Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-03-23
VOL. XXVHEH.---No. lO4.

IN.
would puzzle arithmetic; but sir, tho is this Ii the
iarmer exports 800 worth tobacco corn or cotton he
would exchange but 800 OF his export in articles subject
"auuy oil iOu per cent, and would bring home $50 i'm
cash to meet the duty which would make him obvo,slv
inc loser TO the amount OF ehaf of his export But
take an article subject TO duty of $50 per centiron for
example One thousand dollars worth produce is ex
ported to England, the shipment being made with a
view to purchase iron. The exporter would be compo
ed TO purchase but 800 worth iron and TO bring home
win him $500 in money, in order the duty ex-
acted here Can amy thing clearly to Illus
a'c the magnitude Of this oppression, than the very
case which have aken' And does the same result
take place II he exchanges with the American manufac-
tureT Remember, sir, that the duty enters into tho
price, and the same quantity Of produce will therefore pro-
cure but the same quantity of iron home or abroad Is
no'' men ire argument OF my honorable friend from S.
Narohha iuiy sustained: III so, can but to-
my honorable friend the of the spirit of ccmen-
cy towards the Senator from Kentucky He has for
ieed high siake and the forfeiture will be
RENTED without hesitation.
The honorable Senator has attempted 10 convince US oS
the importance OF the market TO The cotton
This view is, if possible, deceptive than the home
market Tor grain, produced by this system IL proceeds
upon Tie supposion that requires cotton goods to-
supply our consumption, when manufactured here than
IN Eglanda taacy obvious that requires no areu-
ment to reiute it. The view would lie cquay un-
sound when applied to the supply of the world To tho
ece all things being equal whether one country or more
upPies the world IN cotton fabrics But certain guam
y oil cotton Is required Tor that supply and the demand
Is e Same to the extent OF that quantity no matter what
hauon may deal out the supply. do not deny
out mat he might be need by multiplying his markets
provided he carried barter on principles of equality
WIN an but sir, suppose two nations be his custom
ers and he their Take England and France for
example Now, so long he procules from France in.
exchange Tor his cotton, the same quantity of articles he
obtains from England il is obvious that he drives an eoaI
~ advantageous trade with boh but suppose that France
raises in the price OF her broadcoths and other manufac-
lures and demands double the price that England requires;
would he cotton planter continue exchange with France
or single day! No, sir; not hour. II be did, he would
soon realize the effect OF selling cheap and buying dear
IA inc utter rum which would ovcrtake him. and ask III
ucn "euu NOT be the effect upon the trade the north
ern otates the ports opened! Would we exchange
our cotton tobacco corn -four, rice pork and beef for
"oi at ninety dollars the tom when could exchange
with England for her iron twenty five the ton? Or
would such exchanges be carried other articles
under similar disadvantages The common sense feyer
man would answer the question in the negative
come, now, Mr. President analyze the argument Of
the honorable Senator on which he planted himself with
uc coincidence, viz that the tariff had been the cause
oil reduction in prices. have already 10 a great ex-
TENT answered this by the analysino which have gone,
on te SUBJECT oil ron woolens, cotons, sugar That
there has been dminuon in foreign prices and in some
Instances IN home prices, do not deny But that
deep absorbing interest, is whether hene prices havo
fallen 10 the common level with the prices oil nus
bandry and with foreign prices That they have not mas
been made sufficiently obvious L is an against
stance the article OF wine, prohibit the Importation of
H. ana every body knows that the effect would insan-
taneous advancing the price Now sir partial excI
sion by high duties Produces as far AZ il goes similar G
iects The fact is that the tariff has pFoduced the very
poste effect from that contended for While every bp
mas europe 10 The minimum price of prod the
taIi iniepoles and prevents the same effect here Thus
while sugar has fallen in the islands from fourteen cents
SIX 70 hne, ana other articles are similarly circnmstanced.
