Rensselaer Republican, Volume 21, Number 1, Rensselaer, Jasper County, 6 September 1888 — A Short Tariff History. [ARTICLE]

A Short Tariff History.

Washington Gazette. . -vDuring the period proceeding the adoption of the Constitution we had free trade, and the years from 1783 to 1789 saw nearly all of the money of this country pass into the possession of British manufacturers, while our own industries were suspended, and our manufacturers ruined, our laborers beggared and ourfarmers unable to gather enough money to pay taxes. Bankruptcies, judgments, executions, mortgages, auctions, were the order pi the day. Free trade whs more cruel than war. Our imports from Great Britain alone were $30,000,000 in'l7B4 85, while our exports were only $9,000,000. This drained us of the last dollar, and the circulating medium was so scarce that business could not be properly transacted. The adoption of the Constitution was immediately accompanied by protection or high tariff legislation, and the result was a revival of industries, while the people became contented and prosperous. The tariff duties were increased in 1812 for war purposes, greatly to the benefit of home industries and the farming interests of the whole country. In 1816 the Democratic party repealed the law of 1789 and 1812, very low duties only being allowed. Great distress followed everywhere. Henry Clay declared that the average decrease in the valu© of property during this period was not less" than 59 per cent. In 1824 Congress gave the country a protective tariff'. At once great financial prosperity set in. Sohelpful w r as the tarijff in 1828 the duties were increased, and under this influence new industries started. President Jackson, inhisannual message in December, 1832,"says concerning the results in this protection: “Our country presents on eyerv side marks of prosperity and happiness unequaled in any portion of the world.” In the same year, 1832, the Democrats rallied their forces. The tariff'of 1824-28 was repealed. Financial depression followed, manufactures suspended, merchants became insolvent, labor unemployed and beggared and agriculture ruined. At sheriff's’ sales good horses sold at A 2, cows at $1 anil hogs at 6] cents apiece, so hard was it to raise money for taxes. This condition lasted until the election of Harrison, in 1840, when a high protective tariff was fought through and was established in 1842. At once business revived. The financial gloom passed away and industries sprang up through the Northern free States. The Democrats in 1846 repealed the tariff of 1842. Business was prostrated; ruin overtook tens of thousands who prospered under protection. President Fillmore, in his annual message, December, 1861, says: “The value of our exports. of breadstuff's and provisions, which it was supposed the incentive of a low tariff and large imports from abroad would have greatly augmented, has fallen from $68,000,000 in 1847 to $21,000,000 in 1865, with a certainty of further reduction in'1852.” In 1861 the Republican party in power enacted a protective tariff, and frttrn that time to the present our industries have prospered. There has been an average yearly increase in National wealth, for twenty-three years in succession, of $1,500,000,000 Q.ur foreign commerce has given a yearly balance to trade in our favor in the same period averaging the astounding sum of $54,00,’,000 a year. *