The advance did not compensate for increased cost of necessaries of
life. If competition reduced the manufacturers' profit, the first
reduction of expenses was always in the laborer's pay. The recognition
of these truths brought about the further reduction of duties until
1842, in which year the tariff was once more raised. It was not until
1846 that we enjoyed a tariff which sought to eliminate the protective
features. It is significant that a period of greater profit and
stability among our business men, but especially among our farmers, was
then inaugurated. This was the first tariff, since that of 1816, not
affected by politics. It lasted-until 1857, and the country flourished
marvellously under it.
From 1816, when protection was first resorted to, until today, tariff
rates have been almost continually raised, mainly by votes of the
agriculturists, misled by the manufacturers and politicians, influenced
by the manufacturers' money. And a fact worth noting is that financial
panics have come quick and furious. They came in 1818, and in 1825-26,
in 1829-30, and so on, (see page 13). Sudden changes in our tariff rates
have unvaryingly been followed by financial panics within a short
period.
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