Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-04-13

rate oi proht IN each what ~ the paTtcu-
lar rate of profit in the different kinds Of manu-
iacinre, such as iron, wool, cotton, &c. What
is the cause Of the difference, in the profit of
different manufacturing establishments. enga-
ged M manufacturing the same materials
Does that difference arise from the difference
IN capital, or in machinery, or in industry, ar in
sk'li, or IN economy? What is the rate of pro-
lit in England in the different kinds of manu-
lectures, which come Into competition with
ours of the same kind ? Is it greater or less
than ours; and how much greater or less p
| w nat is the precise amount of the advantage,
or disadvantage, produced by the compare
i've manufacturing facilities in England and
| the United States? Is il not manifest. that.
| before we are prepared to settle the various
questions arising out of Tariff, designed to
encourage domestic industry, that we must
he able 10 answer all these questions, and many
more OF Il similar character. And vet sir, il
must be apparent, that these things are mot
within The scope OF human POSSIBILITY NnAv
In exempi;iy the manufacture ask for pro-
lection (; given sum is proposed as duty
the commercial interest, az well as the agricul-
turai all"ge that the profit OF the manufactures
Is already larger than theirs. Who amongst
us eau tell what is the profit Of ither and
II we cannot, how do we knuw whether pro
lection Is needed ? and, il it he, how much !?
duty To his wool; the manufacturer txcaims
that the rate proposed will PROSTATE his manu-
iariure. What data have we, upon which 10
decide between them?
could furnish practical exemplifcation of
our incompetency To this task, drawn from
the impossibilty of answering each of the
questions which have put These will Illus
trate The truth for which ! am coDtending,
namely, that the proposed system, az il is
without our sphere of action, so it is beyond
our means Of informarion.. But whilst we are
thus without the necessary information, AS TO
all these complicated subjects, each individual
IN his own immediate and separate pursuit,
has, or may have, all The informant ton required,
IN relation To his business. TO indn iduals
then, let us leave H. with the assurance, that
as they have the desire 10 give their capital
and labor the most profitable direction, so they
can much more surely find out that applica-
ton than we can. If government interfere,
II must be either by turning TO manufactures
capital not now so Invested, or by aiding tina,
winch Is now so employed. liz the reasoning
which L have Just presented he correct then
as to the new capital, the interfere nee i. iniur-
Gus, because the individual would have so an
propriaied it, if such appropriation had been
the most beneficial. AS 10 the capital already
invested IN manufactures, ii it already produ-
rrd 10 us owner an average profit, then no
thing could be more unjust than 10 increase
that profit at the expense of the community.
If IL did not produce the average profit, then
II IS clear, that the same Capital would cnniri.
oute more To the stock of public wealth, if il
were applied IN some other way. The inter
ference OF GnvernDent must thrp either he
unjust or injurious. But il is said that The
community will be compensated by any ,rn,-
porary loss arising from the aid 10 iYanufac
lures, by the ultimate reduction in price prn-
uuceu ny the domestic competition. And in
PROOF OF TINS, we are triuInphanfly told of the
reduction in the price Of coarse ccttons. In
the first place ! would remark that. how ever
the price may be reduced, this very bin pro
poses to increase the minimum upon coarse
cOttOns which would seem To shew tina, thew
yet wanted more protection. But let me ask.
u The coarse cottons have fallen in the United
States, have they not also fallen i'm England
and to price lower than with us /? The
best proof which gentlemen could give ms,
would be, to repeal the minimum; a PROPOSE
'ioD which, dare sag, we shall not hear from
ihen do not mean 10 contend sir, that do
m@stc competition will not ultimately reduce
tne price-but our misfortune is this, that the
nlgh profits at first resulting from increased
dulles, allure many persons To embark i'm tll,.
competition with insufficient or small can;tal
or carry too much capital into that pursuit
ana when the reduction in price commences
before II has reached its minimum, and sncb
an one as the foreign article might he bought
lo'' me small capitalists are OverpOwered IN
the competition, by the large ones, and they
again cry out to us, Help US or we sink. This
IS not fancy, sir, but fact The Waltliam fac
tory asks Tor no aid the memorial from Della
ware does. IL asks for protection To- the wool
zen manufactures, that u part of the redundant
cApItaI invested IN those Of cotton NAV nuv
over INTO those Of wool. Thus, sir. we 20 nm
10 continued circle. Large profits, il seems
allure too much capital to given pursuit. is
soon as by competition those profits begin IN
decline, and We hope TO realize tie prOnise
"i minimum price, aud thus receive the emii
'aieh' LOT our loss m the intermediate high |
prices, we are called on To save those wbo,Ie
likely to he crushed in the Struggle that j..
we must sustain all our manufacturers against
foreign competition and we must sustain
me smaller capitalists against the domestic
competitions.
Dut, II IS said ttg: this system will incrpase
domestic industry. If | have succpYded in
shelving that il will not increase the pnblir
wealth or capital Of the nation, then. sir. j, il
utterly impossible that il can increase the ma
uonal industry 1t is the capital which calls
mat industry into action, which furnishes ia
Inducements and its reward and, TO say that
'"pVi WI w increased, mist the capital uf the
country IS nOtonly not increased bur, AS think
nave SHOWN Is diminished, would be rs great
solecism IN political economy, AS To- say that
population could be increased, whilst The fond
OF the country was diminished rs the food
supports population, So capital supports labor.
IL vii certainly divert portion Of labor from
one pursuit to another; it will certainly in
crease Tie profits Of the manufacturing capi
lahsis; bot it does not increase the chole