Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1831-11-24


have no class in America corresponding
with operatives,-the human machines
Of Europe. We, therefore, totally deny
the correctness of the position, that "the
question relates exclusively to the ap-
piicaiion Of capital" We deny, that
'the power Of Government is limited to
its transfer from one employment to a.
nothcr." by increasing the stimulus to
labor, resulting from the application of
capital, to home production, additional
capital can "be generated by an act of
legislation" 1t is said, that this system
"Oppresses the many for the benefits of
the few" We, Oh the contrary, believe,
that while it benefits all, its highest re-
CONNIE ndation is found in its beneficial
action upon the many-the labOring clas-
ses, the working men. If there is any
one principle in political economy, which
is perfectly well established, it is, that
the profits Of capital, employed in any
one branch Of industry, cannot, for any
length vi time, exceed the average rate
in other employments; it being the con-
slant tendency Of free competition to c.
qualize profits. 1t is, therefore an ar
gumcnt altogether fallacous to suppose,
that this system tavors capital devoted to
one branch ofbusiness more than that de-
voted to another; or benefits any one
class Of individuals, TO the prejudice or
exclusion of others.
1t is also, said that Kit is equally un-
true that such system gives greater
employment to labor"
We dissent from this doctrine, and are
fortified by the opinion Of the author Of
The Wealth Of Nations, whose Ian
guage we think it useful to quote. "The
capital Of the manufacturer" says this
writer, "puts Immediately into motion a
!aac! greater quantity ofproductive la
Dor, and adds much greater value to
the land and labor Of the society, than
an equal carital in the hands Of any
wholesale merchant. t.'--"Aiter agricul-
turc, the capital employed in manufac-
lures puts into motion the greatest guam
tity Of productive labor, and adds the
greatest value to the annual produce
That which is employed in the trade Of
expectation has the least effect of anv Of
the three" "The capital employed in
the home trade of any country will gen.
orally give encouragement and support
to greater quantity Of productive labor,
in that country, and increase the value
of its produce more than an equal capital
employed in the foreign trade of consump-
ton, and the capital employed in this lat
ter trade has, in both these respects, a.
still greater advantage over an equal
capital employed in the carrying trade"
"That part Of the capital Of any country
which is employed in the carrying trade
is altogether Withdrawn from supporting
the productive labor Of that particular
country to support thut Of some foreign
countries"
In accordance with these positions, we
maintain the efficiency Of labor to add
to the power and riches of a country, n
gainst the theories Of later writer's who
attribute every thing to capital. an fact
we consider it the most important and
valuable feature in our system, that it
tends directly to increase the effective
power and remuneration Of labor, thus
multiplying the means, the comforts and
enjoyments Of the labOring classes, and
raising them in the scale of civilization
and social life. This political effect on
the character of society may be cOnsid.
cred its highest recommendation. 1t is
thus made to give strength and perma-
nency to our free institutions.
The peculiar advantage OF the United
States consists in the abundance and
cheapness Of fertile lands, affording an
easy subsistence and high remuneration
to labor. We consider the system of es-
tablishing manufactures and the arts a
mongst us, as distributing and equaliZ.
ing these peculiar advantages, through
all the departments ofindustry and through
all classes Of society.
This effect we believe to be dcducible
from the system, according to the most
improved principles Of political economy.
But we consider all speculation on this
subject, founded on the ultimate tcnden-
cies of human action and the averages Of
principles, as very uncertain
guides in legislation, compared to the
surer test Of experience, and hose prac.
tical results which are obvious to the SEN
ses. \
Mistaken and preposterous assump-
ton of the merits OF what is called Free
Trade, have under the active dclusion Of
British influence, afforded pretexts latter
y to the opponents Of the protective sys-
EN-, which it is proper to dispel. II is
not long since no one believed in the
power Of propclling boats by steam, and
every one believed that the British debt
vas to be paid off by the sinking fund = ,
similar mistakes exist as to Free Trade.