Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-04-16
12O,ooo,oo0
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dung 50,OO0,O 900
.-
t. 350,00O, 600
The best waF 10 ascertain the relative amount,
IS the interest of money; that is, the price paid
Tor the use of money; and the price Of that, like
every other commodity, depends on the proper
ton between the effective demand and supply
Government in England can command money
at four per cent. we at FIVE; this then shews the
difference in the relative demand. I have not
mentioned machinery, because he who has cap
ital can command it. These are the compare
tive advantages and disadvantages of the two
countries, in manufacturing facilities; but our
manufacturer of cotton and wool, for example,
besides the minimum on coarse cottons, has
twenty-five per cent duty estimated upon the
original cost, with the addition of ten per cent.
to that cost, thus making the duty twenty-seven
and half per cent then the amount of freight
Mr.. Hamilton, thirty years ago, estimated il at
from fifteen to thirty per cent; as, however,
freight has fallen, will state it at ten per cent;
although upon articles-whose bulk is large COM
pared with their value, it may more than double
it, then there are incidental charges of commits
sion, insurance, &c. making the aggregate of
advantage to our manufactures, from 40 to 45
per cent; if, with these extra advantages, adj
ded to our natural ones, he cannot go further,
cannot agree to give more for yard of cloth
than 45 per cent. advance beyond what the for
eigner makes it for. Upon what ground does
he ask it, Has he skill, capital, and machine
ry, he does not need it. Has he capital. He
does not need 1t, for capital will command the
others; ifhe have notcapital, we cannot advance
1t to him.
&c Sir, it has been often urged, that all the
other branches of industry in the country have
been protected; that commerce, navigation, aud
agriculture, have all received aid from govern
ment and that Justice therefore requires that
manufactures should also receive their proper
tomato share. Let us for a moment Investigate
this subject; l think, sir, it will result in the
proof, that manufactures have received more
aid from that source than the three other great
interests united. have made an estimate
upon this subject, the principles of which, win
FIRST explain before present it. The whole
nett revenue forthe year 1922, was $40, 500 900;
of this sum, the duties ON wines, molasses, teas,
and coffee, mad certain miscellaneous articles.
not coming into competition with any interest,
and not benefting any, / have deducted, leay-
ing balance of 5000, 946; have then
taken what seemed to benefit agriculture, viz !:
duties on spirits, on sugar, deducting drawback !;
on miscellaneous articles; to this have added
halfthe amount of discriminating duty on all
our tonnage engaged in foreign vessels, and
half the estimated profit Of all our coasting
trade, estimating it six per cent upon the
whole cost of the tonnage; have added the
extra duty on merchandise in foreign vessels
and the fishing bounties, and the aggregate be-
ing S6,l66,604, being deducted from the
amount Of revenue, of l5,9O0,916 leaves
SO, 734,342 of duties, operating in aid of
our manufactures. Gentlemen themselves have
said it is no matter for what purpose the duties
were laid; the question is, what is their prac-
teal effect? | have not included in this esti-
mate the duty on cotton, because it sustains the
competition In the foreign market, and, there
fore, derive no aid from duty. But the COM
mttee will perceive that the amount of duties
favorable to manufactures, upon this estimate,
exceeds the aggregate of those favorable to all
the otherinterests, by S3,567 ,698, sum more
than three fourths of what would be the whole
amount ofduty upon all the cotton exported from
the United States, surprising it to be 100000
bales, and supposing that an equal amount, but
for the duty, would be imported, supposition
utterly ont of the question. The much talked
of benefit to the tobacco planter by the duty on
snuff and tobacco, rests on the same ground
with cotton it sustans the foreign competition
but let us suppose that some worthy of notice
might be imported, then the excess which have
before stated will fully meet every possible cal
culation as to cotton, tobacco, and snuff, and
thus the manufacturing interest receives as
much protection as all the others. | have FORM
| ed the estimates as to our tonnage duty and
coasting trade, upon the possibility, that, without
the aid which they received, foreigners might
have come in for one half; it will at once occur
to the committee, that is much too large a sup
position in our own trade, and particularly our
coasting trade, the advantages winch our citi-
zens would have, together with that hardy
spirit of enterprise which braves every danger,
tragcrses every sea, and encounters every diff
Guilty, would have enabled them always to have
monopolized three fourths of this advantage
without the aid of Government.
Sir, there is one fact on this subject, which is
decisive Of our superiority in the competition.
The discriminating duty in favor of American
vessels is now abolished by treaties with England
and France, and other foreign nations with
which we have most commerce, and vet the
document from the Treasury sbews us that of
894,739 tons of tonnage which entered our
ports during the last year, tbs, 271 were Ameri-
can, and 10, 466 only were foreign. have
not included the duty on moasses in this estimate,
amounting to S6t7,868, amongst the items
favorable, to agriculture, because believe that
our domestic molasses is almost all consumed
az an article of food, and that it is, in a very
small degree, if any, the subject Of sale. have,
however, included in my estimate, two items
which since the late arrangements with foreign
nations, ought not to be included mean the
sum ofS523,663, the supposed advantage to our
tonnage, by the former discriminating duty, now
abolished with all nations with which we have
a commerce in any degree considerable, and also
the amount Of extra duty on foreign merchan-
disc. With these remarks submit tie state
ment.