THE FARMER AND AN EXPORT BOUNTY. 



319 



be unnecessary to say that it would be impossible to obtain 

 from any Congress appropriations for bounties on such a 

 gigantic scale; the country, rather than do that, would 

 unquestionably abandon the entire policy of protection and 

 adopt free trade. Indeed, it is alleged by protectionists that 

 such discussion as there has been in this country upon this 

 subject, is the result of sly fostering by free traders, who hope 

 in this way to ultimately get recruits for their ranks. At any 

 rate, tlie experience of this country shows it to be opposed in 

 sentiment to paying bounties. In 1890 the duty on sugar was 

 reduced to a ])oint which it was expected would destroy the 

 sugar planting interest in Louisiana, and as compensation a 

 bounty on production was given of two cents a pound. This 

 was repealed, with general approval, in 1894. There is no 

 reason to expect that in a nation of such varied and differing 

 interests as our own, an export bounty, even if enacted, would 

 remain on the statute-book for any considerable time. In 

 the meantime, if it should be permitted to remain, its effects 

 would be as above stated. Stimulated production in this 

 country, followed, as it certainly would be, by similar stimu- 

 lation in other exporting countries, would soon glut the 

 importing countries with products which could only be dis- 

 posed of, if at all, by reducing the price until all vestige of 

 benefit to the farmers in any country had disappeared. The 

 inevitable repeal woirid assuredly follow at that time, and the 

 farmers whom it was intended to benefit would be worse off 

 than ever. The prosperity of tlie first year or two would 

 certainly induce debt for machinery, land, and an increased 

 scale of living on the part of farmers unfamiliar with the 

 laws of trade, only to be followed, upon the explosion of the 

 bubble, by the serious and widespread distress which is the 

 necessary consequence of such errors on a large scale. 



I have stated the theoretical position wdiich is held, without 

 exception, by all economists and well-informed statesmen, with 

 perhaps more positiveness than I should have employed had 

 there not been at hand an illustration on a very large scale, 

 absolutely confirming, in every particular, the position of 

 modern "theorists." Up to a recent time the production of 



