22 



must know we manufacture those goods for the markets of the world 

 and successfully compete with the foreign manufactures; and thus they 

 furnish another illustration of the dishonesty that will be resorted to 

 in order to gain a political advantage. 



But the question is suggested: why these great reductions in price? 

 And I will answer: for the five years ending with 1860 we bought 

 goods largely abroad and paid for them from our agricultural products, 

 but we did not export enough to pay for what we bought; the bal- 

 ance was against us in amount $133,616,201. The accumulated prop- 

 erty of the country was going out of the country at the rate of from 

 $20, 000, 000 to $50, 000, 000 each year. We did not raise enough annually 

 to pay our annual cost of living. As a people we were growing poorer 

 and poorer every day; and we had no home competition in goods we 

 bought. "We paid the price the foreign market put upon them, interest 

 was high, and we did not have a competitive home market. 



Mr. HERBERT. Permit me to ask the gentleman a question. 



Mr. HISCOCK. Certainly. 



Mr. HERBERT. If goods, say crockery, have not fallen more rap- 

 idly there than here, why is it that in the last revision it was necessary 

 to raise the duty on crockery- ware ? 



Mr. HISCOCK. I will come to that in a moment and completely 

 answer the question. 



Mr. HERBERT. I hope.you will not forget it. 



Mr. HISCOCK. I will not; and I hope the gentleman will not for- 

 get to study the suggestive schedules I will publish with my remarks. 



The Republican party came into power and enacted our present protec- 

 tive laws commencing wiih 1861, and subsequently those laws insured a 

 home market for American goods, and we bought at home; the money 

 ceased to flow out of the country to pay our debts abroad, and in the last 

 eight years of this protective policy we have accumulated $1, 307, 229, 276 

 of yearly balances in our favor. Europe has contributed this great 

 volume of wealth to us. To this for the eight years add the gold and 

 silver product of the country, amounting to $80,000,000 annually, and 

 which we have not been compelled to export to settle yearly balances 

 in trade against us; the money is in the country; we have had it as 

 a people for use. The rate of interest grew lower year by year; the 

 average reduction throughout the country has been 25 per cent, of the 

 rate in 1860. This capital sought investment, was employed in manu- 

 factures, it organized labor; home competition educated men in new 

 and more economical methods and processes of manufacture; it ex- 

 tended railroads, discovered and developed new coal-fields and copper 

 and iron ore beds; caused sharp competition in what my colleague 

 would call raw material, and cheapened it all. It was a sturdy con- 

 test among our own people for support, property, and the life of their 

 industries, respectively, and prices slowly but surely fell, and yet the 

 industries were fairly prosperous. The saving in the cost was what low- 

 ered the prices. 



We are told in this connection that the rich have grown richer and 

 we have created monopolies. I assert that all have grown richer, and 

 that competition as a result has been extended. I have already ex- 

 hibited the increase to the farmer; the laborers have grown richer, and 

 I mention to you that in 1883 the savings-bank deposits were $1,024,- 

 856,787; and these deposits are in States or localities where manufact- 

 ure is side by side with agriculture. The savings-bank deposits of New 

 York are $500,000,000; and this immense volume of capital is seeking* 



