334 
THE WOOL PROSPECT. 
An extract from a letter from Medina county, Ohio, thus queries concerning 
wool : 
«« Wool sells ruinously low, about 40 cents per pound on an average. In con- 
sequence, the farmers are not increasing their flocks, but express a desire to 
diminish them. Is this wise? Do you see anything in the future to encourage 
this branch of agriculture? I would like to see an expression of your opinion 
in the next monthly report.” 
It is manifestly wnwese to destroy an interest of such magnitude because cir- 
cumstances, temporarily existing, have diminished its profits. It is unwise to 
abandon it because its enemies have been able to cripple it by excessive importa- 
tion during the pendency of the question of its protection. It is an old game, 
hitherto suecessful with them, first, to glut the market on the eve of the impo- 
sition of a duty, and afterwards to declare the resultant stagnation in prices to 
be the direct effect of the law. All the mischief has been done that can be done. 
‘he most potent element of cure is ¢/me, in which to consume the immense sur- 
plus ef foreign wools which were thrown upon the market, primarily for the 
profit of evading the coming duty, incidentally for the discouragement such in- 
flax would bring upon domestic manufacture. Wool-growers who hold on may 
expect a gradual improvement, which will be sure to follow, unless financial 
disturbances unexpectedly arise. The following statement of this influx of for- 
eign wool is from the statistical report for 1866, in the volume now in press : 
“The country has been flooded with imported unmanufactured wools and 
woollen goods since July 1, 1865, in anticipation of an increase in the duties, 
which was so long deferred that a ruinous displacement of domestic wools was 
the result. The extent of this derangement will be apparent by an exhibition of 
official figures of wool imports. It will be remembered that the four years of 
war were necessarily years of excessive importation, amounting to nearly two 
hundred and fifty-two millions of pounds of wool and twenty-seven millions of 
shoddy, and that during the last year of that period, 1865, ending three months 
after the close of the war and six months after such result seemed inevitable, the 
importation was reduced to forty millions of dutiable wool, and a little more than 
three millions of free wool from Canada. The reduction should have continued, 
_ as we now produce about one hundred and fifteen millions, and can add twenty 
millions in a single year if the business promises to pay. Instead of such 
reduction, an enormous increase was made, not only through the fiscal year of 
1865~’66, but from July to March, 1867, when the wool tariff went into effect, 
as follows: 
Years. Dutiable. Free. Total. 
r Pounds. Pounds. Pounds. 
UCU Reeee noes S255. — Saeeeeeestese ©)= See A0, 372, 075 3, 486, 079 45, 858, 154 
ReGG ones. Soe eee acaek CL cones 67, 917, 031 1, 206, 234 69, 123, 265 
INXCESS LOVER! 186522: 255- Eke. See eral S225 5 Sec ee ee 23,265,111 
“Including the shoddy, the increase was nearly twenty-six millions. The 
imports of the year ending June 30, 1867, were 35,325,151 pounds, costing 
$5,770,083 ; shoddy, 5,086,187 pounds, costing $516,480. A glut in the wool 
market was the result, though prices did not decline, because the wool was largely 
held in bond in expectation of a decrease of future importation by high duties. 
This was sufficient to prevent a material increase of the low current prices, com- 
pelling farmers to await patiently the consumption of these foreign supplies. 
Nor was this all; manufactirers, as well as farmers, were to suffer by an equally 
excessive importation of woollens—in fact, an unprecedented influx, almost 
