Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-02-14

States, owing 10 the excessive importation ot
and the increased quantity retained IN ci,' =.
tiun. This cause would probably produce Ma'
than on. half Of the rise which would TAX. Nj. 1
in the money price Of manufactures IN the IN"
States, and to this extent the money mn.
every thing else wnuid rise. with the ercen,;..
the staples Of expectation exchanged for Inn.
ed manufactures. While the money price # ~
~ thing els. would be raised. therefore, unw,v
Of 90 per cent. and that Of manufactures an h
money price of cotinn. tobacco and rice. ,u,,s
of rising, would necessarily fall. These h.
articles raised tor expiration. their money NJ !
at home would be governed by their money |,
in foreign market. But we have seen thai
nrice of specie would be appreciated in G,
Britain, and consequently smaller quanti,
it could be obtained for given quantity Of
staples of expectation, than before the du,v
laid on manufactures. We have thus the n,
sure of the depreciation which is produced h
price of southern exports. by the prcte,,r
duties upon imported manufactures. II.
probation of the value of specie abroad !
its depreciation at home united, will exactlv,
that measure. All the unprotected artlIs
planters have occasion to buy. cost them ups,-
of 90 per cent. more. and all the protected
cles, or similar imports, cost them 40 per q,
more while the quantity of specie Is actual,
minished, which they obtain for their staples h
with which they make their purchases. hI
changeabe value of cotton is, therefore, d,
ed about two cents in the pound. and M
the planter would sustain as producer me-
even. if he consumed no protected nanuact.I
or similar foreign manufactures whatever.
To whatever extent he consumes these nj
features. he paws an additional duty of SOM.
less than 90 per cent this being about tl
gree in which we have assumed that the exrh
able value Of protected. and similar imp
manufactures, is increased BY the 40 pr
dutv. If the planters consume of these ar
as large proportion as the other CLASSES,
bear their full share of the burthen imposed
the consumption Of the country. in addde
that which they exclusively bear in their CHI
ter of producers. Il
For the sake Of perspicuity, We have 50
of the planters on the one hand. and ire pr
ed manu- facturers on the other, as the onIV
ducers respectively affected. injuriou,Iy an
ne6cially. bv the protecting duties. LoOhy
the entire effect Of these duties, however.
the planting and manufacturing States, a
sions of the Union, we must extend uurW
beyond the planters and manufacturers "
ever destroys the prosperity OF the sra'
leading pursuits Of any community, and ga
diminishes the incomes Of the productive aF
lists, must produce corresponding dImlnI
in the incomes OF all the connected and DEP
ant branches of industry. 1t is hackne's
mark that single wealthy man, expendt
large income, will diffuse prosperity overar
neishborhood, and this prosperity will ber1
toned to the income expended What
would be the increased prosperity Of all ID
in the cotton planting States, If the value
ton were raised two cents in the pound. an
aggregate income Of the cotton planters. q
quentIy. increased six millions of dollars:
to the diminished income of all classes
planting States. resulting from that Of the
ers, we must add the increased cost Of
domestic protected and similar imported .
features. which are consumed in those STAT
In speaking of that consumption. some
strangely supposed that 1t IL confined eSc'u'
to the planters, whereas they do not cOn'i
one.fifth part Of the free white consumer
The planting States, in the aggregate '0'r
edlv, consume. in protected manu- ciars' i1
foreign imports, an amount very nearly 'q''
that of their exports. 1t cannot be othsf's
What account can be given of the PT'fe'c
their exports lift be not so? In what "N''
appropriate or expend thems The only Hop'
ed articles which the planting States P''
from the other States, are live stock I'"n
west. to the amount. probably. of three o.
of dollars, and unprotected articles Iron
north, to about half that amount; making
whole, four millions and halt OF dollars
these are not paid for out of the proceeo'
staples exported. The cotton alone W.
sold to the northern manufacturers to 81,
ing of rice. amounts to at least that sum-
TO be concluded an our ner'