The vast majority of the
nation reaped enormous benefits from the changes inaugurated.
The panic of 1857 was caused by over-activity in trade speculation, and
over-banking, and the tariff of the same year was really passed to help
avert the panic threatening. It had the contrary effect, it is believed,
for it still further, of course, unsettled rates for goods, when prices
were already unstable. But the point is to be noted that in reality
tariff change followed practical panic in this instance rather than
practical panic tariff change. The high protective war tariffs,
beginning in 1860, and increased for war purposes and granted largely as
an offset for those internal revenue taxes laid to carry on the war,
have been continued as a body ever since, as is well known, despite the
internal revenue taxes having been abolished except on whiskey and
tobacco. It is equally well known that farming has grown less and less
remunerative since 1860, and that the panics of 1864, 1873, and 1884
have been unfortunate culminations of almost unceasing financial
discomfort, which has been most forcibly exemplified during the last two
months.
Pages:
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26