Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-03-28
OBJ THE STATE OF THE FINANCES.
MARCH -, 1923.
Read and laid on the table.
Fir. M'Duffie, from the Committee of Ways or

MY W Dullle, from the Committee OF WaES aEu
\ Means, made the following REPORT:
/ IC07,ciuded
4 The facts disclosed by the manufacturers, in
their examination before the Committee on Manu-
lectures, warrant the conclusion that each person
employed in the manufacture of woollen cloth,
Produces annually, on an average, manufactures OF
the value OF $3.50. IL results, that in the annual
manufacture OF woolien fabrics OF the value oil
10000, there will be employed, OF all descrip-
lions, six thousand sixhundred and So persons. In
the manufacture of cotton goods, it is believed that
the more extensive s. efficient agency OF machinery
frendcrsthe number of persons employed III -
idueing giycn value of the manu- acture much
smaller than is the case oGt!ie woollen Inanuiac
J TIRE. But, as the Committee have authentic
statement OF Facts in this case, they will assume
tl,i, in the manufacture OF cotton goods of the
i've OF $500, 900, there will be 3 600 persons en-
| pfoyed. The whole number of persons, then, that
Will be employed in making S,J00.009 of cotton
and woollen goods, will be 10 ,i66. Estimating the
consumption OF grain by each individual, at twelve
bushels per annun, the whole number would
consume only 12l. 992 bushels, equal in value TO
probably as many dollars. If il be assumed, that
an equal amount of other agricultural proluc oas
will be consumed Tor food, the extent of the mar
ket which the farmers will obtain in consequences
oil the substitution of Sc, 500 600 OF domestic, for
the same amount OF foreigp manufactures, Will be
only Si3 1854. 1t is confidently believed that the
persons who would be employed in importing the
same amount OF manufactures, and in exporting
the raw cotton, and other staples TO pay Tor them,
wonid consume an equal quantity of the produce
mons OF agriculture. In any possible View OF the
subjects, 1.-THE increased demand for grain, and other
articles of food supplied by the farmer, would be
Zoo incoDsiderablc to be gravely regarded mat
ter of national importance. The benefit would be al
most exclusively confined TO the farmers in the i'm
mediate vicinity of the Observation-Disclosures grain and
meat articles too bulky to bear distant trans
portation by land. 1t il not to he doubted, then,
that the cotton-gnowing States furnish
ket for the agricultural productions OF the manu-
facturing States, nearly seven times more extern
lsive than will be furnished by the manufacturers,
in consequence of the proposed prohibitions. And,
upon the assumption already made, that the anlu-
n amount OF cotton and woollen goods that will
DC manufactured for sale in this country, viii be
50, 600 will follow, that all thecotton and
Hoolien manufacturing establishments in the I nj
ted States, will employ less than 10000 persons, and
consequently, will not furnish market for the
grain-growers, half so extensive as that furnished
! by The city of New York alone--a city which has
iison 10 unrivalled prosperity by the very foreign
-commerce 1t IS now proposed TO destroy.
The Committee now propose TO inquire what
will be the extent Of the incidental benefit result
ing to the growers of wool and grain, from the
proposed exclusion OF foreign manufactures, and
the substitution CT domestic. 1t is obvious that the
substitution of domestic manufactures of cotton,
Tor those that aFe foreign will add nothing to the
7ic maTld Tor Fg s.Fi. substitution Of dornes-
tic for foreign manufactures Of wool, however,
] VIII certainly increase the demand FOR wool in
this country. Assuming that the raw wool cons-
tutes two-fifths of the costof the manufactured
trle, il follows, that the substitution of domestic
for foreign manufactures OF wool, to the amount of
50 900 900, will create q domestic market for raw
wool, to the amount of $4,000 900, ii foreign wool
be excluded But at what price will this market
be obtained for domestic wool? 1t has been already
assumed, upon the authority Of the manufacturers
themselves, that the domestic fabric will cost fifty
SIX per cent. more than the price at which the TO
reign manufacture could be obtained it were not
FOR the impost duty. This price, it is alleged, is
necessary TO enable the manufacturer TO make the
ordinary rates OF profit. Fifty per cent duty
upon S24 600 900, the estimated amount OF woollen
goods manufactured and imported tor sale, viii ex-
hibit Sl3 600, as the sum paid by the consum-
of those goods, including the wool growers, 10
obtain market for raw wool to the amount Of
81 900 GOO, upon which the actual profit will not
probably amount to $500, 900.
| In estimating the probable increase of the do
nestle market for grain, resulting from the cXclu-
sion of cotton and woolen manufactures, to the
tent contemplated, it will be necessary 20 consider
| the number Of persons that are now employed in
4 importing those manufactures, ia comparison with
the number That will be employed in making
them.
1 In the manufacture Of cotton and woolien goods,
particularly the former machinery has been en-
tensivelY substituted for manual Labor that il may
be safely assumed that very nearly as many per-
sons are employed, directly and indirectly, IN the
importation Of a given quantity Of cotton and wool
len manufactures, as are employed III thcE iabri-
, cation
Having thus taken general view Of the effect
which the proposed tariff will produce upon the
different interests of the country, having shewn
that the annual income of the planting, shipping
commercial, and farming interests will be dimin-
4 ished millions, where the income of the manuiac.
/ turing and wool growing interest will be increas-
4 cd hundreds Of thousands; having sbewn, in a
word, that the contemplated proiibitory duties
: will destroy ten times much national wealth as
they will create; the committee utterly 1t a
loss 70 realize the anticipation of the Secretary oil
the Treasury, that the capacity Of the country to
purchase foreign merchandise will be increased
!, by this impoverishment. They equally at 4
loss 20 imagine what those new articles Of i0gegn
merchandise will be, which are 10 make up the
loss that foreign commerce viii sustain by the OK
clusiOn OF cotton and wollcn manufactures, and
Their articles, Of the value Of $lO000,00G. Nor is
il any more easy 10 conjecture what the doncs &c
productions will be, with which we are 70 pur-
chase those newly Dissolved articles Of foreign Incr-
chandise yet 10 BE disclosed 10 US in the iulncss
OF future revelation
With a view OF bringing 10 The test Of practical
scrutiny, the singular financial paradox, that the
revenue derived from mposts will not be dimin-
ished by prohibiting the importation Of ten million
4 of foreign merchandise the committee will Cxa-
mine the operation Of the proposed system Of probi-
billions little more in its detail.
Il IL is worthy Ofrcmark, that, While The argument
Of tho Secretary of the Treasury is exclusively 10
Il favor of the policy of excluding foreign manDfdc-
= tuTes his re6OmH end0tion extends 70 the exclu-
sion OF the rat0 materials also, which are essential
10 three important branches Of domestic Tnanuiac-
lures. While il is earnestly contended that there
is too large proportion Of capital and labor dovO-
ted to agriculture, producing a surplus which To-
reign nations will not take, and the consequent
necessity Of protecting our manufactures is strenu.
Ously urged upon Congress il 10 Il the same time.