Los Angeles herald., 1909-04-05
AMERICAN TARIFF LAWS
VIlE-The Clay Compromise
BY FREDERIC j. HASKIN

tainty they would enjoy. AS to the as
sertion that he was led to frame the
bill by the notification acts, he said
that so long as South Carolina threat
ened by force to oppose the laws OF the
nation he had been an advocate of
harsh measures; but since he found
that she meant only to try to accom-
plish her ends by law and not by the
sword, there was no longer necessity
for harshness. While he thought the
experiment was a rash, incorporate
and even dangerous one, still 1t was
time for reconciliation and not for ex-
treme measures.
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 mo-
tives have been variously interpreted.
1t is true that he yielded practically
every fundamental of the doctrine he
had preached so long. Those who
know the man best assert that Clay's
motives were of the highest. Consist
ent protectionist, he saw that the
enemy had all but taken the very
citadel. and that to withdraw at leis-
ure. with the honors of war, was to be
preferred to unconditional surrender
More tritely put he assumed that a
half loaf was better than no bread.
Some have asserted that he took the
course he did because he wishes to
prevent trouble with South Carolina,
which might give Jackson an oppor-
tunity to WELD military power. Others
assert that he expected to stem the
tide of free trade by promising 1t in
the distant future, and then when the
time came to ignore the promise.
The bill was considered at some
length and was finally, passed, after
slight amendment by a vote of 20 to
16. 1t was approved by the president
two days before the expiration of his
first administration. One of the most
interesting of the administrative feat
ures written into the Clay compromise
tariff was the one relating to the aboli-
ton of credits to importers. The losses
resulting from these credits, which
were secured by bonds. were compare
lively small. The duties collected be-
tween 1889 and 1880 amounted to $751;
900, 900, yet the losses were less than
So, 900. But there was always dan
ger of large losses and the consumer
objected to having to pay the tax, so
1t was decided to require cash pay
ments after 1912.
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
men as Clay and Webster that panic
was brought about by the overstrain-
ing 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.
After the first flush of the panic 1t
was proposed to change the tariff as
provided under the Clay compromise
Mr.. Clay promptly declared that he
should oppose, 80 far as my voice and
vote can go, this disturbance of the
compromise arrangement, made IN
March, 1888, under which the country
has flourished to an unparalleled de-
gree" Daniel Webster had fought the
Compromise with might and main, and
had utterly rejected the doctrine that
it was even morally binding upon
future congresses 1t Is therefore not
without Significance that he absolved
the tariff from blame in bringing
about the panic of 1887 InNa speech,
printed in Niles Register, he said
mo doubt we shall hear every cause
but the true one assigned for the pres
ent distress 1t will be laid to the OPP
position in and out of congress, it will
be laid to the bank, 1t will be laid to
the merchants, 1t will be laid to the
manufacturers, 1T will 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 tamper-
ing with the currency and an attempt
to stretch executive power over a sub
iect not constitutionally within its
reach
Tomorrow--American Tarin Laws.
Ix--Whig Tariff Of ISae.