Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1832-05-16
CLAy'S SPEECH,
IN DEFENCE or THE AMERICAN SYSTEM

| - CONTINUED.I
In respect to woolens, every gentleman's owl
observation and experience will enable him tt
judgeof the great reduction of price which has
taken place In most Of these articles, since the
tariff Of 1924. 1t would have been still greater
but for the high duty on the raw material impos-
ed tor the particular benefit of the farming inter.
est But, without going into particular details, |
shall limit myself to inviting the attention of the
Senate to single article of general and necessa-
ry use. The protection given to fiannes in 1928
was fully adequate. 1t has enabled the Ameri
can manufacturer to obtain complete possession
OF the American market; and now, let us look at
the effect. have before me a statement from n
highly respectable mercantile house, showing the
pnce OF four descriptions of flannel, during six
Years. The average price of them, in 1926, was
thirty eight and three-quarter cents; in 1927, thir-
y-eght; In 1895, (he year of the tari0 forty-six
IN 1879, thirty-six; in 1880, Notwithstanding the
advance IN the prlce of woody thirty two; and in
1901, tnirty-two and one-quarter. These facts
require no comments have before me anoth-
er statement, of practical and respectable man.
well versed in the flannel manufacture in Amer
lea and England, demonstrating that the cost of
manufacture is precisely the same in both coun-
tres; and that, although yard Of flannel, which
would sell IN England at fifteen cents, would COM
mand here twenty-five, the difference of seven
cents, Is the exact difference between the duties
in the two countries, which are paid on the six
ounces of wool contained in yard OF fannel.
Brown sugar, during ten years, fron 1912 to
iSo1, with a duty of one and a-baH cents per
pound, averaged fourteen cents PEI pound The
same article, during ten years, from 1920 to $780,
it'll duty of three cents, has averaged only
eight cents per pound. Nails, With a duty of
Eve cents per pound, are seiii,e at six cents
Window glass, eight by ten, prbt to the tariff of
1924, sold at twelve or thirteen dollars per hun.
bred feet it now sells for three dollars seyentyve
cents.
The gentleman from South carolina, sensible
OF the ncontestible fact of the 5ery great reduc-
ton in the prices Of the necesaries of life, pro-
tected by the American System has felt the full
force OF 1t, and has presented vaious explanations
of the causes to which he ascrbes it. The first
is the diminished production Of the precious met
ais, in consequence of the DISTRESSED state of the
countries in which they are extracted, and the
consequent increase of their value relative to
that of the commodities for which are exchanged.
But, II this be the true cause Of the reduction of
price, its operation ought to hive been general,
on all objects, and of course upon cotton among
the rest. And, in point of facts, the diminished
prlce OF that staple is not greater than the dimu
milton OF the value of other staples of our agricu-
ture. Flour, which commanded some years ago,
ten or twelve dollars per barrel, is now sold for
tive. The fall of tobacco has been still more.
The kite foot of Maryland, which sold at from
sixteen to twenty dollars per hundred now produ-
ces only four or five. That of Virginia has sus-
tanned an equal decline. Beet, pork, every arti-
Gle, almost, produced by the farmer, has decreas-
ed in value. Ought not South Carolina then to
submit quietly to a state of things, which is gen.
eral, and proceeds from an uncomfortable cause?
Ought she to ascribe to the saccursed" tariff
what results from the calamities of civil and for
eign war, raging in many countries2
But Sir. do not subscribe to this doctrine inn
plicitly. I do no. believe that the diminished
production of the precious metals, if that be the
fact satisfactorily accounts for the fall in prices
For, think, that the augmentation of the curren-
cy of the world, by means Of banks bubble stocks,
and other facilities arising out of exchange and
credit, has more than supplied any deficiency in
the amount of the precious metals
1t is further urged that the restoration of
peace in Europe, after the battle of Waterloo,
and the consequent return to peaceful pursuits
of large masses of its population, by greatly
increasing the aggregate amount of effective
labor, had tendency 10 lower prices; and un
doubtedly such ought 10 have been lis natura
tendency. The same cause, however, mus
also have operated to reduce the price of oul
agricultural produce, for which there was nc
longer the same deman in peace as in war
and it did so operate. But its influence or
the price of manufactured articles, betwee.
ssee Appendix, letter II, for the woolen manufacto