Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-04-30


Produce other objects Interpretation, the pro-
liability is, that our foreign tonnage will be
even increased under the operation of this bill
But, If am mistaken in these views, and il
should experience any reduction, The increase
in our cOasting tonnage, resulting from the
greater activity of domestic exchanges, will
more than compensate the in Jury. Although
our SlviSation parskrs in the general dis
tress Of the country, it is less depressed than
any other of our great interests. The foreign
tonnage has been gradually, though slowly
increasing, sinre 1913. Aud our cOsstng
tonnage, since 1916, has increased upwards OF
one hundred thousand tons.
4. II is next contended that the effect of the
measure will be to diminish our foreign com
merce. TSle objection assumes, what have
endeavoured To cOntrovert, that there will be
reduction IN the value ofour exports. Com
mefce IS an exchange of commodities. What
ever viii tend to augment the wealth of a ma
ton must increase its capacity To make these
exchanges. BY new productions, or creating
new values in the fabricated forms which
shall be given tn old objects of our industry
we shall give to commerce a fresh spring
new alment The foreign commerce of
the country, from causes, some of which
have rndeavoured 10 point out, has been tx
tended as far az it can be. And think there
trade IS, and for some time past has been
against us. l was surprised To hear the Iearned
gentleman from Massachusetts, Mr.. Webster !
Rejecting, as detected and exploded fa!lacy
the idea of Il balance of trade. have not time
nor inclination now tn discuss that topic. But
! VIII observe, that all nations act upon the
superstition Of the reality of its existence. and
seek tn avoid trade the balance of which
is uniavoiIrable, and To foster that which
presents favourable balance. However the
account be made up, whatever may be the
items of a trade, commodities fishing indus
try, marine labour, the carrying trade, all Of
which admit should be comprchpnded, there
can be no doubt, think, that the ,otality of
the exchanges of nil descriptions made by one
nation with another, or against the totality
ofthe exchanges of all other nations together.
may be such as to present the state ofan I'M
favourable balance with the one ar with alt
Ii is true, that in the long run. the measures of
these exchanges, that is, the totally in value
of what - given and of what is received must
hS equal TO each other. But great distress
may be felt long before the cnnntrrnoisr can
he effected. In the mean time, there will be
an export OF The precious etals, In the
deep injury of internal trade, an unflvoura
BILE state of exchange, nm export nf public Sc
| cnrltIrs. resort tn credit, debt, nrhrtrages.-
4
believed now to he indicated bv our country.
IN ats foreign commercial relations. What
have we received, for examulp, for the pub
llc stocks sent 10 England? Goods. But
those stocks are our bond, which must be
paid. Although the soditv of the credit of
the English public securities is not SURPASSED
ny tina. OF our own, strong as il Justly is
when have we seen English stocks sold in
our market, and regularly quoted in the prices
current, as American stocks are i'm England (?
An unfavorahle balance with one nation, 7nny
be made mp by favourable balance with 9th
er nations; but the fact Of the existence Of
TINT uoiavorable balance IS strong presumptive
evidence against ihe trade. Commerce will
regulate itself Yes, and the extravaganza of
a sp"nGthrii heir, who squanders the rich pat
rimony which has descended 10 him. will re-
guiate itself ultimately. But it will be a regu
lat'"n which will exhibit him in the end safely
confined within the walls of iaii. Com
merce will regulate itself But is il not the
duty OF wise governments to watch IFS course.
aad, beforehand. to provide against even dis
tant evils By prudent legislation stimulating
me industry of their own people, and check
ing me policy of foreign powers as it operat ties
on them The supply then, of the subjects
of foreign commerce, no less than the SUNNY
OF consumption at home, requires of us to give
a portion OF our lahour such direction as will
enable us to produce them. That is the OBJ
l"ct OF the measure under consideration. and
lsscannot doubt that, if adopted, it will accom-
Plish lis object
3. The fifth objection to the tariff, is, tina, it
VIII diminish the public revenue, disable us
from paying the public debt and finally com
pei resort to a system Of excise ard internal
taxation. This objection IS founded upon the
snpposItion that the reduction 10 the importa-
m m fI1a ctth IL.
Ties are 10 operate, will be such as to produce
the alleged effect. All this is matter of mere
conjecture, and can only be determined by ex
pertinent ! have very little doubt, with my
colleague, MIR. Trimb!e, that the revenue will
he increased considerably, for some years al
least under the operation oil this bill The
dimInutIon IN the quantity imported will be
COMPENSATED by the augmentation the duty.
In reference TO the article Of molassps. for ex
ample, if the import Of it should he reduced
nifty per cent the amount of duty collected
would be the same as il now il. But it will
nor IN all probability, be reduced by any thing
IKE mat proportion. And then there are some
other articles which will continue to be- intro
dncrd in as large quantities as ever. noiwih-
siaOdIng the increase of duty. the obi ect in re-
fereBce 10 them being revenue and not the en-
enlargement of domestic manufactures. An
other cause will render the revenue of this
year. IN particular, much more productive than
II otherwise would have been and that is.
that large quantities of goods have been intro
duccd into the country, in anticipation of the
adoption ofthis measure. The eagle does not
dart keener gaze upon his intended prey,
than that with which thu British manufacturer g.
merchant watches the foreign mar ket. and the
course even ofOur elections as well as our le-
g'slatIon The passage of this bill has been