Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-05-25

idiiu/duu fiaInourg are connected directly or
Indirectly with our imports from Russia. What
difference does it make, in sense or reason, whe-
tier cargo of iron be bought at ST. Petersburg
by the exchange Of n cargo of tobacco, or whe-
| Their the tobaccoiias been sold on the way, in
better market, in a port of Holland, the mo-
ney RENTED to England, and the iron paid for
by a bill on London? There might indeed have
been an augmented freight, there might have
been some Saving of commissions, if tobacco
had been in brisk demand in the Russian market.
But still there is nothing to shcw that the whole
voyage may not have been highly profitable.
That demands upon the original cost of the ar
ticlc here, the amount of freight and insurance
to Holland, the price obtained there, the rate OF
exchange between Holland and England; tho
expense, then, of proceeding to st. Petersburg,
the price of iron there, rate of exchange he
tween that place and England, the amount OF
freight and insurance home, and finally, the va
lue OF the iron, when brought to our own mar
ket. These are the calculations which deter
mine the fortune of the adventure; and nothing
can be Judged of it one way the other, by the
relative state of our imports or exports with
Holland, England, or Russia.
would not be understood to deny that it NAV
often be our interest to cultivate a trade with
countries that most require such commodities
rs we can furnish, aud which are capable also of
directly supplying cur own wants. This is the
and is, no doubt, highly beneficial. And some
countries are SO situated, doubtless, that Gem
mcrce, inths original form, or some thing near
1T, may be all that they can, without considcra-
bic Inconvenience, carry on. Our trade, for OK
ample, with Madeira and the Western Islands,
hase6een useful TO the country as furnishing n
demand for some portion of our agricultural pro-
ducts, which probably could not have been bought
had we not received their products in return.-
& '.,tIr frnS cttr,o fol r..
marts and highways Of the commercial world.
may afford still stronger instances of the ncccss-
ty and utility ofcouducting commerce on the
original principle of barter, without much as
slstance from the operations of credit and eX-
change. All would be understood to say is,
that it by no means follows that that must be a
losing trade with any country, from which we
receive more of her products than she receives
of ours. And since l was supposed the other
day, IN speaking upon this subject, to have advan-
ced opinions which not only this country sought
to reject, but which also other countries, and
those the most distinguished for skill and sue
cess IN commercial intercourse, do reject, will
ask leave to refer again to the discussion which
first mentioned in the English Parliament
relative to the foreign trade of that country
6 With regard" says the movers of the proposi.
ton, 6 TO the argument employed against re-
&C ncwing our intercourse with the north of Eu.
6 timber from that quarter would not receive
&c British manufactures in return it appeared r.
6 him futile and ungrounded. Ifthey did not send
C direct for our manufactures at home, they
g would send for them to Lcpsic and other fairs
&c of Germany. Were not the Russian and Po-
&c lish merchants purchasers there to great a.
&c mount? But he would never admit the prn
6 ciple, that trade was not profitable, because
&C we were obliged to carry IT on with the pre-
sc cious metals, or that we ought to rcnounce
g 1T, because our manufactures were not rcceiv-
C cd by the foreign nation, in return for lis pro-
6 duce. Whatever we received must be paid
&C for in the produce of our land s. labor, direct
6 iy circuitously, aad he was glad to have The
g noble Earl'st marked concurrence in this prin.
6 ciplc.n
Referring ourselves again, sir, to the anaio-
GIGS ofcomnon life, no one would say, that a
farmer OF mechanic should buy only where he
can do so by the exchange of his own produce.
or of his own manufacture. Such exchange
may be often convenient; and, on the othcrh hand,
the cash purchase may be often more convent
ent. Iii the same in the intercourse of M
lions. Indeed, MIR. Speaker has placed this ar
gument on very clear grounds. 1t has been
said, in the early part of the debate, that if we
cease to import English cotton fabrics, Eng
| land would no longer continue to purchase our
| cotton. To this, Mr.. Speaker has replied, will
great force and justice, that, as she must have
cotton in large quantities, she will buy the arii
Gle where she can find it best and cheapest; and
| that it would be quite ridiculous in her, mann
featuring as she still would be, for her own vast
| consumption, and the consumption ofmons in
| other countries, TO reject our uPlands, because
we had learned to manufacture part of them
| for ourselves. And would it not be equally ri
diculous i'll us, if the commodities OF Russia were
| both cheaper, and better suited to our wants,
| than could be found elsewhere, to abstain from
commerce with her, because she will not re-
ceive, in return, other commodities which VIC
have to sell, but which SEE has no occasion to
buye
Intimately connected, sir, with this topic, is
another, which has been brought into the de-
bate; mean. the evil so much complained Of
the expectation of specie. We hear gentlemen
imputing the loss of market at.home to a want
OF money, and this want Of money to the exoor-
tation of the precious metals We hear the In
dia and China trade denounced, as a commerce.
conducted on our side, in great measure, with
gold and silver. Those opinions, sir, are clear
ly void of all Just foundation, and we cannot too
soon get rid ofthem. There are no sballower
rc1soners, than those political and commercial
writers, would representitto be tbconly true
and gainful end of commerce, TO accumulate the
precious metals. These are articles ofu5e. and
articles of merchandise, with this additional cir
curnstance belonging to them, that they are
made, by the general consent of nations, the
standard by which the value Of all other mer.
chandise is TO be estimated. In regard to
weights and measures, something drawn from
external nature is made n common standard for.
the purposes of general convenience; and this is
precisely the Office performed by the precious
metals, in addition TO those uses to which, as
metals, they are capable Of being applied
There NAV bc of fllpec fo, much too I;ffi,
m country, at particular time, as there may
be Of any other articles. When the market l.