Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-04-13

Palmetto state.
The sudden change of front on the part
of Clay. at this time constitutes one of
the most remarkable moves in the history
of politics. Here was the lion of protection
ready to lie down with the lamb of free
trade. His motives have been variously
interpreted 1t is true that he yielded
practically every fundamental of the doc
trine he had preached so long. Those
who know the man best assert that Gays
motives were of the highest. Consistent
prOtectionist. he saw that the eenmy hao
taken the very citadel, and that to wttn-
draw at leisure, with the honors of wat
was to be preferred to unconditional sur
render. More tritely put he assumed that
half loaf was better than onbread. Some
have asserted that he took the course he
did because he wished to prevent trouble
with South Carolina. which might give
Johnson an opportunity to WELD military
power. Others assert that he expected to
stem the tide of free trade by promising
IT in the distant future. and then when
the time came to ignore the promise
But if Clay was inconsistent, there were
others not less so. Daniel Webster had
been the father Of the argument that pre-
lection was unconstitutional He had elab-
GRATED that doctrine in a speech in 1890,
and had given it all the vitality it possess
ed. Yet he was now as firmly convinced
of the constitutionality of protection as
he had been of its unconstitutionality be-
fore. He attributed his change of heart
to some letters that he had been written
by James Madison. John C. Calhoun was
standing shoulder to shoulder with Clay
on the measure. Here were two men of
opposing schools of political thought with
views as variant as the poles on all mat
tiers Of governmental policy, finding com
mon ground upon which to fight To the
ultra free traders it looked as If Calhoun
had deserted his camp. and to the protec-
tionists of the simon-pure, non-compro-
missing kind, 1t looked that Clay had
made complete about-face.
The bill was considered at some length,
and was finally passed, after slight
amendment, by a vote of 20 to 16. It was
approved by the president two days be-
fore the expiration of his first administra-
ton. One Of the most interesting Of the
administrative features written into the
Clay compromise tariff was the one relat-
ing to the abolition of credits to import
ers. The losses resulting from these
credits. which were secured by bonds.
were comparatively small. The duties coll
lected between 17ss and 1880 amounted to
$IS1, 600, vet the losses were less than
$e.O0O,000 But there was always danger
of large losses, and the consumer objected
to having to pay the tax. so it was de-
cided to require cash payments after
1872
Things went pretty well under the Clay
compromise for some years Then came
that era of speculation and high finance
which resulted in the panic Of 1887. If
we are to believe such statesmen as Clay
and Webster, that panic was brought
about by the overstraining of credits Just
as the one of 1907 was precipitated. At
the same time, there was much high
finance played by the government which
helped along the financial disturbance
There were some people then. as there
are now, who believed that the lowering
of the tariff under the Clay compromise
was responsible for IL. In this connection
ii is interesting to note that up TO this
time the reductions of the tariff had
amounted to but very little. and would
amount to but little more in the next two
years. Taking the whole of the fiscal year
of 1887, it amounted to but six per cent
as compared with the act of 1892 At the
time of the convulsion of 1897 only two
tenths of the excess of duties over 20 per
cent had been taken of.
After the first flush of the panic il was
proposed to change the tariff as provided
under the Clay compromise. Mr.. Clay
promptly declared that he should oppose.
so far as my voice and vote can go, this
disturbance of the compromise arrange
ment, made in March, 1888. under which
the country has fiourished to an unparal-
leIed degree" Daniel Webster had fought
the compromise with might and main, and
had utterly rejected the doctrine that II
was even morally binding upon future
congresses. II is therefore not without
significance that he absolved the tariff
from blame in bringing about the panic
OF 1897. In a speech, printed in Niles Reg
lister. he said:
''No doubt we shall hear every cause
but the true one assigned for the present
distress. 1t will be laid to the opposition
in and out of congress, II will be laid to
the bank 1t will be laid to the merchants,
1t will be laid to the manufacturers IL
viii be laid to the tariff, it will be laid to
the north star or TO the malign influence
of the last comet whose tail swept near TO
or across the orbit of this earth Of ours,
before we shall be allowed to ascribe It
to its Just main causes-a tampering
with the currency, and an attempt 10
stretch executive power over subject
not. constitutionally within it's reach.
copyright, 1909. by Frederic j. Haskin)