EXTRACT FROM THE TREASURY


REPORT.
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The articles of domestic manufacture exported in
1927. are estimated at upwards of seven millions
of dollars. 4 sum greater than that to which they
have ever before amounted in any one year.


A tariff of duties upon foreign productions, may
without doubt be so raised as to affect, InJariousy
tlle interests of foreign commerce. 10 suppose
that the tariff Of the United States, established by
Inc act of May, 1924, is at such pllch' "ouia pe
contrary to anaogies aIordedby the history OF 9TH
or commercial nations, and thus far, to the exper-
renee of our own. It is believed, on the contrary,
hat its rates might be augmented, IN important par
culars, without hazarding any such consequences
10 foreign trade in its ultimate course and agSre-
cate value and that true national pollcy dictates
their augmentation. The increase OF our imports
aad exports since the tariff Of 1874, becomes tne
more striking. from the consideration that, IN 1885,
there was witnessed in Europe, an eXtraorolhafy
depression of prices This was followed by pro-
poronate stagnation in all the operations OF puf-
chase and sale. The evil assumed magnitude pro
onctlve, in that hemisphere, not ony OF s'ea' '''',
vdual suffering but Of anxiety in Governments. ~
was at such moment that we began to reap the
benefits of the profitable turn given to portion OF
The industry of our own country, by the provisions
Of the tariff Had it not been for the demand OF
onr own manufacturers, for some OF the ;grcuituia
staples Of the country the presumption IS authoiiz
ed, that the fall Of prices in Europe at that PERIOD
would have been differently felt by our agricultural
classes here. Similar occurrences abroad had, OF


former OCCASIONS been followed by pecunlary losses
N this country, much more extensive and iorm'da
ole The increased number ofartlzans within oul
own borders, and greater scope of their operations
evidently tended to leave the agricuturlst less ex
cusively dependent upon foreign markets, than
the latter had been his sole reliance. Nor hav'


The benefits of manufacturing industry ended here


The proof strengthens, that many articles have be
come cheaper, more abundant, and OF :superlo
qm|y, by the effect of competition among the HON


allzans, than when derived only from abroat