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

~ o'SIhi, or what we usually call. the
system OF drawback. Very great prciudices
appear to me to exist with us on that subiect.
W seem ayerse to the extension of the princi-
pie. The English gov ernment ON the contrary.
appear to have carried it TO the extreme of libe
railfy. They have, arrived, However at their
present opinions, and present practice, by slow
degrees. The transit system was commenced
about the year 1903, but the first law was par
t'ai and limited. 1t admitted the importation OF
raw materials for expectation, but it excluded
| almost every sort of manufactured goods. This
was done for the same reason that we propose
to prevent the transit of Canadian wheat through
the United Statcs-the fear of aiding the COM
petition OF the foreign article with our own. in
foreign markets. Better reflection, or more ex-
Periencc, has induced them to abandon tina,
mode of reasoning, and to consider all such
means ofiniiuencing foreign markets as nugato-
ry; since, IN the present active and enlightened
state otthc world, nations will supply themselves
from the best sources, and the true policy of all
producers, whether of raw materials, or of man.
uiactured articles, is, not vainly to endeayor 10
Keep other vendors out of the market bu TO
conquer them in it, by the quality AMI the
cheapncss OF their articles. The present olicy
OF England, therefore, is, to allure the i.nporta-
ton ofcommodites into England, there to he
deposited in English warehouses, thence to he
exported in assorted cargoes, and thus enabling
her to carry on a general export trade to ali
quarters of the globe. Articles of all kinds.
VITA the single exception tea, may be brought
INTO England, from any part of the world, in
foreign as we'll as British ships, there ware
housed, and again exported, at the pleasure of
the owner, without the payment of any duty, or
government charge whatever.
WhHc am upon this subject, would take
notice also of the receat proposition in tue Eng
lish Parliament to abolish the tax on imported
wool; and 1T is observable, that those who sup
port this proposition, give the same reasons as
have been offered here, within the last week,
against the duty which we propose on the same
article. They say, that their manufacturers re-
qnlre cheap and coarse wool, for the supply of
the Mediterranean and Lcyant trade, and that.
without more free admission of the wool of the
continent, that trade will all fall into the hands
OF the Germans and Italians, who viii carry it on
through Legholn and Trieste. While there is
tins duty on foreign wool to protect the wool
growers of England there is on the other hand
PROMOTION on the expectation Of thc native ar
tlcle, IN aid of the manufacturers. The opin-
ION seems to he gaining strength, that the true
policy Is to abolish both.
Laws have long existed in England. praycn-
ting the emigration ofartisans, and the eyporta.
ton OF machinery; but the policy of these, also,
mas become doubted, and an inquiry has been
instituted in Permanent into the cxpcdiency of
repeating them. As to the emigration of arti-
sans, say those who disapprovc the laws, If that
were desirable, no law could effect il; as to the
expectation of machinery, let us fabricate and
export it, as we would any other commodity.
Ii France is determined to spin and weave her
own cotton, let us, if we may, still have the
benefit of furnishing the machine p.
L have stated these things, Sir, to shew what
seems to be the general tone of thinking and
reasoning on these subjects in that country, the
example ofwhch has been SO much pressed up
on US. whether the present policy of England
De right or wrong, wise or unwise, it cannot, as
II seems clearly 10 me, be quoted as an authority
for carrying further the restrictive and exclusive
system, either in regard to manufactures or trade
o re-estabilsh a sound currency, to meet at
once the shock, tremendous as it was, of the fall
OF prices, to enlarge her capacity for foreign
trade, to- open wide the field of individual enter
pre- and competition, and to say, plainly and
distinctly, that the country must relieve itself
from the endorsements which it felt, by econo-
my, frugality, aud renewed efforts OF enterprise !.
these appear 10 be the general outline of the
policy which England has pursued.
MIR. Chairman: will say a few words upon
a topic, but, for the introduction Of which, into
this debate, l should not have given the Com
mittee, on this occasion, the trouble of hearing
me. Some days ago, believe it was wilc1. we
were settling the controversy between the oil
merchants and the tallow chambers, the B1-
fa1cc Of Trade made its appearance in debate,
and must confess, Sir, that | spoke of it, or
rather spoke TO it, somewhat freely and ire
ycntly. believe used the hard names which
have been imputed TO me; and did it simply
for the purpose oflaying the spectre, and drig-
ing 1T back to its tomb. Certainly, Sir, when
called the old notion on this subject nonsense,
did not suppose that | should offend any one,
unless the dead should happen TO hear me. All
the living generation, | took it for granted,
would think the term very properly applied. In
this, however, was mistaken. The dead and
the living rise up together to cali me to ac-
count, andI must defend myself as well as am
able.
Let rs enquire, then, Sir, what is meant by
an unfavorable balance OF trade, and what the
argument is, drawn from that source. BY an
uniayorable balance of trade, understand is
meant that state of things in which importation
exceeds expectation. To apply il to our own
case, if the value of goods imported, exceed the
value OF those exported, then the balance Of rade
IS said to be against us, inaslnuch as VIC have
run In debt TO the amount of this difference.
Therefore, IT is said, that, If a nation continue
long in commerce like this it must be render
ed absolutely bankrupt. 1t is in the condition
OF man that buys more than he sells; and how
can such traffic be maintained without ruin ?
Now, Sir, the whole fallacy of this argument con-
sists in supposing that, whenever the value of i'm
ports exceeds that; of exports, debt is ncces-
saTlly created to the extent Of difference where
as, ordinarily, the import is no more than the
result OF THE export, augmented in value by the
labor Of Transportation. The excess of imports
over exports, in truth, usually shows the gains,
not the losses of trade; or in a country that not
only buys and sells goods, but employs ships in
carrying goods also, it shows the profits of com
merce, and the earnings Of navigation Moth
ing is more certain than that in the usual course