Virginia advocate. [volume] (Charlottesville, Va.) 1827-1860, 1828-03-29

ABSURD TO suppose that the right of determining
What nc snonlu say, and IN what manner, should
be placed by the Constitution in the power of an
oihaer wholly irresponsible to the body
ihe !har begs pardon Of the Senate for this
Intrusion, which nothing but desire to correct
misapprehension, as to It's opinion, on so impor-
tant subject, would justify.
rsosssn
E-YI,h4CT
from Report Of tie CGmm;it0c of IV0ys and
ieahS, on tie state Of the Pa5Ic Eraances
OBSTINATE OF THE REVENUE AND EXPENDITURE
FOR THE YEAR IS2S, AND FOR FUTURE YEARS.
In forming an estimate OF the probable amount
oil the revenue for future years the portion of that
revenue will be derived from sources other than
foreign commerce, is, comparatively, so incon-
siderable, and so little liable to huctuation. that
the committee propose to conline their inquiries
exclusively To the probable income from the Gus
TOMS and to the effect produced: and likely to be
produced, by the existing and contemplated reru-
iations OF the duties on imported merchandise. -
Ana, In the first place, the committee cannot con.
cur with the Secretary of the Treasury in his an
nuai report, that. to suppose the tariff of 1924
Is at such pitch as to effect injuriousy the in
terestS oil foreign commerce, would be contrary
TO anaioges afforded by the history OF other com
mercial nations and :thus far. to the experience
OF our own On the contrary, the committee
can see nothing in those analoges, or i'm that ex
pcricnce to render 1t at all doubtful that foreign
commerce IS iniuriously affected by every in posi
ton laid upon it, even for the purposes of revenue
merely; and that prohbitory duties in the very ma
ture OF things, must diminish foreign commerce
70 greater extent than they build up and sustain
the substituted productions of domestic industry.
The statistical combinations and comparisons
from which the Secretary deduces the inference
that the interests Ct foreign commerce have not
Beer: ta.uriouSiy ...~c.1G by the tariff of 1924
are npt less liable TO objection than his general
reasoning on the subject. To state that the ag-
Sregae imports OF the three years succeeding thar
tariff exceeded the aggregate imports of the three
years preceding it, without stating also the noto-
rlous and extraordinary cause of that excess, is,
IN the opinion OF the committee. a mode of LAYING
premises, by no means propitious to a legitimate
conclusion The unexampled speculations in cot
ton, the great staple of exports and the extra
ordinary rise III ITS price, resulting from those
speculations caused the imports of foreign mer-
chandise IN 1925, to exceed by nearly 10000, 900
OF dollars, their amount in 1924 and. by nearly
~ ouo, ooO, their amount Ill 1923. To assume
that TINS sudden and extraordinary increase ofthc
quantity OF foreign merchandise imported in s25,
resulted from the increased duties laid upon that
merchandise by the act Of the preceding year,
would be nothing than a fair illustration of
the Secrctarys mode Of reasoning.
The committee might appeal with much better
reason, to the fact, that the imports of the year
1877 are fifteen millions of dollars less than they
were IN 1919 as an eXempfcation of the effect
OF the tariff of 1924. The just view of this SUBJ
Ject however, seems to be, that we have not yet
reached point from which the effect Of that mea-
sure upon foreign commerce can be distinctly
seen In few years Immediately succeeding an
increased tariff of duties, it is to be calculated that
the prohlbiory effect of the increase will not be
very considerable unless the duties are very high
as IN the case of the taiiff now proposed The
N nIp fnI,l Icho
| ing 1T from its accustomed channels, not the
work OF a moment. The foreign manufacturer
cannot suddenly accommodate himself to the e.
mergency IN which he is placed lie must have
vent tor his manufactures; and until he can find
new market, or Withdraw portion of his CAPT
tai from the business Of manufactures he finds it
to be his interest to have very bad market rath-
er-than none Hence it is, that the British manu-
iacturer continues to export his fabrics i'm GUAM
titles gradually decreasing, and we shall continue
TO consume them, at enhanced prices, until the
domestic manufacturer obtains possession of the
home market.
| Another reason for rejecting the comparative
view exhibited by the Secretary of the Treasury,
VIII be found IN the progressive nature ofunshack
led commerce, particularly in country growing
rapidly in population, and still more rapidly in
wealth. a commerce which, in 1922, the first
| year IN the series selected by the Secretary, a.
mounted to S3,000,000, ought, i'm the natural
J progress of population and wealth to amount. in
1927, the last year ofthat series, to the still lar
ger sum ofat least sos, 100000 And it is this
larger sum with which the actual importations OF
1877, amounting only to SS 600, 900, should be
compared, III order toascertain something like the
elect OF the existing tariff upon the foreign com.
/ merce ofthe country
| 1t is also worthy ofremark that the importa-
tons OF every year since l525, have been con-
slderably increased by the anticipation of an in
creased tarifof duties on foreign manufactures of
/ wool. There can be no doubt that such an anti
clpatlon, strengthened into confidence by the Con-