Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-02-07
IpmoArn TO rE CONTINUED
MIR. HAYNES SPEECH.
IcDNTISCkD.

others, and we should find II Market not Tor one,
but two millions Of balc'. The whole South
would then. indeed, become a"garden spot"
But /, il insisted by the supporters oilhc protect
ing system, that It's only effect is to make our
Goods come cheapcr. Sir, If this true, | |
| will venture 10 assert that the mannfd cturers
themselves would be the very first to abandon
the system. Their object, certainly, Is not
| TO lessen. but 10 increase hes prices. Even j! |
| this were the case, however | am unable TO
discover how tho cotton planter could be com
pcnsatcj for the loss of his market. How j. |
| this supposed rcdIcti ~ 10 be brought about?
! By caiuDcti:iun, say the gcntlcmcu between
the Bsilish and the American manuf. c,urer
! But fit is competition that is to produce this
reduction of prices, the manufacturer, on both
sides. must DC pm, on an equal footing. VIVA,
sort Of competition is that which is founded on
discrimination cf fifty per cent. il favor Of one
oi the pariies-and At, in spite Of such discr-
m!n0tion, the contest can be mainta ned at all,
Is 1t not by that fact, put beyond dispute, that
but Tor the tax. The prices would be still fur.
| her reduced? Gentlemen take it for granted
that the competition among the foreign manu.ac-
tuers is not suiiciently great TO reduce the price
! TO the very lowest rate. They even tel us of
| combinations among them 10 keep un their pri
ces. Sir, such combinations are utterly impos-
sibc. How are the manufactures of iron, in
Sweden. Russia, and England, or the cotton and
six manufacturers Of France, to enter into =
/ CIiNb 'D3ilNbf nc tn!nn "a TlulCuIONS. NO.
if tho duties were taken Of, the prices of goods
would be reduced to their minimum and much
lower than they are now I'D this Cou ntry and II i,
f r hrs reason, and th, Only, hat the marufuc.u-
rer. are protesting against H. But. Sir, where is
he evidence 10 be found that the tariff has pro-
Guccd any reduction whatever, in the price of the
pro ected articles' Il there any Of her foundation
Tor the assertion man this: that the prices of col
tons, wollCns, and iron, have actually fallen
I since 1871 But all other articles have Likewise
| fallen projected and unprotected. Real and
personal est ate, cotton, l,ur, and ,oh,c Geo, ALL
I'll have gone down; and most Of them have
| fallen i'll q much greater degree than wcollens
Cotcns, and iron.--lIas the tariff done all this?
| What say the gentlemen? have here price
current containing the prices Of $50 articles,
| nsSi6 and 1881. From this it appears that
| there has been an universal reduction in the
price OF articles of every description, and that
those admitted duty free have been reduced, a
least, in an equal ratio with those paying duties
| Indeed Sir, think that careful examination
Of this table will shew, that reduction in the
protected articles has not beer great as in the
others But the reduction has not been con-
fined to this country.
1t has taken place in England, and all over the
world, III all equal, nay, in greater degree.
The very articles most highly protected in this
country, cottons, woollens, and iron, are now
selling In England much lower than they can be
Gus to every importing merchant, and ! have
ABUNDANT evidence of II new in my hands. Here
are statements shelving that such goods have
actually been imported within the last year, in
Philadelphia; New York, and elsewhere, and
after paying duties offrom SO to an 100 per cen;
nave been Id as low as the domestic manufac-
tnre Sir, | ascertaned, before left home,
that The Whole quantity Of cotton goods import.
ed INTO Charleston during the last year paid an
average duty OF fifty Per cent, and then thev
were sold as low as American cnttons Of the
same quality. But am really ashamed to ar
cue question SO sclf-evident. How can taxes
possibly lessen prices2 How can protection d.
mn'sh the cost of productlon' What are the
elements OF price, Are they not the cost of the
raw mater'al-thc wages Of labor--and the in
terest of capital and how can these be Iessened
by tax on the article ? TO say so. is TO reverse
all the rules of proportion. Gentlemen might
as well coQtend that two added 10 five make
| 'hrce, as That hfty per cent. added to the Cost
OF an imported article, lessenstits price. Ifgcn-
iiomen can believe this, they may believe any
thing. But the truth is, Mr.. President, this
whole matter of the reduction in the price of
goods is very easily explained. II depends on
general causes, which have operated to e Ger
tam extent all over the world. From a thcrouGh
investigation of the subject, which has taken
place in Great Fritain it is found 20 have resulted
! from the appreciation of the currency improve.
h'D'S IN machinery, and the general restora-
uHh OF peace. The resumption Of specie paw
ment', and the diminished supply Of he precious
me- ais, is calculated 10 have eSscncd the circu-
! N'ng medium to the amount Of upwards o.
j-3Oe OOo,OO0. The effect Of this single cause
mas been, within the last ten years, the reduction
OF prices in that country to the amount of
th'rty hve per cent, to which fifteen per cent.
may be added for The other causes above men
uoncd-makng in the whole reduction of al
most nifty per cent IN the money price of all ar
uclcs. Inc same thing has taken place in this
country, ana therefore, when gentlemen allegc
mat The Price OF manufactures has faI.n, the ma
k"d tact proves nothing, unless they can shew
that they have fallen in greater derree than
o,heT nrtic!es N his country, and similar articles
abroad. But this is 20 far from being the fact,
t"at The truth is, that the protected articles have
'aieh LESS ~ PROPORTION than those which re-
celVe TO protection. Cotton is . striking exam
!i"' "nich mas, IN few years, fallen to orc
third of its value, while no protected article has
IN he same period. fallen one half
trust, sir, that We hAve row made ont orr
case; mat we have shown The unjust and une-
quail operation, IN every point of view of this |
system, ond that, as far as the South i. roocnrn |
co. sDd me Nest also, though not in the same |
ccgrec: 1t is an numtIgatPd system of burdens.
And even with regard to the favored section. I |
wonId submit, how far it is wise tn insist mon
system which can only be m2intaned at the ey |
pcnsc OF other sections. Sir, feel too much
confidence the justice anu rnagnarinlfy of our
Northern Brethren, to suffer myself TO- doubt |
their Willingness to abandon this system, if they |
could see II IN The ght that we de- It NAV err |
rich them for the moment, but tho prosnctitv
II creates is artificial, and will aszurcdIv be M
substantial. No country can be permanently
benefited by systcm of bount,cs This sys- /
tenn may destroy the South, but it will no. per !
manemtly advance the prosperity Of The North |
!, may dePres7 u.s. but cannot elevate them |
Besides sir. !! DrrScvptpb in If ru,,sf ,,r,L;l,,