Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-03-28

ou'h america Inc great staple ul mat REGION
4, 5sion, Is precisely what Great Britain desire. mos
% purchase, and this country desires most to SELL
and the same remark is applicable 10 almost all the
productions of South America. This circumstance
alone would give the British manufacturers over
" heiIning advantage IN competition with ours,
eyenif we could rival them III the cheapncss Of our
fabrics.
These views will be clearly illustrated by 1fe-
renee TO the nature ofti,e bcasted trade carried
on 10y our manufacturers Of cotton goods with South
America. We exported, III 1926, domestic cotton
manufactures, to the amount OF 81 1913, 125, and
re-exported British A,nufactures, of the kind
20 the amount of 81, 226,090 In 1927, the export
OF domestic cotton manufactures amounted 10 81
III ,59S; the amount OF british manufactures the
same kind for thatyear has not been ascerained by
the committee
IL is apparent from this statement, that we find
AZ more advantageous 10 export British nanufac
lures, alter importing them at an expense OILS or
~ per cent than to export our on and that the OK
por,auon OF our domestic manufactures increases
very slowly. conclusive reiutation is here found
81 the inference drawn from this trade by some
That We can manufacture cotton fairies cheaper
than the British. the fact OF our exporting one
million OF domestic cotton fabrics; proves that we
eau make them cheaper than the British, the fact
oil our exporting two millions of British fabrics
proves still more strongly that the British manu,c-
turers eau make them cheaper than ours. Tho
truth IS, that this expectation oidomestic and re-ex
portltion VI foreign manufactures, proves nothing
on either hand, 10 the relative cheapncss OF the
cotton manufactures TO South America, 10 a limit
ed extent even if they ere much higher, because
we take, i'll exchange, raw hides 4 skins, that to
this extent, would be Of scarcely any value but
Tor demand for them. This is the true founda-
ton of our export trade in domestic manufactures
and this is its Limit. survey of the productions
and commerce Of South America will warrant the
conclusion, that the only articles OF value and inn
portaDcc produced i'll that quarter, either for food
clothing cch i; interest import are these
raw hides s. skins. And thus the vision of in,eIr-
nifying foreign commerce and the revenue deriv-
ed from mposts, Tor the loss they Will sustain by
the exclusion of foreign manufactures, is finally
consumnlated in the importation of articles that
may be appropriately dcnominated the oifa of trade
ARTICLES, too, which pay no duty at all, and
come directly in competition with OWE agri-
cultural productions, in utter contempt the prir-
ciples of the prohibitory system! With this strik-
ing cxempifcation OF the commercial * financial
bearing OF the scheme OF the Secretary of the Trea
sury, the committee will conclude their remarks
on this branch of the subject.
IL will BIZ perceived by the House, that the
committee have no farther entered into the consi-
deration Of the proposed duties than necessa-
~ TO ascertain their ultimate and permanent effect
upon our foreign commerce, and, OF consequence,
upon the public revenue. They have not permit
ted themselves TO be scduced by the example of
The Secretary of the Treasury, to depart entirely
from the financial view of the subject, and to en-
ter at large into the discussion oil the policy of pro-
tcct;ng domestic m3putactureS by prohibitory du
ties; policy which, whether il be wise or I'M
wise just or unjust, must inevitably impair the
productveness oil our present system OF revenue 10
IN extent that will render 1t difficult to avoid
resort TO Internal taxes in time OF peace. That this
will be the probable fruit of the system of prohi-
bition cannot be disguised, however confidently It
may be denied. has been shewn that the pro-
posed exclusion of foreign cotton and woollen
manufactures, raw wool, hemp, and iron will d.
yniIish the annual income from the customs four
millions OF dollars II 70 these articles be added
ioTcign spirits mol5sses, and iron manufactures in
conformity with the views of the Committee on
manufactures, a further reduction of the revenue
80 the amount OF one million and a half may be
confidently anticipated. w hen il is perceived that
revenue of $4,000, derived from inposts, is
thus subjected 10 diInnuiion OF $500 600, at 4
single blow OF the prOhbitory SYSTEM system
which own experience demonstrates 70 be matt
Ty progressive, making each advance tlle basisSI
the Instrument OF extending still farther its desc
llliug eI4roachments upon commerce and re-
venue-it appears 10 the Committee that only
very ordinary share of forecast Is required 10 fore
.sce the ultimate consequences that must result,
at no distant period, from the progress of This sys-
tenn. The anticipation INDUCED by the Committee,
rs heretofore expressed, that the public debt
would be eXtinguishcd in the year 1885 can only be
realized by the faithful application Of the sinking
fund, in conformity with the provisions Of the act
Of 1917, by which the annual sum Of so, 900 900
was pledged for the payment OF the principal and
interest of that debt. The current expenses Of
the Government fof the year 1927, exclusive Of the
public debt, amounted 10 SIP 600, 000 and, when
tits considered that the expenditures for the hi
Iitary and naval service have been gradually in
creasng since 1925, it cannot be reasonably ex-
perted that the aggregate expenditures will be
less than Sl2,O0O,OOo per annum for the next
eight years, exclusive Of the national debt. II
follows that the current expenditures of the Gov
ernnent win amount annually 10 the sli,a of S22-
CC0,OOO: Tor, although some branches OF these cy-
pendture5--the military pensions, for example
VIII decrease progressively, this will be counter
balanced by an increase III other branches, and
by appropriations OF q contingent nature. Even
u the present iIEpOst duties remain unalercd, il
would be unsafe, IN the opinion of the Committee
90 estimate the annual income from the inposts for
The year 1928, aud the seven following years az
more than was derived from this source in 1927
Tor even under the existing laws, the progress of
our manufactures must illfurher limit the inipcr-
taGOn ofcertain descriptions Of foreign merchan Use
Estimating, then, tho revenue from imposts in
round Numbers, at $4,000, 600, and that from the
100000, we have an annual income of So 600 .OgO
and al annual expenditure Of the same amount
Ii, therefore the contemplated prohibitions of
foreign commerce be adopted, aud the revenue de-
rived from the impOsts shall sustain diminutoil
OF g 100000 per annuIn, after the wear IS3O-to
say nothing fthc diminutOn in the Intermediate
years, while those prohibitions are reaching their
consumniaiion--ii is apparent, that, between the
close OF the year 1899 and the close Of the year
1885, there VIII be an annual deficit Of So 500 900
which can only be supphcdby invading the sinking
fund, and almost entirely arrcstng the payment Of
the public debt, or by Tcsorng 10 internal taxes
md at the close OF the year 1885 instead of find
ing the public debt exungushed and an annual sur
plus revenue Of Sl0,0OO,000, applicable TO what
ever purposes the public welfare nav Indicate
age shall find the nation still burdiened win,