Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-11-30
Voc. XNAX.---NO. 80.


no small influence in deciding the question at what period
e deot ough TO he pads and consequently what point
lhe sinking fund ought rasrd and of course bo,1
nigh tie duties ought TO be fixed"
MIR. Calhoun proceeds 81 then and notc believe tho
policy was wise and just do believe there ever
would nave heena contrary opinion had the unconsti-
nOnal and UNJUST Of protection afterwards io
lowed mean the Tariffs OF 1920, 1921 and 1925 for
Which mat OF iSI0 with character AMI object entirely
different, cannot be fairly considered responsible"
Such is the explanation which Mr.. Colhoun's letter 10
Mr. Reynolds gives OF his support Of the of lsl6
his opposition To the acts OF 1920, 1921 1928 and 1892
which your correspondent lIhors msnterprct Had he
'elt less luminosity he would have that they dis
arm his anaihcma OF all its thundsrs
Your correspondent says, that ere has been change
oI circumstances hat is that change The rcstiic;
ave measures and the cNigencies OF the war, had
verted large amount Of capital 10 manufactures; aud
presume ha' mich as your correspondent is opposed 10
projecting duty The will risk his reputation bv DENYING
mat we must ultimately rely on manufactures per
mane"f system for making the nation secure and indie
pendent =" for creating liOme market for agricultural
products and the supply OF all the ,Yos al the agr
culturalist" will do him the Injustice TO suppose
that he would consume the products of American la
Dor, II they could be purchased al the same pcc i'm IL
terence the products foreign labor or FOREIGN ropol
lie opposed To protective duty because pre- ss
to consume foreign manufactures as such but because;
such duty IS intended 10 increase they price 1t sup
posed that the duties levied by tile act of 1878 would 30
amply sufficient TO protect the infant manufactures which
had grown up Gnder the war; and far from denying
that that consideration did influence him IN cousening
the rate OF duty imposed by that act Mr. Calhoun express
~ admNsu TO be And it is not little remarkable that
your correspondent, whose animosity is deeply
cited against Mr. Calhoun of his vote in 1916
which reduced the duty twenty per cent has passed
over in silence the General Jackson and of Mr. Van
Buren ior Tie act OF 1921 which rGSed the duty thirty
uree ana lhrd per cenlum, and that lie has moved
finger against those parzans of these fpoife can,
dates who voted for the Tariff OF 1892! admit circum
stances have changed - and insist that experience has
proved the wisdom and justice of the general policy OF tire
act OF lSA6 we'll as the impoicy and injustice per
manent system OF protecting duties, which hold to be
ushc irom and Incompatible with, permanent system OF
.1"eTtcdn 1ndusty' l will illustrate this by a brief
review OF the circumstances which have caused areduc
ton in the price OF manufactures home abroad.
First The paciicatOn of Europe threw large OF
consumers into the class OF producers.
Secondly In consequence of the in Europe, the
OeIgerents were compelled TO borrow large OF
ney When government ceased to borrow it became the
interest OF iuhdhoders to diminish the circulating medium,
because they thereby enhanced the value their incomes
which bore fixed rate per cenium of interest.
Thirdly. The unsettled OF Mexico and South Anne
nGa whence much the largest NORTON OF tile precious
tails had been derived cut of the accustomed supply and
produced consequent appreciation OF the value OF gold
and silver.
Fourthly. The increase and Improvements OF narlne-
ry, scientific power.
