Friday, April 11, 2008

the woolen machinery was idle

Harlow, Starkes, Gianniny Houses (Monticello in the background)

Perhaps there were grounds for this attitude toward the tariff. Recovery in the woolen industry began about 1897--the year the Dingley bill restored protection to the 1890 level--and lasted for a decade. Even the 1907 panic, weathered behind the tariff screen, was minor compared to the 1893 debacle. Effective protection remained virtually unchanged until the Simmons-Underwood tariff of 1913 drastically reduced rates. While its effect could only be guessed at because the outbreak of war cut off woolen imports, nevertheless, on the eve of the war one-fourth of the woolen machinery of the country was idle.--Harry Poindexter

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