The law OF price operates uniformly throue hont the
world and unless obstacles interpoed by Government
WIN ma It's level with as much certainty ha the
tam stream will continue TO flow until attains the Ic
vel OF the ocean. The honorable Senator might have
oud III me state OF the currency the cause for the
reduction OF prices both home and abroad In 1916
the redundancy OF the circulating medium in this country
was estimated by Mr. Crawford, the then Secretary ~
'he treasury at so per cent beyond the wants of the
country Now, money is like every other article i'm mar
keG when the supply exceeds the demand the value falls;
ha l..
The one; and the two WILL therefore, only purchase to tho
amount OF The one This creates nominal price in con-
adsnncton TO the true price; and this was our condition
aer the war with England. Nor was this state of things
confined TO this country. The which had so long de-
Europe produced there also, redundancy OF cir
cu",lnS me"ium The banks there here had TO sus-
pend specie payments and the general resumption of spo-
specie payments occurred there very much the
same time 1t did here. They commenced here in the wear
1916 TO limited extent, but were not UNIVERSALLY
resumed until 1919, 30 The resumption i'm ENGLAND was
gradual, beginning with the GI notes and Terminating i'm
general resumption about the year 1924 Now the ta
h OF iSl6 imposed aduty equivalent TO an average o. so
per cent and this undoubtedly served to counterfeit the
effects OF reduction OF the circulating medium to the ex
tent OF the duty The tariff law in other words opposed
he tendency TO reduce prices equal 10 one
hali oil the redundancy OF the circulating medium when
I'd" redundancy was Withdrawn Ii was 80 per OPP
posed TO CO. Nothing Of this occurred IN England and
therefore the Withdrawal from circulation the excessive
issues oil bank paper attended with reduction prices
10 The minimum point of fabrication. The restoration of
specie payments in England brought about bv slow
degrees and hence prices have been sinking lower ana
lover IRON the period at which the small notes were re-
deemed TO period subsequent TO the general RESUMPTION
oil specie payments, which was comparatively of recent
occurrence The augmentation of the duties here in 1924
and subsequently in 1928, aid of the law of 1876
and as lar as governmental agency be EMPLOYED
has accomplished the purpose of perpeuang high PRICES
on domestic fabrics 20 period distant for nv vision t
reac other causes for the dminuion of European prices
eNtln the circumstance OF numerous armies having been
usOanlcd, merely making numberess additions 10 the
opefaVeso foreign countries which produced
reduction in the wages of labor; and furthermore by
the extensive introduction OF improved machinery These
have been the great which have brought about re-
duced prices; but the operative cause Is TO be found
IN the restoration OF sound circulating medium resting on
gold and silver This matter will he most satisfactorily il
usrated by reference TO the times of the revolution
lhen the circulating medium, by Of excessive is
sues OF paper, deprecated at the of 1000 for one Ten
thousand dollars given for pair of boots and thirty
thousand dollars for coat; and the reduction i'm the price
Of pair OF boots 10 ten dollars, and Of coat TO thirty
which occurred alter the peace might with much pro-
pretty be ascrbed 10 the cXssg taG tho present re-
duced prices The Senator has accomplished nothing by
showing that prices have undergone dimnuon unless he
could also show that home prices have fallen TO the same
point OF the minimum price of production with produce of
all Sorts the result Of agricultural labor and with foreign
prices Of fabricated articles.
Nor docs the assertion, that every tarin law has
lessened prices, any safer iourdaon The fact OF
manufactured articles having sold cheaper for short time
after The enactment Of the aw OF 1928 rests entirely upo
the circumstance OF the exravagant imporatiopa which
made in anticipation OF that law and the SENATOR
may be entitled to the benefit arising TO his argument
iroa the merely ortuiOus circumstance Of the reduction
IN the price OF lead II avail him any thing, provided
nc VIII explain to the country the that the ar
ucle - at this moment commanding six cents per pound