Democratic Sentinel, Volume 14, Number 48, Rensselaer, Jasper County, 19 December 1890 — A Big Protectionist Fails. [ARTICLE]

A Big Protectionist Fails.

The Rittenhouse Manufacturing Company, of Passaic, N. J., has just failed for 8800,000. The company was engaged 4n the manufacture of blankets, woolens, and mixed goods. The* President of the company was E. H. Ammidown, who is President of the American Protective Tariff League in New York. Mr. Ammidown has always been one of the highest of high protectionists, and was -one of those who wanted the McKinley duties on blankets and woolens. These duties were greatly increased, which was to Ammidown’s advantage; . 'but the duties on wool were also much increased, which was to his disadvantage. It is said that, in anticipation of the increased tariff imposed on wool by Congress, the Rittenhouse Company made heavy purchases last summer which have not proved profitable. These purchases were made on credit as a speculative venture, in view of the certain increase in price of blankets and woolen goods to 'be caused by the McKinley law. But other people were speculating at the same time and in a contrary direction. In anticipation of the tariff every 'merchant who could afford it laid in a good stock of woolens, arguing, as Mr. Ammidown did, that woolens would go higher. The rise in the price of woo'ens ■was defeated for a time by the large supplies thus laid in; and Ammidown’s wool debts proved too heavy to carry in a tight money market. In view of these facts, and that the tariff had been made as high as the most ardent protectionist desired it, and that notwithstanding all this his manufacturing company had failed, Mr. Ammidown was dsked whether his views upon the tariff on woolens had undergone a change. But this Mr. Ammidown refused to discuss, saying that his advocacy of the high tariff had been from mixed motives, and that while he had once advocated the high tariff he did not ■care to talk about it now. Ammidown attributes his failure to the Democratic victory of Nov. 4; but he does not explain’how it was that half of the woolen mills of the country were idle last summer before there was any Democratic victory. He will not get intelligent men to believe that he has lost SBOO,OOO since Nov. 4 on account of the election, especially as no change in duties can be made for two or three years yet