The effect of these combined was an, ogerpro.
duciIon OF manuidcturesa constant dminuon OF the cir
culdng nedluIn and progressive reduction of prices
Manufactures were produced in 1920 for much less than
similar articles cost i'll 1919 The descriptions were
produced in 1921 for much less than they cost in 1920
This progressive reduction has continued up the pre-
sent time and many articles now made for one half
OF the cost OF similar articles in 1916 The effect of This
reduction OF the OF manufactures was that capitalists
III England as well as in the United States refused TO sch
at current prices and under delusve hope that prices
would advance continued TO manufacture until ey had
absorbed their capital and many exhausted thercredit
IN tie purchase of materials until the banks were
compelled call in their discounts, The consequence
was that their goods then auction and sold
under The hammer al still greater sacrifice When re-
duccd to this alternative, the British manufacturer prefer
red sending his goods to be sacrificed in New York rather
than III his own morke This acted directly upon the
price OF our manufactures; and these causes instead of The
several larii acts has been enormously supposed have
reduced their price in the American market.
In 1910 the public debt 1870 millions The Tariff OF
that year was intended Ioretce the TGfe Of des inpos-
ed during the war; and in fixing their rate ii was pyoper
ana wise TO take into consideration the condition of the
markets OF the world No Statesman will have the aryo
gance TO say that he, at that period anticipated tho results
which have been produced by the causes To which we
have rcicrred they had occurred could not nave
been ioreseen But, if they could have been iorcseen
wisdom would have dictated precisely the policy which
was adoptednot MS measure OF protection 10 the
lectures OF this country but because il levied the taxes
necessarily collected articles, the production OF
which IN foreign countries forced them into our markets
10 he sold AT a sacrifice
Your correspondent has taken care to ovcrok ticGci
that the act Of 1916 did propose to collect more an
was necessary for Tie payment OF tie national deb-that
the subsequent acts contemplated the protection of manu-
iacturcs without regard TO revenue
Your pondeu disrcgar the fact that the TarH of
1916 reduced the duties which had been levied during the
war Tor rcvenue,-whercas tile subsequent acts, which
Mr. Calhoun denomnatcs of protection, increased
the duties which had been fixed in time of peace.
But your correspondent dwells with peculiar emphasis
the fact, that Mr. Calhoun was i'm favor of pcrpa-
system making the nation secure and uGcpeuc
Tor encouraging american industry" and lahours 10
identity the act OF 1916 with The subsequent Of pro-
lection and American inlustry'-wilh American ma
HUdcttUcS" When manufactures shall be made
cheap rate that undersell other
reign markets, American mani acturcs will become dcf-
uca Wits American industry because then agricul-
iud products, consumed IN their production will he
abroad in the shape OF manufactures but until then the
term American industry is appropriate to agrcul
tuei as much the largest portion Of population
gagged IN that branch of labor To there is no PROPOSE
ton clearer, an that all attempts foster mann acuJcs hv
exped'enls TO keep up artificial prices, useless and OPP
pressve burdens upon &c Anglican industry"-dclcduug
the very object which they profess TO secure.
1t VIII not be denied, tha the causes TO which have
referred have compelled much closer ANALYSIS of tie sci
discovered, that although her manufactures are Tic basis OF
her property, (aud they only because she manu-
features for the foreign maTkeO their success dcpculq
upon releasing British industry from The restraints uose
by her protective" system That may be distinctly
undersiood refer your readers 10 article nnder the
title OF Future objects OF the People" IN The last No of
the New Monthly O.ondon) Magazine edited bv Mr.
confidence OF the wing ministry
u Is expressly stated that the great end and objects of
reform are a RErEAL OF Protective DUTIES RE
PEAL OF riE TITLES. AND CORN laws
Why IS This? Great Britain, with population Of TWEEN.
~ millions, pays annual tsX Of about four hundred
millions OF dollars, about twenty dollars per capita The
United States With population of twelve millions has
paid annual taV Of about twcuty iiyc millions or of two
dollars per capita. One hlIf of this being applied 4, fe
payment OF the national debt, cxingushcd leaves
charge OF but one dollar per capita. hat has onblcd
Great Britain, 20 pay great tan? We complain Of
tax Of two dollars per capita how IL that Great Britain
pays twenty Great Britain, with population of twenty
millions has scientific power, producing manufacture
equal populaono of three hundred millions-thc take.