Virginia free press & farmers' repository. [volume] (Charlestown, Va. [W. Va.]) 1827-1832, 1830-12-29

froa the u. s. Telegraph, Nov. 10.
at nEauEsr or .. m.Ll
DOMESTIC MANUFACTURES!


DOMESTIC MANUFACTURES.
We to-day, complete our pol alton
Of the interesting article from the Lon
don Quarterly Review. upon the causes
Of the distress Of Great Britain, and
would call the attention Of our readers
TO the striking facts which it presents
to view. IL has been = standing argu-
ment with the advocates of high ia
rib, that additional protecting duties
have reduced the price Of the protect
ed articles. And Mr.. Miles, in q la
bored article, entitled Politics for
Farmers, assumes this rs the basis
OF his illustrations-ihat the prices Of
Of articles protected have been re-
ducet, Is admitted; but that the re
duction has been caused by that pro-
lection, is denied. The inquiry then
is, not a. 10 the fact Of the reduc ton
OF price, but as to the cause Of that re-
duction. We believe that il will be
found that protection has followed the
reduction OF prices; and that the same
causes have operated 10 lessen the pri-
ces, in Europe and America, to wit !:
the increase Of lsbor-saving machinery,
and the increased value Of money. The
article before US is full upon this point.
The Reviewer says:
eve repeat, however, that We do
not wish to attach any undue impor-
lance to a calculation, founded on as.
sumptions which may be, IL not refuted,
at least disputed. We take our stand
on the plain and undeniable facts, that
there has since 1910 been defalcation
in the usual supply ofprecious metals (;
hfcrun cessdns 10 the amount Of $780,
600, 600 dollars; that we have also, ty
the destruction Of paper money since
1873, suffered ddmnum emergens OF
Of 500, 600. 600 dollars and finally,
that the ordinary demand has, at the
same time, greatly and notoriously in.
creased. No one will deny that these
form sufficient grounds for the pre-
sumption-that the amount in fact,
q priori, to the strongest possible proof
that q considerable rise in the rela-
tive value Of the precious metals must,
as an inevitable consequence, have
taken place. But that such rise has,
in point Of fact, really occurred, we
shall DOW proceed TO prove, aposferiori,
BY applying TO the present case the
most accredited test which we possess,
to ascertain the truth in this natter
we mean, the average prices Of corn
in money"
He gives a comparative table show
ing the amount Of the produce Of the
mines, and the efiert which il had up
on the average decennial prices of
wheat and labor; showing that as the
quantity Of The precious metals in
creased from S5.755. 9S2, (the amount
Of Mexican dollars, in l700,) TO S2e,.
COS, Isl, wheat gradually rose in Eng
land. as the quantity Of precious me
tails increased, from one dollar. the
price in 100, TO 81 %, which was
the price in 1909. and labor, from 90
cents to 246 cents and that as the
supply Of Mexican dollars was re-
duced 10 5000, 600 wheat fell to 81 65,
and labor to 81 81.
But the Reviewer adds
"'rhe invariable parallelism between
the rise and fall Of the money price Of
commodities on one hand, and the in =
crease and decrease in the produce ol
the mines on the other, the following
concentration Of the results Of our IA
BILE may serve 70 present to the view
with improved effect:
Annual amour,
Average prices Of coinage IN
of wheat ia Ea- Mexico and