PROTECTIVE DUTIES AND PRICES. 



the duty. We find conclusive evidences of this movement in the 

 statistics of imports officially published by our Government These 

 evidences we present in the shape of the average invoice prices per 

 ton, by months calculated from the import entries as given in the 

 serial reports of the Bureau of Statistics, the ton being the cus- 

 tom house one of 2,240 pounds, as follows: 



The tariff bill became a law July 14, 1870, and the resolution of 

 the foreign producers was adopted and carried into effect during the 

 discussion in Congress. Now, in April, 1870, we imported at an 

 average of $15.74.6 per ton ; next month the price suddenly ad- 

 vanced to $17.65.9 an increase of $1.91.3, succeeded in June by a 

 further rise of 50.8 cents. The general advance of $2 per ton was 

 maintained for seven successive months, when the strength of 

 American competition induced a fluctuating concession. Decem- 

 ber, 1870, was the last month under the $9 duty, and the average 

 foreign price for that month was $16.70.2. In January, 1871 the 

 first month under the $7 duty the average was $16.91.3, and in 

 June following, $17.73.7. Here we see no sudden decline of price, 

 conforming to the reduction of duty, such as we pointed out in 

 the cases of tea and coffee. 



By the act of June 6, 1872, taking effect Aug. i, the duty on pig 

 iron was further reduced to $6.30 per ton. This was very inoppor- 

 tune and exceedingly foolish ; for the $9 duty had been only mod- 

 erately Protective, and the additional lowering of the tariff was made 

 in the face of rapidly advancing prices abroad. England, the chief 

 source of our foreign supply, had begun to feel severely the pressure 

 of uie coal deficiency and of the labor strikes, forcing a steady in- 

 crease of cost in production a fact made manifest by reference to 

 the invoice prices. January, 1872, the average was $18.77.4; Feb- 

 ruary, $20.75.6 ; March, $22.33.5; April, $23.03.5 ; May, $24.73.9; 

 June, $26.69.9; J u ty> $ 26 -77-4; August, $29.26.2; September, 

 $31.71.9; October, $33.39; November, $33.44.3; December, 



