Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-03-07

II the pursuits of all mon perfectly tc some,
although they would be IN possession OF tho great
cst a5u ndancc of the particular produce of their
industry, they might, ut tho same time, be i'm ex
treme want of other necessary articles of human
subsistence. The uniformity of the general occu-
patton would preclude all exchanges all commerce.
II is only i'm the diversity of the vocations of the
members of u community that the means can be
found for those salutary exchanges which conduco
to the general prosperity. And, tho greater that
diversity, the more extensive and tho moro animal
ing is the circle of exchange. Even ii foreign
markets were freely and widely open to tho reccp-
ton Of our agricultural produce, from lis bulky
nature, and the distance of tho interior, and the
dangers of the ocean, large portions OF 1t could ne
pro6tably reach the foreign market. But let
us quit this field of theory, clear it is, and look
at tho practical operation of the system OF protect
ion, beginning with the most valuable staple ofour
agriculture.
In considering this staple. the first circumstanc
that oxctcs surprise is the rapdity with which
the amount Of it has annually increased. Does not
this fact, however, demonstrate that tho cultiva-
ton of it could not have been very unproftabel
If the business were runous, would more and more
have annually engaged in III The quantity in 1916
was eighty.one millions of pounds; in 1926 two
hundred and four millions; and, in 1880, near thrco
hundred millions The ground of greatest surprise
is that has been able to sustain even its present
price with such IN enormous augmentation of
quantity. It could not have done it but for the
combined operation of three causes, by which the
consumption of cotton fabrics has been greatly
tcndod in consequence of their reduced prices: list,
competition; 3D. the improvement of labor-savng
machinery: and 3dly, tho low price of the ma
tcrai. The crop Of 1919, amounting to eighty
eight millions of pounds, produced twenty -onc mil
lions of dollars; the crop of 1923, when the amount
was swclled to one hundred and seventy -four mil
lons (almost double that of 1879 produced less
sum, by more than half million of dollars; and
tho crop 1894, amounting TO thirty millions of
pounds loss than that of the preceding year, produ
ccd million and half of dollars. more.
If there be any foundation for the established
law of price, supply and demand, ought not the
fact of this great increase of tho supply to account
satisfactorily, for the alleged low price of cotton
Is it necessary to look beyond that single fact to the
tariff-to the diminished produce of the mines fur
nshing the precious metals, or to any other cause
for the solu.ienl This subject is well understood
in the South; and, although cannot approve the
practice which has been introduced, of quoting
authority, and still less tho authority of newspa-
pers, for favorite theories, must ask permission
of the Senate to read an article from a Southern
newspaper. Here General HAYNE requested Mr..
CLAY to give the name of the authority, that it
might appear whether it was not some other than a
Southern paper expressing Southern sentiments
Mr.. CLAY stated that it was from the Charleston
City Gazette, one, he believed, of the oldest and
most respectable prints in that city, although he
was not sure what might bo its sentiments the
question which at present divides the people of
South Carolina. The article comprises full eI-
PLANTATION of the low price OF cotton, and assigns
to 1t its true cause-increased production.
Let us suppose that the home demand for cotton
which has been created by the American System,
were to cease, and that the 200, 000* bales which
the home market absorbs, were thrown into
the glutted markets of foreign countries; would not
the effect inevitably be to produce a further and
great reduction in the price of the article? If
there be any truth in the facts and principles
which have before stated, and endeavorcd to il
ustrate it cannot be doubted that the existence of
American manufactures has tended to increase the
demand, and extend the consumption of the raw
material, and that, but for this increased demand
the price of the article would have fallen, possibly
one half, lower than it now is. The error of the
opposite argument is, in assuming one thing
which, being denied the whole fails that is, it
sumes, that the ,ohoie labor of the United States
would be profitaby employed, without manufac
lures. Now, the truth is, that the system ercites
and creates labor and this labor wealth. and
this new wealth communicates additional ability
consume which acts all the objects contribu
ting to human comfort and enjoyment. The
amount of cotton imported into the two ports of
Boston and Providence alone, during the last
year, and it imported exclusively for the homo
manufacture) 100, SIT bales.
TO BE CONCLUDED.
.Mr CLAY stated that he assumed the quantity which
was generally computed but he believed il much greater
and subsequent information jusIies his belief Ii ap-
pears, from the report of the Cotton Committee appoint
ed by the New York Convention that PARTIAL returns