Risen. Fallen. Unchanged.
Flour. Oats. Dyes, S. Hayti.
Rye. Shorts. Dyes, extracts.
Corn. Cotton. Rosin.
Cod. Print cloths. Pitch.
Herring. Mackerel. Tar.
Hay. Rye straw. Petroleum.
Oat straw. Hemp--Manilla. Salt.
Dyes, N. Hayti. Jute butts. Tallow.
Whale oil. Hides, domestic and foreign. Lard.
Sperm oil. Hops. Pa. wrappers.
Lard. Opium.
Pork. Hemlock bark.
Butter. Pig iron.
Cheese. Lead.
Potatoes. Copper.
Havana wrappers. Spelter.
Sumatra wrappers. Leather--all kinds.
Tea. Molasses.
Coffee. Lumber.
Beef. Turpentine.
Linseed.
Beef hams.
Rice.
Sugar.
Rubber.
Cornstarch.
Wool.
Eggs.
Potatoes.
Onions.
Squash--Marrow.
Apples--Gravenstein.
Mutton.
Veal.
From these tables it is obvious that there has been, in the first
place, no general rise of prices such as was confidently predicted by
the panic-mongers of last year. On the contrary, the large majority of
prices show a downward tendency. But more important than this is the
fact made obvious by these tables that the price of the protected
product has not risen. The foreign goods have advanced in some
instances and been shut out in consequence, but domestic goods have
taken their places, the price being kept down by domestic competition.
In a word these tables prove that except for the enormous reduction in
the cost of sugar, the new tariff has had but slight effect if any on
the course of prices of the necessaries of life, and that the
statements of the free traders as to a general rise of prices was
entirely false.
The following extract is from a letter from one of the largest
wholesale clothing firms in Boston. It tells its own story:--
"In reply to yours of the 10th inst., would say that we sold
clothing in every grade in August, 1891, at fully 10 per cent.
less in prices than in August, 1886; for instance, a cassimere
suit sold then for $12.00 which we sell now for $10.50, and one
sold for $13.50 and we sell the same now for $12.00. An overcoat
sold then for $11.50 which we sell now for $10.00. Another grade
sold then for $16.50 and sells for $15.00 now. This difference
will run through all grades in proportion to prices. The
difference in prices between August, 1890, and '91, is very
little, if any; less rather than more in '91."
As to the development of manufacturing under the McKinley bill I will
quote first the opinion of a disinterested witness. The British
Consular General at New York, in his report of May 8, 1891, speaks as
follows:--
"Influenced by the new and higher duties afforded for the benefit
of American manufacturing interests, new life has been imparted
to the cotton, worsted, woollen, and knit underwear industry.
Everywhere, especially in the Southern States, new textile mills
have been going up with surprising activity, and all the old
corporations have been operated on full time....
"As a rule, all the cotton mills have had a year of unusual
activity. The production has been of larger volume than in any
previous year, and the goods have found a ready sale generally
but at comparatively low prices, considering the high prices
which prevailed during the first six months of the year for
cotton. Market prices, except in a few cases, did not vary with
the price of cotton. Opening generally at low rates, cotton goods
have been steady, the home and export demand being sufficient to
absorb the supply of all standard and staple makers of brown,
bleached, and colored goods, if we except printing cloths and
calicoes....
"The worsted goods industry has been marked by fresh life since
the new tariff has, to a great extent, cut off the importation of
the lowest grades of such goods. All the old factories have
started up, and are making goods on safe orders; and new mills
are being erected by European and British capitalists with a view
to manufacturing a finer class of dress goods, etc., than ever
before has been produced in this country. The woollen goods
industry, apart from ladies' cloths, does not show any
perceptible signs of improvement, but keeps on a slow, steady
gait, apart from carpetings and woollen underwear. Both of the
latter industries have been unusually busy during the last six
months at fairly profitable prices."
To give a complete list of the new industries started since the
passage of the McKinley bill would be impossible, and would occupy
more space than THE ARENA could spare. I give, therefore, a partial
list compiled from the _Boston Commercial Bulletin_, and covering only
the first three months after the passage of the law, that is, from
Oct. 1, 1890. These are the months most unfavorable to the bill, but
the statistics show what the growth of new and old industries has been
under the tariff of 1890 in three months, and indicate what the future
increase is likely to be.