Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-10-24

lilA'ND EtOUrs ~ ~ Ntit NNtAA VIII
to incur loss upon the first exporta
tons in order by the glut to stifle II
tho cradle those infant manufacture
which the war has forced into exist
encp." England rushed her old good
irto American markets Let Horace
Greedy in his history Of the tariff tel
the result, He said; Great Britain
poured her fabrics far Glow eos
unon our markets IN perfect deluge
Our manufactures went down like
grass before the mower and our ag
rlculture and the wages of labor
speedily followed With bank,
breaking, farmers loaded down under
"A burden of debt, factories closed and
labor pauperzed. in 1884 President
Monroe sent message TO congress
calling attention To The ruin wrought
by the reduction OF the tariff let us
quote the words OF Andrew Jackson
Providence has filled our mountains
and our plains with minerals--with
lead, iron and coppcr--and given MS
a climate and soil for the growing OF
hemp and wool These being the
great mate rails OF our national de-
Tense, they ought To have extended
to them adequate and fair protection.
that our manufactures and lahorers
may be placed 10 fair competition
with those OF Europe. and that We
may have within our country sup
/ ply of those leading aud important ar
ticlcs 50 essential to war. We have
been too long subject tn the policy OF
/ British merchants. Il Is time We
should become "a little more Amcri.
canized. and instead of feeding the
paupers and laborers OF England feed
our own. or else in short time By
continuing our present policies Chat
/ OF the Tariff OF 1870 we shall all be
rendered paupers themselves II Is my
opinion. therefore, that "a careful and
iudicious tariff is much wanted
The tariff bill, as advocated by
Monroe and Jackson, was passed in
1924, and additional duties were
placed in 1928. and how they worked
upon the finances OF the country may
be best told in the language Of John
Quincy Adams, who said: "As yet no
symptoms of dlmunition are percept
Bile in the receipts Of the treasury.
As Yet little addition OF cost has even
Teen experienced on the articles bur-
dened with heavier duties by the last
tariff. The domestic manufactures
supplies the same, or kindred arti-
ole at a diminished price. and the
consumer pays the same tribute 10
the labor OF his own countrymen
which he must otherwise have paid
the foreign industry and toll"
Again let ms introduce the testimony
OF President Jackson in 1882, when
speaking of the result Of eight years
Of protective tariff, he said: "Our
country presents on every side marks
of prosperity aud happiness, une-
qualled perhaps in any other portion
of the world. The report which the
secretary of the treasury will In due
time lay before you, will exhibit the
national finances in highly prosper
Gus state
Here we have the testimony OF
Monroe, of John Quincy Adams. and
Of Jackson, again, as 10 the deslr-
ability and effectiveness of the tariff
as remedy for hard times and finan-
ci1l depression: but in 1888 a clamor
had arisen for another change, and a
law was passed by which the tariff
would be reduced ten per cent every
two years, until basis of tariff for
revenue only had been reached Again
there was widespread distress. which
cannot he described better than In the
words Of Masons History OF the
United States, in which he says re- !
duction of the tariff was quickly fol- !
lowed by imports largely In excess OF !
exports; then by a glut OF foreign !
production; then by suspension Of our
of all kinds; then by a |
gradual bu: complete loss Of our
specie; then by the necessary stop
page Of most of our business; then By
the enforced idleness OF our laborers
and artisans; then By universal debt;
then by crushing depreciation of
real estate; then by 4 positive inabil-
~ on the part of nearly everybody to !.
pay their debts; then by general dis
ress and financial ruin
In 1912 another protective tariff
aw was passed, business revived, the
started their fires. banks
Aere opened. and the sun OF prosper
ty shone forth again upon the Amer
can people.
This Is the history of the tariff i
avs prior to the civil war. Since that
ime, We have had few reductions OF .
he schedules Nearly every tariff
measure has been to increase the
cheduies, aside from the Wilson, ,
iorman law. II is just a little queer }
hat each time there has been re-
Iuction disaster has followed. III,
nay be that Mr.. Jones explanation is /,
j right. But If doctor were called
nto a family half dozen times and :
eadly illness should attend each one !
+ his calls, and II another doctor :
hould be called in half dozen times !,
nd the patient should be each time /,
peedily restored to health, II seems /,
hat family with such an experience !,
hould hesitate quite a while before q
alling again for the physician who !,
as walking disaster. \
Immediately following the election a
President Wilson, the Journal said
that the country was on a
ne high tide Of prosperity and that II a
OPPRESSION or panic follow, il could n
OF be charged to anything except II
rong economic policy on the part of q
le democrats A lgD ii said the firsf 4.
pinptom of such a depression would
E falling off in the export trade &
nd increase of the import trade OF A