Year: 1869

erty Tell again TO one halt OF Its former
value the banks were in general state
of suspension and even single states re-
fused payment Of their debts The treas
ury was unable to borrow dollar without
exorbitant interest, and bankruptcy was
so general among merchants and traders,
that Congress was forced to pass special
bankrupt act.


Again the protective tariff was re-estab-
lished by Congress in 1912, and again the
sorrowful state of our country improved
Immediately with the renewal of indus
trial enterprises. In less than four years
the production of iron increased from
220, 900 to 100000 tons, and even this
great increase did not suffice to satisfy
the demand. New mines, mills and fac
tories were established, labor was in con-
slant demand, wages rose correspondingly
and immigration tripled in short time.
Money was plenty and the exchange and
interest small, while the public and pri-
vate incomes we're large. and daily on the
increase. But again the serpent crept
into our then happy States in the shape
Of British free traders, in the year 1916.
and dozen years passed away which
we're, in spite of the discovery of Califor-
MAS gold mines. which happened about
that time, anything but golden; on the
contrary, interest on money rose higher
than had ever been known in this country
before. English iron and manufactures
were imported, and our gold was sent of,
each day increased the dependence of our
farmers who had no market any more
for their surplus produces and OF our
laborers, who of course were unable to
compete with tho halfstarved and at any
price laboring factory slaves of Europe.


The consequences of this free trade
system eliminated in 1857, the calamities
OF which time many of our readers will
still remember. Merchants and manu-
facturers were ruined, the banks broken,
and the public treasury in just such
state as during the previous periods under
the regime Of the free trade system, be-
ginning in 1917 and 1884. During the
three following years, 1858, 80 and go
panic succeeded panic, labor was abun-
dainty offered, but it could either not be
employed at all, or at starvation prices;
home market for bread-stuffs was only
In the name and the export to all parts
of Europe was only little over ten mil
lions of dollars. These acere the glorious
democratic times under Pierce and Bu-
chanan.


Then came the Rebellion, which found
the people unprepared and exhausted in
every respect public and private interests
were sinking lower and lower, our treas
ury was plundered and empty, and our
credit at the lowest ebb; but that rebel
lion brought US change, and for the
fourth time Congress passed an act, which
protects the farmer and the mechanic
from the ruinous influences of European
concurrence and the favorite ideas Of the
democratic party-general bankruptcy
This is short retrospect of the tariff
questions during the last fifty years,
which we close with the sincere desire,
that farmers aud laborers, in fact all may
seriously consider and the cause and
the effect will become clear Then they
may decide for themselves whether they
will advance ip the direction of individual
and national independence and greatness,
or else retrogate to national and of course
individual dependence and servitude.