Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-01-16

wears, would exceed S20,0O0,O00; and
noaid fail but little short of Sl7,o0O,o00
according to the data furnished by the
whole period. During the former pc
Rod, the principal states OF Europe were
involved in wars, which not only gave to
our shipping the principal part Of the
carrying trade, but created an unusual
demand for every article OF expectation,
and greatly enhanced their value.-Any
estimate founded upon the average reye-
nue. Of those years, the duties upon I'M
ports remaining the same. would most
PROBABLY not be realized; but as these
duties were considerably increased III
1916, the objections TO such an estimate
are, in some degree, diminished. From
the year 1903 10 1915 inclusive, the
United States were engaged in state OF
commercial or actual warfare. The
disadvantages to which their commerce
was subjected by that warfare, more than
CouDtcrbalanced the peculiar advantages
II enjoyed in the seven years Immediate
ly preceding. An estimate Tor the next
ioGr years, founded upon an average OF
the whole term, would, more probably,
fall short of, than exceed the sum whlcl
would be received into the Treasury,
Notwithstanding the duties were higher,
during two years of that term than at
present.
In the investigation Of subject o!
such complexity, affecting so deeply the
interest OF the community, every fact and
circumstance connected with IL ought to
be considered Since the year 1907,
new interests have arisen, which CLAIMED
a prominent place in this consideration.
From tim C immemoral household manu-
fac tures have existed IN every part OF the
United States. The mechanical arts
those branches of manufacture without
which society, even IN very lHpeTiecI
state of civilization, could not exist,
though dihtrng in some degree from
those properly denominajed household,
haze long existed in the United States.
Since thc year 1897, those branches OF
manufacture have been greatly extend
ed and improved. Others have been
established, and large amount OF CAPT
tai mas been invested in manufacturing
establishments, which promise to t4rnlsh
IN short time, an ample supply OF cot
ton and woollen manufactures, and most
OF those of iron, glass, and various other
articles OF great value.
As commerce has been properly de |
tned to be an exchange OF equivalent
value, il is probable that the failure on
Our part, to receive from foreign nations
the accustomed supply OF those articles
which can now be produced in our do
mestic establishments, the articles which
thcy nave been accustomed to receive
from us will lose something of the value
which they would otherwise have COM
manded, until new channels of inter-
course shall be discovered, and differ
eli articles of merchandise shall be
suas ituted for those formerly received
The capacity of nation to consum.
foreign artic les depends upon the value
Of It's exports, and not upon its ability to
furnish every article of primary or
secondary necessity. The precious me-
tas are never imported INTO any country.
when commodities which will command
ptOht can be Obtained for importation.
Giving full weight to the fact, that cot
ton, woollen, iron, and various other
articles which are now furnished by our
domestic establishments, will be here
after received from foreign nations only
to small amount, S!7, 100000 Of reve-
nue may be assumed minimum, and
S20,o0O,OoO as the maximum, which
will be annually received from imports
and tonnage during the next four years.
The decrease which has occurred i'll the !
last and present years furnishes no
ground to distrust the correctness of the
foregoing conclusion. The customs
produced in 1915 nett revenue 1885,
S06,022 81, in 1916, S27,484,lOO So
and in 1917, Sl7,524,775 Is. This las,
year was considered, al the time, as the
period of greatest reaction. According
ly, in 1918, the nett revenue from
the customs amounted to S2l,82S,45l
a8.
The multiplication Of banks, the state
ofthe currency, and the high price which
all exportabc articles commanded, until
the end Of 1918, strongly invited to ex-
travagance OF every kind, and particu-
larly in the consumption of foreign
merchandise. The resources of in
dividuals had been, by these seductions,
in a great degree. anticipated during the
frs, years which succeeded the peace.
The sudden reduction in the value of all
exportable articles, which occurred
about the commencement of the year
1919, not only prevented in a great de-
gree further purchases, but rendered the
discharge of engagements previously