in 1900. S9.S90oo0.000. or an in
crease Of J0.l Der cent. IS against ss.4 per
cent between 1850 and 1860 The increase
IN the products of manufacture from iS5D
10 1861 was S5-l per cent The increase
/ between 1899 and 1890 was $50 per cent
only. or less than half the amount. Be-
/ tween 1880 and 1860 the railway mileas :
OF the country increased from 5000 miles
TO 506W miles. an increase Of over 5t1
per cent, while from 1880 to $500 it in
creased 10 per cent
Currency TO Blame.
But the prOtectioEists will tell you
that in october of 1891, about seven
months after the passage of the act of
1851. reducing the duties. a great panic
occurred. and that its cause was the re-
ducuon of the tariff The crisis WIS
anticipated at the time the tariff was
passed. \ surplus had accumulated IN
the United States treasury. and the ia
riff was passed with the hope that 1t
would serve to prevent the crisis. and that
the money in the treasury would get out
among the people in time to prevent the
stringency which was already threaten
ing In August the Ohio Life & Trust
company. a charter ed banking institution
Will Two InlIlO0S OF CdplIdi anu the
agency fer large section Of the west.
suddenly failed. It's capital had been
practically embezZled. Banks had beer
multiplying throughout the country du-
ring the period from 1916 with great IA
pidity. In 1851 a bank was started in
the City of New York for every month
i'm the year. New York had become the
banking center of the country. and be
tween July and October of 1891 they called
in their loans to the amount of 50 per
cent Upon the failure of the Ohio Lite
< Trust company panic seized the
New York banks and instead of standing
BY each other they attempted to look out
each for Itself and preCipitated a crash
throughout the country. The initiation
caused by the wildcat state bank bills
which were in circulation in those DAYS
had led to 50 much speculation that
general panic over the country followed,
but it was of short duration. Professor
Sumner of Yale. in his History OF Amer
lean Currency" says of the panic Of
1851: The state of the currency was gen
orally recognized as the root of the trou-
BILE. Then followed the war tariffs Al
though they were not so high as the pres
ent tariff no one DIT the time would think
the exigenCies of the war and as tenn
porary measure In 1854 was passed the
highest taTiff-47 per cent.
To-day duties are imposed simply to
create monopoly. The internal revenue
axes of the war were repealed because
they citizen knew he was paying thin.
while the tariff, winch takes MS property
so deity that he does not appreciate il.
has not only been continued but increased.
Tariff on Copper,
"A little before 1869 the Calumet &
Hecla Mining company was established
1t owned the great copper mines near
Marquette in Michigan So rich were
these copper deposits that the price Of
copper had fallen considerably between
1861 and 1853 and. although the produc-
ton was such that the mining company
was exporting copper and selling in for
eign Countries in 1869 it asked congress
for an increase of duties The duty be-
fore that time had bsen 81 cents q pound
on imported copper ingOts. IT was in
creased by the act of 1859 TO cents per
pound. President Johnson vetoed the hill
and both houses by the necessary two
thirds vote passed it over mis- veto In
1872 imported copper after paying a duty
of cents a pound, cOuid be sold in New
York for "A cents a pound. The owners
of this copper mine sold their copper
at about 23ta cents. just low enough 20
keep out the foreign product The duty
on copper proved SO nearly prOhibitive
that in the year 1878. according to David
a. Wells the revenue received by the
government from the Importation of cop
per was only cents. the duty on one