Year: 1867

Wnefc- Europe UOOuS US Will ncf uiiu u


features but refuses to take our produce in


return, we can not pay in gold without


undermining the whole fabric Of our


finance; We cannot pay in bonds without
incurriDg fearful peril; we are therefore


at the mercy Of foreigners, and survive
only through their forbearance Our peo-


pie are left without employment; they can


not purchase literally nor pay punctually


and disorder spreads throughout the entire


business mulitY, producing stagnation


and distress in every branch Of industry


This is not our sketch, but it is condensed
in plain terms from the description to


which we have referred 1t might have


been copied, almost in the same words,


from an old edition Of the Journal Of Cons
merce When the revenue laws. now in


force, were under discussion, We drew
substantially the same picture in describing


the prospect then before US. We warned
those who were bent on renewing the old
experiment that it would produce just this
result. We point out the effect upon our
foreign trade and commences Of such
unwise enactment We urged the mans
ufacturing interests not to commit them>
selves to this suicidal policy. We proved
beyond dispute that this system of protec-
ton was an unnatural stimulus to produc>
ton, which woull be rpinous to al health
ful growth We argued that it would
make this the dearest market in The world
attracting sellers but repelling buyers :;
that it wonId discourage the division Of
labor, subvert all true economy, and foster
a wastefulness that would dry up the very
foundations Of national prosperity. but
argument was useless, and clamor carried
the day


We have now reached the first stage Of
this unhealthy excitement. There is 4
moments pause, and the nation, arousing
itself from its first debauch, feels sorely
the effect ofits intemperance. Shall there
be . return to habits of soberness What
says the organ we have quoted The cd>
itor sees the mischief which has been done;
now what is the remedy: Shall We re,
move the Shackles. and allow the outraged
nature, which has thus asserted her rights,
to resume her proper functions Mol let
Us have little more stimulus. This is
all he has to offer Wemust nave another
increase Of the tariff. Europe is reso-
iutely bent on refusing to buy our pro.
duce, the carrying trrde is nearly ruined,
enterprises Of all kinds are languishing
business is stagnant, industry is paralyzed
let Us, therefore, renew the experiment
and this time take deeper draught. If
there is folly that excels this. where shall
we look for al example ? eve ought to
learn wisdom from experience exclaims
the proiectionist The lessons of past ex-
perience it is well to remember; but the
proyerb says that this school is dear. and
on.y fools insist on such costly tuition
We should think there had been enough
of it for one decade. ''Protective leeisa-
ton only a percentage of increase =
''we cannot hesitate to apply the remedy
which has heretofore worked so well


Oh, blind leaders of the blind what
have you been trying these last few years?
Is this free trade that has produced these
evils you are deploring? When did you
ever before test your system by Il tariff so
high and so protective? "a further per-
centage Of increase" pray what for =
VIII adding still more to the cost of your
products induce Europe to buy hem lib
orally, when, by your .own showing she
will not take them now? VIII it shut cut
the flood of foreign goods, shown to be
greatest Under your highest tariff? You
have already half ruined the nation by Il
tariff that made the cost of production SO
great as to keep YOU cut of the leading
markets of the world viii YOU complete
the desolation by adding another percent
age 2"


The manufacturers and farmers have
bat one interest in this matter, and Meth
er can be protected at the expense Of the
other; while the true prosperity OF trade is
essential to the prosperity and well being
Of all the other producing interests. The
country may be betrayed into further
experiment of the stimulating process, but
every such debauch will be followed by a
bitter repentance. and the system must be /
abandoned at last If those who are in J
power insist upon more of this experience
before the lesson Of wisdom is taken to
heart. we must all share in the expense Of
that tuition, though we may protest against
it but there are few now living who can |
safely estimate the price of such reckless /
folly.-Ncw York Journal Of Commerce. I
Tie SIX Degrees Of Drunkenness