Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-04-16
Sso,so0.oo0
Total nett revenue of 1922
Deduct duties ON articles
not aiding manufactures,
Si5,9oo,s46


! Benefit of coasting trade,
! one-halfat 6 per cent.
on cost. 8T5,610
Extra duty on merchan-
! disc in foreign vessels 1880
Fishing bounties t6i 400
On spirits 2,040,413
Sugar, deas,clis !, S1taw-
back 1881 ,76s
| Miscellaneous articles 6o0,0O9
- Ss,16s,eo4
Balance favorable TO manufactures S9,734,34
! Sir, should have been glad to have made a
comparison between tie relative profits OF man
ufactures and other pursuits, if L could have
commanded the data. One ofmy objections to
this bill, however, has been already stated to be-
that we cannot procure the necessary inforrna-
ton on this subject to arrive ct any precise re-
suit; yet, there are some facts, which l beg
leave 10 state, as showing the probable profits
OF manufactures in general, a1dtEe certain pros
| perity of some. The annual Treasury Report
shows, that, in 1928, we imported, of foreign ar
ticles, IS, 755, 100 less than in 1922 and that
iu the same year,wc exported, Of foreign articles,
S5,244,267 more than in the preceding year.
| Adding together these sums, il appears that
there diininution of consumption, offorcign
articles, In 1928, compared with the preceding
year, of about & ,O00,0 900. Now, sir, this ad-
ditionai sum must have been supplied from our
own manufactures, more an 1923 than in 1922
unless we could suppose, what is altogether inn
probable, that, as our population increased, our
consumption decreased. Surprising the con-
| sumption only to have remained the same, the
same conclusion results from this fact. Again:
previously to the year 1920, there was actually
invested, as appears from the commercial digest,
/ ctr lof,,
S45, 600, 900; that since 1890, companies have
been incorporated IN four of the Northern states
only, with an aggregate capital of about S15-
600 900, about one-third of all the previous in
vestmcnts. Unless, sir, we suppose the capita
lists totally to have lost sight of that sagacty for
which they are distinguished, which enables
them to what investment of capital is profita-
BILE, this fact affords strong presumptive proof OF
the increasing prosperity of manufactures. Sir,
/ am informed, from good authority, that an iron
factory, in the state of New York, has, for a Sc
rics of years past, netted 20 per cent. though it
transports its ore 12 miles, is 10 miles from wa
ter carriage, and As miles from the city of New
York As to this item, let me saw. that the
ministerial pamphlet, before quoted, states the
decrease in price of iron in England to be I'M
doubleday great, and assigns this strong reason,
1 that the sword is succeeded by the ploughshare
| have further been informed sir, that there are
two manufacturing establishments in Massachu-
sets, which make profit of 25 per cent that
certain capital invested in manufactures is at
from 40 to 60 per cent. beyond par; and that,
within the last ninety days, mercantile capital
has been invested in manufacturing stock at 40
per cent. beyond par. Sir, what is there to
compare with this in any other department of
national industry? If it be said that these are
a few well established manufactures with large
capital, what is the import of that argument if it
be not this: not that foreign competition is the
most serious evil, but that our smaller capitalists
| call on Us to sustain them against the larger
| ones-against the domestic competition. The
irresistible conclusion which fellows is, that the
| fault is not in the pursuit but in the pursuer
that there is want of capital, orskll, or macn-
merry, or economy, of something, WHICH it is
his duty, not ours, to supply.
Mr.. Chairman When VIC argue upon the
improperly OK commencing system upon he
authority of the British example, at period
when her ministers and statesmen have become
convinced by experience of its iinpolicy, we are
met with the declaration that whilst thisis their
! theory, they do not carry it into practice. Let
us first see the principle now openly ayowed to
the world by the British ministry, in the pam
phlet already quoted, Igive it to you in their
own words: g Again and again let it be repea-
ted, that they (the mini:ters) are thoroughly
impressed with the truth of the principle, that
freedom of trade is alike advantageous to the
best interests of the country, and the solid profit
of the merchants, manufacturers, and growers
| And, sir, let me inquire, are gentlemen correct
when they assume the fact that this theory has
! not been carried into practices answer No,
sir. Within few years, Great Britain after
successfully relaxing the rigor of her double CO.
lonial monopoly in ler West India Islands, has
extended the system of free-ports to almost all
those Islands and the United States are now
enabled to import that colonial produce in their
own ships, instead of receiving it imported in
British ships only. She has admitted US TO di-
rect trade in her ports in the East Indies, so as
to excite the clamor of her merchants, that VIC
should rob them of their India as well as China
trade: she has, by treaty stipulation, abolished
all discrimination between American and Bri-
fish imports and tonnage; and, finally, she has
| knocked of as many shackIes from the nOnopo-
ly of The East India Company, as under the
circumstances, ministers felt that they could
venture upon. The ministers admit that ii the
l ground were clear before them, free would 5e
preferable to restrcic cd market; but they say
| that, whether it be called system Of error or
abuse, it has grawn up under less enlightened
times. On account of the capitals that have
| become fixed, and the interests that are en-
| 5aTked, the question is not what is absolutely
best, but what is so, under existing circunst AZ
ces. Thus, sir, we find, this theory has, 10 i'm
! portant respects, been carried into practice 6.
that the only ground upon which ministers stop
shortin correcting Acknowledged error and a
buse, is one beautifully and forcibly expressed in
the Philadelphia memorial That the letters
have sunk so deep they cannot be suddenly re-
moved without tearing away part Of the flesh
with them. The British example then, sir,