We are now using annually nineteen million bushels of corn for the purpose of making glucose or corn sugar. He shows that in this industry alone there has been a capital invested of eleven million dollars; that seven hundred and thirty-two thousand acres of land are required to furnish the supply, and that this one industry now gives employment to about twenty-two thousand farmers, about five thousand laborers in factories, and that the annual value of this product of corn sugar is over seventeen million dollars.
He also shows what we may expect from the cultivation of the beet. I advise every one to read that speech, so that they may have some idea of the capabilities of this country, of the vast wealth asking for development, of the countless avenues opened for ingenuity, energy and intelligence.
Question. Does the protective tariff cheapen the prices of commodities to the laboring man?
Answer. In this there are involved two questions. If the tariff is so low that the foreign article is imported, of course this tariff is added to the cost and must be paid by the consumer; but if the protective tariff is so high that the importer cannot pay it, and as a consequence the article is produced in America, then it depends largely upon competition whether the full amount of the tariff will be added to the article. As a rule, competition will settle that question in America, and the article will be sold as cheaply as the producers can afford.
For instance: If there is a tariff, we will say of fifty cents on a pair of shoes, and this tariff is so low that the foreign article can afford to pay it, then that tariff, of course, must be paid by the consumer. But suppose the tariff was five dollars on a pair of shoes—that is to say, absolutely prohibitory—does any man in his senses say that five dollars would be added to each pair of American shoes? Of course, the statement is the answer.
I think it is the duty of the laboring man in this country, first, thoroughly to post himself upon these great questions, to endeavor to understand his own interest as well as the interest of his country, and if he does, I believe he will arrive at the conclusion that it is far better to have the country filled with manufacturers than to be employed simply in the raising of raw material. I think he will come to the conclusion that we had better have skilled labor here, and that it is better to pay for it than not to have it. I think he will find that it is better for America to be substantially independent of the rest of the world. I think he will conclude that nothing is more desirable than the development of American brain, and that nothing better can be raised than great and splendid men and women. I think he will conclude that the cloud coming from the factories, from the great stacks and chimneys, is the cloud on which will be seen, and always seen, the bow of American promise.
Question. What have you to say about tariff reform?
Answer. I have this to say: That the tariff is for the most part the result of compromises—that is, one State wishing to have something protected agrees to protect something else in some other State, so that, as a matter of fact, many things are protected that need no protection, and many things are unprotected that ought to be cared for by the Government.
I am in favor of a sensible reform of the tariff—that is to say, I do not wish to put it in the power of the few to practice extortion upon the many. Congress should always be wide awake, and whenever there is any abuse it should be corrected. At the same time, next to having the tariff just—next in importance is to have it stable. It does us great injury to have every dollar invested in manufactures frightened every time Congress meets. Capital should feel secure. Insecurity calls for a higher interest, wants to make up for the additional risk, whereas, when a dollar feels absolutely certain that it is well invested, that it is not to be disturbed, it is satisfied with a very low rate of interest.
The present agitation—the message of President Cleveland upon these questions—will cost the country many hundred millions of dollars.