Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-03-21

'iose manufactures VIII pay an average of duty
nearly equal TO 90 per cent, the consumers of cot
ton manufactures will pay tax for the benefit Of
the domestic manufacturers, nearly equal to that
paid by the consumers OF woollens. The commit
tee will estimate il, however, only SO, 24O 900.
The first step, then, in this process of q int,,ct-
ing the nation TO wealth, is to enhance the price
OF clothing, one Of the primary nccessaries of lite
a point involving an increase of the annual expen-
durc OF the People for that object of S22 600 200
Tor the beneht OF manufacturers of woollen and
cotton goods in addition to what they will still pay
on imported cotton and woollen goods for the sup
port OF Governpent.
But the effect of domestic manufactures, in en-
hancing the price Of the surplus produce of the far
mer, Is strongly relied upon as an equivalent for
the increased pice Of those manufactures "The
eject upon agricultural prices, Says the Secrcta-
ryO produced by the perpetual presence of armies
IN country, will not too strongly illustrate the
extent oil the benefit that the manufacturing class
renders to the class of farmers" The committee
would respectfully add that the illustration of the
secretary is equally appropriate to show the ma
uonaI expense at which, by the plan proposed, the
farmer Is ensured II ensured at all, high price for
his grain. For il is confidently believed that an ar
my might be maintained az an annual expense much
below 22,OO0 900, of extent sufficient to con
uHe as much OF the productions Of the farmer as
al 'he persons who manufacture cotton and wool
len goods for sale in the Uuited States.
But, conceding to the utmost extent the alledg-
ed effect Of manufactures in raising the price Of
grain and wool, it by meaus clear PROPOSE
on, that this enhancement of price, adds any thing
more TO the national wealth, than does the enhance
nent oil the price cfmanufatures. On the contra
ry,-it seems to the committee, that the wealth Of
the nation Is diminished, precisely i'm the propor-
ton that the prices of clothing and food are increas
ed by the artificial means of human legislation
1, uie mass OF the community, who consume man
uiactures, and do not make them, are compelled,
by the effect of legislative prohibitions, to paw
, ZZ,OoO,0OO more for clothing, than il such pro.
nioitions h2 hot taken place; and if the great ma
Jority oithe community, who consume grain and
WOOL, anddo not make them for sale, are compelled
in like manner, to pay an enhanced price for these
arucles, while the price of all other articles re-
maines unaltered; il is extremely obvious that the
wealth oil the great body of the People is dniin-
ished precisely in the degree that the difficulty of
obtaining food and clothing is increased by the
enhancement of their prices Ii the sellers of WOOL
OF grain, and OF manufactures, were the only per-
sons In the community, il might be question be-
tween them, whether the enhancement of the
price OF manufactures would not be compensated
by corresponding enhancement of the price of
Wool and grain. But, as these constitute major
ity OF the People in every State in the Union and
very small majority in the Union at large, it
strikes the committee, as an extraordinary mode
OF consoling the majority for the enhanced price
OF one OF the great necessaries of life, 10 tell them
they Will have the privilege Of paying an equally
enhanced price for another.
1T thus appears, that the second step of the pro-
cess by which il is proposed to enrich the nation
is 10 increase the difficulty of obtaining bread the
the hrst necessary. OF life, and wool, principal
element In the price of wollen cloths, by raising
their relative prices.
The committee regard it as a very clear propo-
stion, that the wealth of the nation cannot he in
creased by enhancing the price of any of its pro
ductions, except the great staples of expectation
The higher the price we obtain for these from for
eign nations, the more, undoubtedly we add to the
national wealth.
Butit is obvious that the scheme of the Secreta-
~ OF the Treasury proposes to enhance the price
oil manufactures, of grain, and of raw wool, in our
own markets only. The attempt, indeed, would
be impotent to extend the enhancement by our
TO foreign markets.
with view OF exposing and illustrating more
tuliy, the fallacy ofthe notion that high prices
however produced, and by whomsoever paid con-
sttute national wealth, the committee will suppose
the Government had the power 10. promuIgate and
enforce decree, raising the price OF grain from,
one to two dollars bushel. Though this would be
denounced as an arbitrary stretch of power it
you'd be no more than doing directly, what the
Secretary proposes to do Indirectly And what
would be its efect While it would neither increase
nor diminish the aggregate wealth of the commu-
nlty-and In this it would have decided adyan-
taSe over the scheme Of the Secretary-it would
diminish that of the consumers of grain precise
~ as much as IL would increase that of the sell
lerS.
The delusion which unfortunately prevails on
the subject of high prices, is to be ascribed to
The change which took place in the corn laws
-
During the years 1917 & ISIsn the hope of reliev
ing the general distress of the laborng classes the
British Government relaxed the general policy of
The corn laws, and permitted the free importation
ot grain. The result was an extension of the
market for our grain, and all enhancement of its |
price, almost beyond any former precedent This |
was real increase of the national wealth, be. |
cause foreigners paid the enhanced price of our
grain. In the grain growing States the prices of
lands rose in proportion to the rise in the prices of
their productions. and Iarpe
made by capitalists When the British Govern |
nent resumed their ancient and established policy |
IN relation to corn, and prohibited in effect its i'm
portation from abroad, great embarrassment una
Voidaby fell upon the exporters of grain in this
country. Real estates sunk from their inflated |
10 point below their natural value, and Grain 10
point below its natural price. In this state Of !
hnSs, 1T Is not surprising that the grain-seiIing
farmers should have labored under tile temporary
iclusion, that high prices constituted the chief
good, and low prices the chief evil, without any /
regard TO the question whether those prices were |
paid by foreigners, or by our own citizens But |
The wonder seems TO be, that, after the crisis has
passed away which produced this delusion among
the farmers, it should be gravely taken up, and !
propagated by our statesmen as the basis of per
nanent system of legislation The truth is that
low prices of subsistence and clothing, and high
prices OF labor and profits Of capital are the real
Of national wealth. The lust criterion
If the wealth OF nation, is the facility with which
ts citizens can obtain the necesSarics aud comforts
't life; and the committee have yet to learn, that
an enhancement Of the prices Of those necessarics
md comforts, viii increase the facility of obtain
ng them. If this were the case, the British Ia. |
'orer, who pays two dollars busbel for grain,
would be in a more enviable condition than the |
;itizen Of Ohio or Kentucky, who pays less than |
enth part OF that price. To illustrate this.yie of
he subject little further, the committee will |
suppose the Government endowed with the attr- |
9ute OF creative power, and that it should sud- !